Take part in our new Family Business Survey and have your say! Click here
As either a company or an Individual it can be worrying when you have built up arrears with HMRC, especially when you receive correspondence that they are going to commence proceedings to wind the company up or petition for your bankruptcy.
The Restructuring team have recently successfully assisted a number of clients in negotiating with HMRC and agreeing Time to Pay (TTP) arrangements to settle the liabilities.
Whilst each Time to Pay arrangement is agreed by HMRC on its own right, it is our experience that HMRC will expect the following to be incorporated within the TTP:
In addition to the above, as part of their agreement to the TTP, HMRC will insist on:
Failure to adhere to the terms of the TTP, would lead to its immediate failure and ultimately to HMRC instigating winding up proceedings. It is important that if a TTP is agreed that the terms of the agreement are met as HMRC is unlikely to consent to a second TTP.
The role of the Restructuring team includes advising clients on what to incorporate into their cash flow forecasts, critical review of cashflow forecasts already prepared, liaison with HMRC, drafting the formal proposals and any negotiating any amendment required in order to reach agreement with HMRC. An important aspect of our role is also to verify the Company or Individual’s current positon.
If you wish to discuss how the Restructuring, Recovery and Insolvency team can assist you in dealing with HMRC then please get in touch.Contact the team
If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletterSubscribe
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW