HMRC has confirmed through the Budget announcements that the time to pay scheme will remain available and that the Business Payment Support Service will remain in place to advise viable businesses experiencing temporary financial difficulty. However, the message is clear for those businesses wishing to return time and again to the arrangements.
This help is not an arrangement to delay the payment of tax on an ongoing basis – it is targeted at those in temporary difficulty, so advisers with clients revisiting the time to pay arrangements may find that HMRC is less than sympathetic . Businesses will need to consider refinancing options, looking at a wider menu of funding options in which to provide ongoing working capital if they are unable to meet tax liabilities as
they fall due.
IMPORTANT – If your business is struggling to meet existing time to pay arrangements it important that you speak with one of our advisors today wherein we can come up with a plan.