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Businesses should be careful in their cash planning and not necessarily assume that HMRC will grant them time to pay on the basis they proposed. If time to pay is a necessity an early application is essential before any default position arises. If HMRC have declined to offer time to pay or the terms offered are unrealistic, early advice on other options that might be available is essential.
With the availability of credit still being a source of concern to many businesses the timely collection of cash remains as important as ever. Good credit control, and if necessary, positive action to recover monies due will reduce the reliance on the uncertainty of time to pay agreements and external credit. hlw recover is our bespoke debt recovery service which has helped many businesses maintain their cash flow to avoid such reliance.
For further information please contact Ashley Wood on 0114 276 5555 or on ashleyw@hlwlaw.co.uk.
Contact hlw
Sheffield Office
Commercial House
Commercial Street
Sheffield, S1 2AT
Telephone: 0114 276 5555
Fax: 0114 276 8066
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Leeds Office
9 Park Place
Leeds
LS1 2RU
Telephone: 0113 246 5555
Fax: 0113 246 5566
Press Office
HMRC announced just before the turn of the New Year an extension of its “time to pay” scheme allowing business and individuals to reach agreements to pay tax, national insurance and VAT liabilities by instalments. Whilst this has been welcomed by businesses facing a continued squeeze on their cash flow it does have its drawbacks. The scheme will only be allowed to businesses that have not had enforcement action taken against them by HMRC and acceptance into the scheme has not been uniformly granted by HMRC officials. Also, HMRC is under pressure from Government to increase the tax collection so there has been a clear tightening of the scheme, leading to some businesses no longer being able to obtain the agreement they expected.
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