Due to the Covid-19 pandemic, HMRC are being more generous and lenient on ‘Time to Pay’ than previously.
What is Time To Pay?
Time To Pay is the service that people or businesses in financial difficulties can use to agree a payment plan with HMRC.
It’s done on a case by case basis, as it involves a bit of negotiation with HMRC where you state what you can pay, and perhaps they ask for slightly more initially, or a shorter total repayment period.
For example, if you owe £8,000 in corporation tax, you may call the Time To Pay helpline and say that you can only afford £2,000 initially, and they want to pay off £500 per month for the following 12 months.
What’s changed with Covid-19?
HMRC are simply becoming more accepting of Time To Pay arrangements, especially if the reason that businesses are struggling is due to the Covid-19 pandemic.
How do I arrange it?
You can call this number: 0800 0159 559 and discuss it with HMRC.
If you’d like your CFO360 Contact to be on the phone with you, just let them know; they can then arrange to call you, then add HMRC to the call.
