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The number of Time To Pay (TTP) requests that have been refused by HMRC has increased during the first quarter of 2011. HMRC figures show that 3390 requests for TTP were refused during the initial three months of the year, compared to only 2360 last year and 2440 in 2009. There have also been fewer requests for TTP agreed, with only 32,900 agreed this year compared to 57,800 last year and 82,000 in 2009.

The scheme was introduced in November 2008 as a way to help struggling businesses to spread payments of taxes owed over a period of time. This is usually a few months, but can be spread over 12 months in exceptional cases. HMRC has stated that the criteria for the scheme have not changed, and it is still offering the service. Some insolvency practitioners consider that HMRC is refusing requests unnecessarily, with requests that are agreed being limited to just three months. It is also seemingly apparent that HMRC is increasingly refusing TTP for businesses who have already been subject to an agreement, meaning a business applying for the first time may be seen in a more favourable light.

HMRC has strict criteria for the Time To Pay scheme, and will not consider those who have no realistic means of paying their tax bill. A small business accountancy will keep your records up to date, with a financial strategy that will prevent this situation arising. With accurate forecasting and planning based on real time information, an online accountancy can prevent difficulties arising at the year end. If you do have financial difficulties, a low cost accountants firm will deal with HMRC on your behalf.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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