HMRC have a scheme called ‘Time to Pay’, which is essentially a tax repayment plan.
Due to COVID-19, HMRC is granting more access to the scheme than usual, meaning that businesses and those who are self-employed can potentially defer their tax payments. Their new helpline number to discuss this service is 0800 0159 559.
There are two primary situations in which you would be likely to enquire with HMRC about the ‘Time to Pay’ scheme:
• If you find yourself unable to pay a debt when it is due
• If you fail to make a payment date and receive a payment demand, such as a tax bill
Corelco can negotiate with HMRC on your behalf. It is important that we are prepared for the phone call with HMRC by having the following information to hand:
• Your 10-digit taxpayer reference or VAT reference
• The total amount of the tax bill that you will be discussing
• Reasons for your inability to pay
• Any attempts you have made to raise the money
• Your repayment suggestion, i.e. how much you can afford to pay immediately and how long you will need to pay the rest
• Your bank account details
• Your income and outgoing expenditures
• Any assets you have, such as savings
• Your business forecasts for the next six months
• Your solution to raising the money and getting your tax payments in order
Call Corelco on 0203 773 1417
