PKF Littlejohn Advisory has rolled out a new service aimed at assisting businesses struggling with tax arrears, providing dedicated support for negotiating realistic repayment plans under HMRC’s ‘Time to Pay’ regime.
The service is open to organisations facing difficulties in keeping up with their tax obligations.
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The firm’s team will oversee the Time to Pay process on behalf of businesses, carrying out assessments of VAT, National Insurance, PAYE and Corporation Tax debts, as well as reviewing future trading prospects.
This is intended to facilitate discussions on setting up viable repayment agreements suited to each firm’s financial situation.
Additionally, the firm is offering a supplementary review of recent VAT submissions to check for any over declaration or overpayment.
The operation of this service will be managed from PKF Littlejohn’s Manchester office, which has recently expanded following the addition of four senior staff members: Paul Reeves, Stephen Clancy, and Paul Smith as partners, along with Mike Lee as director.
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By GlobalDataBoth Reeves and Lee bring prior experience from their involvement in the Government Small Business Service’s “Company Rescue Pilot Scheme” that ran between 2001 and 2003, a project that influenced the development of the current Time to Pay initiative.
Advisory and Restructuring Partner Paul Reeves said: “Time to Pay can be the difference to help businesses stay afloat, to restructure and to secure their future. This solution enhances our existing toolkit and expands the support we provide to clients.
“However, we don’t simply negotiate a Time to Pay framework on behalf of a business, we will review and investigate its total VAT, PAYE, National Insurance, and Corporation Tax indebtedness and assess its immediate and future trading performance in order to make payments to HMRC more manageable.
Reeves added: “Once our assessment has been completed, we will seek agreement of an appropriate repayment plan, helping to ensure the future survival of the business. Using a trusted, expert firm like PKF, will give HMRC further confidence in the plan.”
Mike Lee stated that Time to Pay could assist in reducing some of the immediate pressure on companies, while also helping to ensure their future compliance and the full repayment to HMRC.
