If you can’t afford to pay the tax that you owe then in our experience it is vital that you get in touch with HMRC to explain your situation. Any approach should explain why payment will be late with a date when outstanding sums will be settled.
In circumstances where your projections show that a number of months are required to address any HMRC debt, then you need to consider whether or not to propose a formal TTP. TTP normally allows a business to pay affordable monthly payments until the debit is repaid.
There are no hard or fast rules to qualify for a TTP. HMRC will consider any proposal on a case by case basis. However, the crown could look far more favourable on any TTP if it is communicated and structured by a professional detailing why it’s necessary, how it’s affordable for the company and why it should be accepted by HMRC.
No matter what the reason, if you are experiencing financial difficulties the key is to seek early professional advice.
The SFP Group has been voted the best business recovery specialists in the UK by the Business Moneyfacts Awards over the past 5 years and are experts at helping you find a solution which works. Fill in our call back form or call us now on 020 7538 2222.