The start of the year is often a difficult time for companies as they struggle with erratic or low trading through the winter period. This can result in a VAT quarter or PAYE/NI contributions being missed, causing concern for business owners that are unsure of how to deal with HMRC.
We all know that Taxes should be paid when they fall due, however HMRC will usually agree a payment arrangement, known as Time to Pay (TTP) in order to clear any arrears. Such arrangements allow tax arrears to be collected in a cost effective way; normally over a period of 6-12 months but sometimes for longer.
Here are 5 top tips to help you and your clients achieve the best outcome with HMRC: