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
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