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100 Time to Pays agreed so far in 2024 ensuring business survival
The funding team are proud to confirm that they agreed their 100th Time to Pay (TTP) of the year earlier this month. This milestone has been achieved in just over 7 months compared to a total of 100 for the entirety of 2023.
TTP activity has increased markedly as a solution for businesses to repay their tax arrears over a sensible timescale and to ensure their survival.
HMRC recovery action has accelerated, including increased activity with field force officers threatening to take control of goods, and HMRC’s Enforcement Taskforce team issuing insolvency warning letters. The escalation of cases to the Enforcement and Insolvency team has seen a rise in 7-day demand letters being issued as a precursor to winding up action. Businesses are now feeling the pressure from this level of increased activity and are having to deal with larger levels of debt.
It is widely known that businesses are currently facing a difficult economic landscape – the continuing effects of the pandemic, consumer trends due to the cost of living crisis and ongoing interest rate challenges, amongst others. Directors are navigating the need for longer term and more complex arrangements to enable viable businesses to thrive. Debt management is a vital business practice that we advise all clients to take into consideration – no matter the position of the business.
In light of HMRC’s increased recovery action and subsequent impact on lender security in an insolvency event due to HMRC’s secondary preferential status, many funders are requiring its clients, both existing portfolio and new lends, to have a formal TTP arrangement in place to manage HMRC arrears.
Our funding team have been working with businesses for over 20 years to manage HMRC debt effectively and enable them to move forward. If you would like a confidential conversation contact our team on 0161835 1900 or visit www.leonardcurtis.co.uk.
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