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Saturday
May072011

Time to pay requests being refused.

Statistics released recently show that there has been a significant rise in request refusals by Her Majesty's Revenue & Customs (HMRC) for payment by installment. More commonly known as "time to pay" ( or TTP). Figures released by the government department show 3390 refusals in the first quarter of 2011 when compared to 2360 refusals in the same period in 2010. While the number of agreed requests has fallen sharply in the quarter to 32900 (when compared to 2010 - 57800) the statistics are a clear sign the UK economy is still very fragile.

HMRC said the scheme "continues to be available to help companies address short-term cash flow difficulties that result in an inability to pay their tax in full and on time". It added that the criteria for arrangements had not changed in any way". The quote does not appear to chime with certain business sectors. Tony Murphy, a partner at business restructuring specialists Bridge Business Recovery is quoted as saying: "HMRC is kicking some requests in to touch, and needlessly so. Even with secure guarantees, it is turning them down." Time to pay requests are being restricted to payments within three months.

While HMRC look more favourably at first time or one off arrangements, Steven Law of the accountancy firm Ensors is quoted as saying time to pay arrangements are becoming "increasingly difficult". 

Looking after your company or personal tax affairs can be complicated and time consuming. Let St Matthew  organise your tax affairs efficiently and professionally. The taxman need not be a headache. Please go to http://www.stmworldwide.com/tax-advice or http://www.stmworldwide.com/personal-tax-return and find out more.

 

  

 

 

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