If you own a business or are self-employed with have outstanding or pending tax liabilities, you may be eligible to receive support with your tax affairs through HMRC’s Time To Pay service.
A time to pay agreement can be agreed for all taxes due, including deferral of VAT, PAYE and Corporation Tax payments.
HMRC are generally supportive of Time To Pay applications and are likely to waive interest and penalties on late payments because of the current situation.
Time To Pay gives businesses a time-limited deferral period on HMRC liabilities owed and a pre-agreed time period to pay these back.
HMRC will discuss your specific circumstances to explore including:
- Agreeing an instalment arrangement
- Suspending debt collection proceedings
- Cancelling penalties and interest where you have administrative difficulties
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
We can work with HMRC on your behalf to ensure that an agreement can be reached in advance of payment deadlines.