Services

Speaking to creditors before you miss a payment is almost always the best approach to take, and that applies to HMRC too.

We always advocate early, open dialogue with stakeholders – it encourages trust and makes it more likely that creditors will be supportive.

What is a tax deferral or Time to Pay (TTP)?

A request to HMRC to pay VAT, PAYE or Corporation tax later than the deadline constitutes a tax deferral or Time to Pay request. This applies whether the deferral request is for one type of tax, e.g. VAT, or any combination of taxes.

The best chance of success

We’ve helped many company directors and management teams submit Time to Pay requests with HMRC. How you engage with them makes a huge difference to the outcome and we find we can often achieve much better outcomes than directors/business owners can themselves. HMRC knows that the involvement of a restructuring professional means two things:

• That the situation is serious and there is a risk that the business may fail (in which case they might not recover any money). This tends to incentivise them to negotiate a repayment proposal.
• They know that any financial forecast/proposals submitted have been vetted by an independent professional and are therefore likely to be more credible.

These advantages mean we can frequently achieve TTPs of several months – often up to twelve months and in some case even longer.