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Friday, 10 June 2011

HMRC to give update on time to pay scheme next week

Paul Gilhooley, the deputy head of enforcement at HMRC, will give the ICAEW conference next week an update on the Time to Pay Scheme. 

There is no doubt that the scheme was a lifeline to businesses during the financial crisis but it is likely that HMRC do not want to see it being used as a simple way to defer tax payments for the years to come.

We are already seeing evidence of HMRC being less willing to agree to them and the statistics showing 3,390 TTP requests were refused in the first three months of 2011, in comparison to 2,440 in the same period in 2009 bear this out.

If you are on a time to pay arrangement then it is advisable to have a plan B if you think that you may need to ask for another one.  We can help you examine the options such as a CVA which, if accepted by creditors, allows you to pay off the debt  over a longer time period of 3-5 years.  However, your business must be viable going forward and you must have the will to change and turn the business around as you will remain in control.  Remember that just because HMRC will refuse a time to pay does not mean they will refuse a CVA - a different department deals with CVA's

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