Supporting Businesses Nationally
Time To Pay (TTP)
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
Time to Pay
A Time To Pay (TTP) arrangement is a debt repayment plan relating to your outstanding taxes with HMRC; usually VAT, PAYE, NI and Corporation Tax.
When businesses ask HMRC for extra time to pay, depending on your circumstances, HMRC will usually agree to a payment plan over a period not exceeding 12 months.
HMRC will support businesses that are financially viable but experiencing temporary cash flow problems. If you have historically had a good payment record and file your returns on time, HMRC will consider you for a TTP plan.
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
Key points on Time To Pay
- It is important to address the problem before you reach the payment date
- Contacting HMRC before they contact you may help to avoid late payment penalties
- HMRC will want to understand why you can’t make the payment date and that you have the intention of paying in full the outstanding amount
- Make sure that you commit to a Time To Pay payment plan that you can afford. Failure to pay could result in the plan being cancelled and penalties being applied to the outstanding debt
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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