2023 was another productive year for the Leonard Curis funding team, as we successfully negotiated 100% of our Time to Pay proposals with HMRC.
As the country struggled with high cost-of-living prices due to inflationary pressures and high interest rates - we saw a significant increase in businesses requiring assistance. We rescheduled the payment of more than £40.6 million of arrears, allowing businesses to continue trading and preserving the livelihoods of the more than 7,800 staff in their employment.
On average, the agreements were spread over 27 months, down from 29 months the previous year. This illustrates a noticeable shift in HMRC’s 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 even more compared to 2022 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 Leonard Curtis can support your clients or business when under pressure from HMRC, visit www.leonardcurtis.co.uk, email max.richardson@leonardcurtis.co.uk or call 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
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.