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Registered office: 1 Kings Avenue, London N21 3NA
Company registered in England No 5814561.  VAT No  884 3058 04.  Legal & Regulatory

Time to Pay Arrangements

Time to Pay Arrangements

 

Have you or your company accrued tax arrears? If you need to construct a repayment plan then a Time to Pay scheme may be the solution you need.

 

The Time to Pay arrangement is a government initiative. It was implemented in 2008 in an attempt to combat the effects of the recession. It allows struggling individuals and businesses to repay their outstanding tax liabilities in instalments, rather than all at once. Usually, Time to Pay arrangements last either 6 or 12 months. However, they can last longer if there is a realistic prospect that the debt will be repaid eventually.

 

The cost of your liabilities will be spread out over a period of time rather than all at once. This will improve cash flow and ensure your business has money to pay rent, wages and suppliers.

 

Opting for a Time to Pay arrangement will demonstrate a willingness to repay liabilities. This helps you remain on good terms with HMRC.

   

A Time to Pay arrangement is ideal where tax arrears have built up. As well as being a viable option for sole traders, it can also be arranged for partnerships and limited companies.

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Personal Services

Individual Voluntary Arrangement
(IVA)

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Time to Pay Arrangements

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Bankruptcy

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Corporate Services

Company Voluntary Arrangement (CVA)

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Administration

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Liquidation

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