At a time when many businesses and taxpayers are experiencing added cost pressures due to rising costs as a result of the ongoing war in the Middle East, we remind readers that time to pay may be available to spread tax liabilities. Although HMRC has not made any official announcement about any specific measures to support businesses and taxpayers as a result of the ongoing crisis, time to pay is available as normal and is designed to support them in scenarios like this. Members can also contact the Institute to discuss any specific concerns they may have in relation to this.
By way of reminder, time to pay enables a taxpayer or business experiencing temporary difficulties in paying tax liabilities to reach an agreement to pay these in monthly instalments. A time to pay arrangement can be automatically set up online for self-assessment tax debts of £30,000 or less. This mechanism was introduced several years ago and was a recommendation of Chartered Accountants Ireland during the pandemic.
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