HMRC Time To Pay Payment Plan

HMRC Time To Pay

If your company has outstanding tax liabilities, then you could be days away from receiving an Enforcement Notice or Bailiffs attending at the company’s trading premises to seize goods. All of which could be catastrophic to the business.

HM Revenue & Customs will consider a company’s proposal to pay its tax arrears over a future period, but this should be addressed at the earliest point. HMRC will need to be satisfied that the company is able to meet the proposed payments as well as the company’s on-going tax liabilities. This agreement or payment plan is known as ‘Time to Pay’ and is an informal arrangement with HMRC.

HMRC will consider payment plans up to a period of 12 months. If agreed with HMRC, a Time to Pay payment plan can provide a company with some breathing space and allow the directors to focus on turning the business around.

Taking the HMRC Time To Pay burden away from you

Approved Recovery can assist you with the HMRC Time to Pay process and take this burden away from you. Our objective is simple, to help stabilise the company’s financial position by accurately forecasting its future inward and outward cashflows.

Our expert team has years of experience in negotiating payment plans with HMRC and can help you get the company back on track.

When considering the proposed plan, HMRC will also consider the company’s compliance position, any previous arrears or Time to Pay plans and whether the business represents a higher risk.

If a payment plan is agreed, a direct debit will need to be setup.

How Approved Recovery can help you

  • Initial free of charge, no obligation consultation
  • Register Approved Recovery as an authorised agent with HMRC
  • We have an immediate discussion with HMRC to understand the position and secure some much-needed breathing space
  • Review the company’s financial performance and forecasts
  • Assess affordability
  • Submit proposed payment plan to HMRC

Our fees

Our fees for this service are charged on a fixed fee case-by-case basis.

In a turnaround situation, directors’ duties shift from all stakeholders to creditors. Directors need to be aware of company and insolvency legislation and how these laws impact on both the company and them personally. 

Obtaining expert advice from a licensed Insolvency Practitioner is therefore strongly recommended when a company is considering proposing payment plans with its creditors.

Contact us for a free no obligation consultation on 0800 066 2248 or complete our website contact form for call or email back.

Request a free consultation

Simply complete our contact form and our insolvency specialist will call you back to offer no-obligation advice.

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