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Credible plan key to HMRC being very understanding
Credible plan key to HMRC being 'very understanding' , TheBusinessDesk.com
HMRC continues to be very understanding of current business challenges, but struggling businesses need to have a credible plan they can stick to. That is the view of finance experts speaking speaking on a TheBusinessDesk.com webinar, Is your business financially ready for the battles ahead?, which was delivered in partnership with Leonard Curtis and JMW.
Were seeing HMRC be very understanding of the situation, said Sean Williams, director at Leonard Curtis. I think it depends on how you put the proposal to them.
Often it is HMRC who is the most pressing creditor and we have a team that specialises in them for that reason.
Generally speaking we will put a proposal with some cash flows, an estimate to show if the company goes into an insolvency procedure, this is what theyll get versus a payment plan.
But it does have to have some thought behind it and you need to be able to show whates changed, because the important thing once youve agreed a time to pay is that not only you have to stick to those payment terms, but youve also got to stick to the new tax bills as and when they fall due.
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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.