Tax Debt – Negotiating Time to PayIn difficult economic times, many businesses face the problem of being unable to meet their tax obligations on time. They need help to resolve the problem with HM Revenue & Customs (HMRC). In 2008, HMRC set up a Business Payment Support Team to help businesses solve short-term problems with paying any taxes/duties they owed. Since then, however, this help has gradually been withdrawn and figures published for the last three months of 2010 suggested that the number of businesses who had been refused time to pay had doubled. With ever increasing pressures on Government revenues, this is a trend that is likely to continue. Those businesses who previously agreed time-to-pay arrangements or those seeking to renegotiate existing arrangements are much more likely to be refused help and threatened with legal action. This could include distraint (the removal and sale of goods), County Court Judgements (which can seriously affect a business' credit rating and/or its relationship with existing lenders) and, ultimately, Winding Up proceedings. Where large sums are involved (typically over £100,000), HMRC will often insist on a full financial report and a business plan as part of any time to pay negotiations. The preparation and presentation of your proposal is of paramount importance and specialist advice is invaluable. How can OneE TDI help? At the core of OneE TDI is a highly experienced team specialising in all areas of tax disputes and investigations work. We offer confidential, non-judgemental advice to best defend our clients and have a proven track record in successfully managing all contentious tax matters. We have successfully defended numerous businesses in all types of tax debt solutions (including PAYE and National Insurance, Corporation Tax, Income Tax and Construction Industry Scheme deductions) and ensured that any enquiry or dispute with HMRC was resolved quickly, fairly and with little disruption to the business itself. We provide a comprehensive service to accountancy and legal practitioners and their clients. Our advice saves our clients time and money and helps reduce their potential exposure to tax, interest and penalties. Whilst we endeavour to provide informative and accurate information, the content on this site is for general information purposes only and should not be taken to constitute tax or legal advice which must always be tailored to individual circumstances. Please contact us if you would like to discuss matters. [Top] |