Time To Pay Agreement With Hmrc
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FAQ
The HMRC website states that they will not accept payment outside of twelve months unless there are exceptional circumstances (such as COVID-19). They also refuse to negotiate the amount owed to a reduced settlement figure.
If accepted, HMRC will give your company a period of time to pay your taxes. This is usually between 612 months, but in some cases it can be longer. Time to pay arrangements are taken by direct debt. This is to ensure a smoother process for both customers and HMRC, as it means payments cannot be late.
Here are a few helpful suggestions if ever you need to negotiate with HMRC over tax debt.Extend the period of time to clear the debt. Organise a face-to-face meeting with an inspector in order to arrange a longer time period to clear your debt.Work out a payment plan.Finally, negotiate.
A Time To Pay arrangement is a method of spreading your business tax payments over a longer period of time in a more affordable way. An agreement is reached between the business and HMRC in an attempt to provide some breathing space to the business and allow cash flow to improve.
The deadlines for paying your tax bill are usually: 31 January - for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account. 31 July for your second payment on account.
