You can apply online through your HMRC account if you meet the criteria. For larger debts or more complex situations, you should contact HMRC directly to discuss a tailored agreement.
Yes, HMRC usually charges interest on the outstanding tax balance, even under a Time To Pay Arrangement.
Yes, businesses struggling to pay Corporation Tax, VAT, or PAYE can negotiate a Time to Pay Arrangement with HMRC.
While most Time To Pay arrangements are designed to be repaid within 12 months, HMRC may extend this period depending on your circumstances.
Entering into a Time to Pay Arrangement does not in itself affect your credit rating, but late payments or defaulting on tax obligations may have an impact.
The best way to increase your chances of your Time to Pay Arrangement to be approved is to be honest and realistic about your financial situation when negotiating with HMRC. Provide accurate information and a sensible repayment plan that reflects your ability to pay.