HMRC TIME TO PAY ARRANGEMENTS (“TTP”)
At the onset of the recession HMRC announced in January 2009 that it was setting up The Business Support Service, whereby companies and subsidiaries could apply for breathing space in the payment of its tax bills.
By March 2010, 300,000 arrangements had been agreed by HMRC, allowing tax payers to defer £5.1 billion of tax. Shortly after this HMRC announced that it would not be releasing further figures of arrangements made or tax deferred.
By May 2012 HMRC have increased its use of distraint action by 161% year on year. Rumours are growing that the TTP arrangements are coming to an end, however this is far from the truth. In many respects the above trend should be expected as companies entering into TTP’s that they cannot borrow, will now be experiencing difficulties.
Download our latest update where we seek to explain where we now are as this is still a valuable tool in enabling businesses to survive.