It was another productive year for the debt advisory team, previously known as Corporate Strategies, as we successfully negotiated 97% of our Time to Pay proposals with HMRC.
As the country emerged from the pandemic - and amidst the rise in the cost of living due to factors such as inflation and supply chain issues - we saw a significant increase in businesses requiring assistance. We rescheduled the payment of more than £28 million of arrears, allowing businesses to continue trading and preserving the livelihoods of the more than 5,000 staff in their employ.
On average, the agreements were spread over 29 months, down from 34 months the previous year. This illustrates a noticeable shift in HMRCes stance with regards to outstanding debts, as the Government looks to recover the £millions of emergency support introduced in the wake of COVID-19. HMRC have stepped up their recovery actions and can be more restrictive in terms of the length of arrangements allowed.
As always, it is key when dealing with HMRC that we speak to them early, so that we have the best possible chance of agreeing an arrangement with an affordable level of repayments without putting the business under any undue pressure.
To find out more about how our debt advisory team can support your clients or business when under pressure from HMRC get in touch email info@leonardcurtis.co.uk or call Joe Douglas on 0161 835 1900.
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
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