Andrew Cawkwell
Partner
Watson Burton LLP
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From: advice@taitwalker.co.uk [mailto:advice@taitwalker.co.uk]
Sent: 18 May 2010 11:19
To: Andrew Cawkwell
Subject: TIME TO PAY TIGHTENING?
In recent months many struggling businesses have turned to HM Revenue and Customs for a financial olive branch through the Time to Pay scheme. Time to Pay arrangements have been successful in aiding company cash flows over the last 18 months with an estimated 220,000 businesses taking advantage of the scheme and deferring in excess of £5 billion of outstanding VAT, PAYE and other taxes.
With current GDP figures showing nominal growth of 0.2% and indicating that the recession is behind us, information obtained by Syscap under the Freedom of Information Act, reveals the number of time to pay applications to HMRC has doubled compared to the same period last year evidencing that the economic climate remains difficult.
However, HMRC rejected more than 11% of applications during the first quarter of this year compared to just 5.3% for the same period in 2009 suggesting HMRC is adopting a hardening attitude on deferrals. This supports our own recent experiences which indicate that HMRC are requesting more information when considering a request and tighter repayment schedules than previously.
If you or your clients find themselves in a position where a Time to Pay arrangement is deemed necessary, it is important to have a robust plan and forecasts to demonstrate the a viable business exists and that repayment of the arrears can be made in line with any arrangement that is proposed.
We have recently undertaken a large number of support and advisory assignments including negotiating Time to Pay arrangements, business reviews and assessments, and rescue finance, and are perfectly placed to respond to the issues that your clients' face in these challenging times. Whilst initial financial restructuring and working capital improvement can be essential to address the immediate short term pressures, it also important to look beyond the initial stages and ensure that all aspects of the business are reviewed to ensure that every opportunity can be maximised to support long term viability and survival.
If you wish to obtain any further information on Time to Pay arrangements, or have a client who has cash flow or under performance issues, a member of our team is always available to provide advice on a free, discreet and confidential basis.
Contact
Allan Kelly
Mobile: 07921 921 400
Gordon Goldie
gordon.goldie@taitwalker.co.uk
Mobile: 07803 959 926
Matthew Higgins
Mobile: 07921 779 818
Andrew Little
andrew.little@taitwalker.co.uk
Mobile: 07925 640 899
Kerry Pearson
kerry.pearson@taitwalker.co.uk
Mobile: 07739 827 042
Iain Nairn
Mobile: 07506 700 462
Tait Walker Corporate Recovery is a trading style of Tait Walker Advisory Services LLP. Company number OC340418. Registered office Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS
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