HMRC policies on Time to Pay Agreements
We felt that this was worth a reminder as we look ahead to the potential concerns on funding at the start of 2021 when businesses will have to address the VAT or Self-Assessment Tax Deferrals that they have taken advantage of over the CV19 outbreak.
It’s worrying to heard from such representative bodies as the Federation of Small Businesses of a concern that the first quarter of 2021 could see 700,000 small businesses disappear as these deferrals combined with payment and interest suspensions from lenders come back into play.
HMRC’s updated policies on how they will deal with taxpayers who have a tax debt can be found here
At Centurion we always look to first establish the validity of any assessment that crosses our desks for review – it may not be correct after all - either on a VAT or Environmental Taxes point or in the sense of calculation or time limits. This was never truer for a recent case for a client near London, where what started as a threat of £1.5m for VAT and Tax ended in a settlement under £40,000 with HMRC.
In the current climate an early approach to HMRC should you feel exposed to mounting tax debts should be considered. Across the Xeinadin Group there are tax professionals across the UK and Ireland who can assist on any Corporate & Personal Tax issues if that is your main concern. For issues of VAT and Environmental tax assessments then contact us directly at Centurion on firstname.lastname@example.org
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