TTC: Tips for negotiating time to pay with HMRC

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TTC: Tips for negotiating time to pay with HMRC

Operators

Jennifer Morris

23 March 2020

The Travel Trade Consultancy (TTC) has compiled five things to think about when negotiating time to pay with HMRC.

TTC: Tips for negotiating time to pay with HMRC

It said on its website: “Whilst many of you await the finer details around the Coronavirus Business Interruption Loan Scheme and various cash grants coming down the track, there are some quick wins that will enable you to keep more cash in the business.

“One way, if you’re experiencing financial difficulty, is to negotiate a time to pay with HMRC for upcoming VAT, PAYE and corporation tax liabilities.”

There is a specific HMRC coronavirus helpline for negotiating time to pay (0800 0159 559). But before picking up the phone, consider the following, says TTC.

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Do not delay, call now

You may have VAT, PAYE or corporation tax payments due. Don’t wait until these deadlines have passed. There is a dedicated team of 2,000 individuals dealing with the businesses asking for time to pay and it’s far better to be on the front foot with these issues so HMRC works with you.

Make sure your returns are up to date

HMRC can assess your liability far quicker and are also more likely to be understanding if your submissions are up to date.

Prepare your forecasts and budgets

HMRC will be expecting you to make suggestions about the amount you can afford to pay. You should have forecasts and budgets ready to demonstrate your ability to repay over the proposed time frame.

Be aware of HMRC authority limits

Most debt management contact centre staff have the authority to agree to a period of up to 12 months for the liabilities you’re unable to pay. Longer periods can be arranged but usually need to be escalated to more senior staff. Be aware that HMRC will usually expect to set up a regular direct debit for collection over the agreed period.

Know your future liabilities

As part of any agreement with HMRC, they will expect that all future tax liabilities are paid up in full at the time they fall due. If you do have further difficulties with future liabilities, it’s advisable you contact HMRC to see if they can include this in the time to pay debt. There is often a reluctance to further requests, but given the current climate this may be unavoidable.

Operators Agents Coronavirus Coronavirus support