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HMRC Time to Pay

When times are hard a HMRC Time to Pay Arrangement can spread your costs

HMRC Time to Pay can help support cash flow problems. As a business owner you’ll be aware of the need to manage your finances to meet HMRC’s demands, and if you fail to comply the penalties for missing payment deadlines could include being hit with charges or having assets seized to pay debts and costs. HMRC can also start bankruptcy action or winding up proceedings if the situation isn’t addressed. In fact failure to pay PAYE and NIC or VAT is the first signal to HMRC that your business is insolvent and can prompt recovery action against you for the debt they are due.

So what if your next VAT bill causes real financial difficulty? A lack of funds to replace stock, downtime on unrepaired equipment, a shelved marketing campaign or unpaid and upset suppliers could damage your business. In fact it could quickly turn into a fight for survival if it’s left unresolved. So wouldn’t it be a relief to know HMRC can be flexible to your needs? HMRC Time to Pay can give you the time you need to address your cash flow problems.

Cashsolv™ will negotiate a HMRC Time to Pay Arrangement on your behalf

Our team of business finance specialists work with HMRC on your behalf, agreeing to spread the cost of tax arrears over a time period that suits both parties. This is called an HMRC Time To Pay Arrangement and it could give you up to 12 months to pay your arrears and the time you need to manage your company’s finances through a stressful period.

Negotiating time to pay with HMRC can be difficult, but we're here to help. Our experienced team and strong connections with HMRC mean that such an agreement is more likely to be approved and we have a strong success rate in avoiding tax penalties. We can also advise you if  HMRC Time to Pay is right for your business.

HMRC Time To PayQualifying for a ‘HMRC Time to Pay Arrangement’ (TTP)

To be eligible to enter into a HMRC Time to Pay Arrangement you will have to be able to satisfy HMRC that you have a good reason for not having paid on time, or why you're not going to be able to pay on time. Such agreements will not be considered for those businesses simply wishing to spend their cash elsewhere.

Arrange Time to Pay HMRC before late payment of corporation tax

In addition to dealing with arrears, if you know in advance that you can’t make a future payment, you can discuss payment terms before the debt is due. It is better to avoid possible penalties altogether.

In considering an HMRC Time to Pay Arrangement, HMRC will review your previous compliance record and what you have to say about being able to pay the arrears over the period proposed. Dealing with HMRC can be complicated, but we deal with them every day and understand how to put your best case forward. We can review your cashflow forecasting and ensure your proposed payments are affordable.

HMRC Time to Pay supports businesses…

  • Includes all taxes

  • Avoids bailiffs and legal proceedings

  • Includes VAT

  • Avoids insolvency process

  • Arrears payable over up to 12 months

  • Requires future debts to be paid on time

  • Helps to manage cashflow


Frequently asked questions:

How do I enter into a HMRC Time To Pay Arrangement?

You could contact HMRC direct yourself, but if you would rather have an expert help you, contact us and we will meet with you to discuss your financial position and circumstances. This will enable us to present your best case to HMRC. Once we contact HMRC on your behalf, we will continue to liaise with you and keep you informed as discussions progress.

If HMRC accept your request, they will send you a formal document setting out the terms.  Once you sign and return the document the agreement is in place.

Will I have to pay penalties and interest?

You will probably have to pay interest, but penalties are not usually levied, provided you don’t leave it too late and you make the promised payments on time, including paying any new debts on the due date.

What if I break the arrangement?

If you don’t make the payments on the due dates or incur new arrears, HMRC can immediately terminate the arrangement and insist on all debt being paid in full immediately. If this is likely to happen, it is important to discuss this with us as soon as possible as there may still be other options.

Will I have a ‘black mark’ against my name?

This is unlikely as HMRC have recognised over the last few years that businesses do have cashflow problems from time to time and sometimes a little bit of forbearance, can help resolve the problem. If the arrangement is fulfilled it is very unlikely there will be any further consequences.

Can I enter into more than one arrangement?

Not at the same time. In exceptional circumstances, it may be possible to renegotiate an existing HMRC Time to Pay Arrangement, or if an agreement is successfully concluded, then yes, you may still be able to enter into a new agreement in the future.

HMRC Time To Pay Guides

Here are some additional guides you may find useful:

HMRC Tax Arrears
When you can't pay your tax bill
HMRC Distraint and bailiffs rights

Have a question?

Call today 01489 550 440 to speak with an independent advisor and we can help with any questions you may have.

Can’t pay your HMRC tax on time – what’s your next move?

Don’t ignore the problem, the HMRC Time To Pay Arrangement could help you repay you tax more easily. Contact us now to relieve the pressure and get back to making your business work - the way forward, made brighter.

See how Cashsolv™ can help your business.

Call your cashflow expert now on 01489 550 440

Alternatively, we can call you at a convenient time to suit you. It's FREE advice, it's totally confidentialy and you are under no obligation.

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For more information on HMRC Time To Pay, view our relevant pages:

Perhaps a Time to Pay Agreement is not for you right now. Take a look at our full range of unique products for solving cashflow problems.

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