HMRC TIME TO PAY SCHEMES FOR OUTSTANDING DEBTS

According to HMRC's website "Time To Pay” (TTP) arrangements allow them to collect outstanding taxes in a cost effective way. HMRC state that it allows viable debtors, who cannot pay on the due date to make payment over a period that the debtor can afford. Arrangements are tailored to the ability of the debtor to pay and are typically for a few months, although can be longer. Time To Pay arrangements lasting over a year are only agreed in exceptional cases. Most arrangements involve regular monthly payments being made but in exceptional cases may involve a short period of deferral.rnThese extracts are taken from HMRC's online site. Will HMRC support your application? At 31st December 2010 HMRC had agreed over £6.83bn of 'time to pay' arrangements. Just under 400,000 businesses in the UK have agreed time to pay tax arrangements with HM Revenue & Customs. The number of time to pay arrangements dropped in 2010 with the demand only 60% of the 2009 levels The levels of rejections increased slightly to 5.8%, up from 2.7% in 2009 indicating that HMRC are contesting weaker applications. 37% of the total number of arrangements were for requests between £10,000 and £100,000, equating to 60% of the total value of all arrangements. *Source- HM Revenue and Customs – Official Statistic Release Jan 2011 rnTime to Pay Step by Step Guide rnGet your application approved today! 1. Work out how much money your business owes HMRC and separate it into the following categories: - VATrn- PAYE / NICrn- Corporation Tax 2. Call Jennison's Time to Pay freephone helpline on 0800 107 8788 3. Our Time to Pay team will ask you for the details of the amounts owed to HMRC 4. Our team will provide you with professional letters and advice on how to approach negotiations with tax inspectors. Jennison have a large number of contacts at HMRC who they can speak with to help resolve your tax problem. 5. Initial advice is free. Our Professional Service Jennison has a professional team of people who are dedicated to supporting businesses. We have provided a discreet service to a number of businesses seeking a deferment of outstanding taxes with HMRC. If you feel your business could benefit from some independent advice please contact Jennison Insolvency on 0800 107 8788.