Please visit https://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Wednesday, 7 July 2010

Need time to pay VAT or PAYE?

We recommend that you visit the Business Payment Support Service website here

http://www.hmrc.gov.uk/pbr2008/business-payment.htm

The BPSS will consider all offers of time to pay PAYE or VAT;

Here is the introduction :

"If you're worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that you can’t afford to make payments becoming due, you can call our Business Payment Support Line below seven days a week.

Our staff will review your circumstances and discuss temporary options tailored to your business needs, such as arranging for you to make payments over a longer period. We will not charge additional late payment surcharges on payments included in the arrangement, although interest will continue to be payable on those taxes where it applies.

At the Budget 2009, the Chancellor announced an extension to the service. If your business is unable to enter into a reasonable payment arrangement to pay previous years’ profits we can take into account losses that you are making in the current year. If your business is still viable, and we agree your estimate of the loss, you can have the anticipated loss taken into account when we consider your situation."

If you have had a time to pay deal (TTP) in the past they will still consider you for another TTP.

But what if the BPSS does not accept a TTP that you can afford and asks for faster repayment? Then we would suggest contacting KSA or a similar advisor to see if they can get a suitable TTP in place. This would require some work on a statement of affairs and a financial forecast. It is possible that this may be acceptable to HMRC as some external professional advice has shown that the business is viable and can afford to repay the debts over a comfortable period.

If the company is still viable but HMRC doesn't accept any TTP offers then a company voluntary arrangement (CVA) is the best option. Although a formal insolvency tool it is a powerful way to restructure the business, the debts and buy a breathing space to recover from the cashflow shock.

Visit this page http://www.companyrescue.co.uk/company-rescue/options/detailed-cva

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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