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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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.