Published: 25th March 2020
As coronavirus (COVID-19) continues to spread across the country and more stringent restrictions are placed upon individuals and businesses alike, company directors are bracing themselves for tough times ahead.
With many companies already in arrears to HMRC, the continuing coronavirus crisis is only going to compound matters, threatening to tip some businesses over the edge, while dragging other previously profitable companies into a state of financial distress.
As a business advisor it is likely that you will soon be fielding calls from worried directors concerned for the future of their business and who simply do not know where to turn.
One of the ways the government has pledged to help businesses through this global emergency is by scaling up the existing HMRC Time to Pay (TTP) scheme. A dedicated helpline has been set up and more businesses than ever before will be offered additional breathing space when it comes to settling their HMRC obligations.
This has the potential to ease the pressure on those companies who have found their cash flow suddenly and unexpectedly compromised. Securing a TTP agreement could be a much-needed lifeline for many, and while HMRC appear to be more open to granting this type of payment plan to struggling companies, as ever, successful negotiation will be key.
The experts at Begbies Traynor are here to provide comprehensive help, support, and guidance to you and your clients during these unprecedented times. For those looking to arrange a TTP agreement, we can provide your clients with full negotiation support when approaching HMRC, giving them the best possible chance of securing temporary respite from their tax obligations.
Contact your local Begbies Traynor partner today for expert help and advice for you and your clients.