Knowledge

What you need to know about Time to Pay and your tax bills

Following on from the recent budget announcements and subsequent updates from the treasury, we have put together a quick update on the latest position for applications for Time to Pay (TTP).

What is Time to Pay (TTP)?

Time to Pay provides businesses who are affected by the impacts of Covid-19 with time to pay any outstanding or upcoming tax liabilities.

HMRC’s Time To Pay arrangements will be agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. HMRC will assess the information provided and make a decision on whether the business is eligible for deferment/further deferment of payment.

The nature and type of business and how it has been impacted by coronavirus will be areas of key focus.

Here’s how we can help.

We appreciate that many people do not like talking to HMRC on any level and may feel nervous about that.

We have a partner who can help with this. I am afraid though this is chargeable work, however, we do get preferential rates. The fees are on a case by case basis so I cannot give you a price but expect to pay anything from around £500 upwards.

You can save money and talk to HMRC directly. I can give you the number and references and details you need to speak to them. I also can have a call with you and give you guidance as to what to say, free of charge. To be honest you may get more sympathy talking to them directly because if you have a professional doing it on your behalf they may wonder why you can afford that and are struggling to pay you tax bills!

What do you now?

Simply, get in touch. We’re here to help, so if you have any questions regarding Time to Pay, or you would like to make an inquiry, get in touch.

Regards

Rob

e: robjones@rjf.uk.com