Tax Arrears Solutions
In these difficult and challenging times, even the best finance manager may struggle to meet all obligations on specified terms. Average payment terms to trade suppliers will lengthen and the ability to make payments to HM Revenue & Customs for VAT and PAYE/NI on time can also slip.
Tax Arrears Solutions takes a hands-on approach to helping companies facing financial uncertainties. We will take the time to review working capital management by working with management and their advisers and devise solutions to improve cash flow.Tax Arrears Solutions is a central component in our cash planning service.We recognise the importance of communicating with all creditors but HM Revenue & Customs, in particular, warrant close attention as they have access to a range of recovery processes including VAT/PAYE bonds, bailiff actions, County Court Judgements and winding-up petitions that can undermine any turnaround initiative.
In our opinion, an immediate and proactive stance needs to be adopted to prevent a chain of events from escalating to the point where directors lose control.Duff & Phelps has assembled one of the leading national teams who are dedicated to assisting businesses with tax arrears to secure realistic and achievable repayment plans. We have a proven methodology and strong track record in obtaining Time To Pay arrangements.
We also take the time to ensure management's strategy is appropriate and adequate in facing all the challenges ahead and that a second opinion can be very valuable.Our service is recognised by the main clearing banks, asset based lenders and professional advisers who regularly engage our services on behalf of their clients.
Who are our customers?
- Businesses with trading issues and existing tax arrears or those who can foresee difficulties in meeting obligations in the immediate future.
- Funders with customers who are in arrears and who have been requested to provide additional funds to meet these obligations.
- Professional advisors seeking to add real value and therefore cut attrition rates for their clients with tax arrears.
What services do we provide?
- Liaise and negotiate with HM Revenue & Customs and their appointed officers including bailiffs and solicitors.
- Ensure that all proposed time to pay arrangements are realistic and achievable and delivered promptly according to HM Revenue & Customs deadlines and timescales.
- Provide an independent and expert assessment on a business’s viability and the adequacy of its strategy in meeting ongoing challenges.
- Assist in cash flow and creditor management, both in short-term and long-term forecasting.
Why choose this service?
Our team is widely recognised in the financial community as one of the market leaders in this area and has put together more than 900 arrangements since 2000.
Experience is required to construct and present a sensible arrangement with many practical issues to consider and many potential pitfalls to avoid. These insights may make the difference between restoring goodwill and confidence with HM Revenue & Customs or adding to an otherwise already difficult relationship that may ultimately lead to winding up petitions.
Our substantial experience in this specific area, combined with our turnaround and refinancing skills, enables us to quickly assess a situation and provide clear advice and realistic solutions.