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Friday, 26 November 2010

HMRC Time to Pay

Having talked to our contacts in the insolvency world, and worried company directors, it is clear that companies are finding it hard to secure an HMRC Time to Pay (TTP) deal.

To have a good chance you will need to have had a previously excellent tax compliance record and be putting forward a convincing case that you can stick with the arrangement. This would need to be backed up with credible financial forecasts and a business plan.

It should also be noted that many companies' TTP deals are coming to an end in 2011. Nonetheless, it should not be presumed they will get a new one.

If you think that the company is viable and the HMRC reject your application for a TTP then a company voluntary arrangement may be the best option

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