As a result of the coronavirus outbreak there may be a strain on your business to meet its financial obligations. However, in order to ease the burden it may be possible for you to request a Time to Pay (TTP) arrangement with HMRC. A TTP arrangement will provide your businesses with some additional breathing space during these uncertain times to enable you to settle your existing tax liabilities. For many businesses, this could be invaluable.
More specifically, a TTP will allow you to settle your current tax liabilities in monthly instalments which are agreed with HMRC. Typically, this means you can spread your payments over a period up to 12 months, depending on your financial circumstances. In order to set up the TTP you will to contact HMRC on 0800 0159559, at which time they will talk you through your business’s current financial position and set a monthly amount that you both agree that would be manageable for you.
Before you contact HMRC you’ll need to know:
HMRC will ask you about:
As you can imagine the HMRC helpline may well be busy when you telephone but please persevere!
Julie Downie, Accounts Manager