In recent years, businesses in the UK have faced unprecedented challenges, particularly when dealing with creditors such as HMRC. Today, we are proud to showcase the exceptional work of our debt strategist team and the remarkable results we continue to achieve for our clients facing debt issues. While negotiating with HMRC can be a daunting task, our innovative and tailored strategies have allowed us to secure a remarkable 36-month Time-to-Pay (TTP) arrangement with this significant creditor.
A Closer Look At The Settlement
Our client operated within the production and processing industry, where the business had 30 employees and an annual turnover exceeding £1 million. Not everything is as it seems, severely impacted by the pandemic, the business was facing substantial cash-flow challenges and owed a significant amount in tax. Therefore, the Directors reached out to Bell & Company to negotiate a Time to Pay arrangement with HMRC to address this liability.
Under a previous arrangement, the business was making monthly repayments of approximately £10,000 over an 18-month period. However, the arrangement had lapsed, and significant arrears had accrued. It quickly became evident that a new arrangement was needed to stave off the threat of liquidation.
This Is When They Turned To Bell & Company
Upon appointment, our designated case manager initiated formal engagement with HMRC, meticulously explaining our client’s financial struggles. Our debt strategist team then conducted a comprehensive analysis of our client’s financial statements, compiling a compelling case that underscored the financial challenges they were grappling with.
Finally, we presented a thoroughly substantiated TTP proposal to HMRC. This proposal included a reduction in monthly repayments to approximately £5,000 to give the client space to settle the liability in full.
The Outcome
The outcome of our efforts was truly remarkable. Our team successfully negotiated a 36-month TTP arrangement, resulting in reduced monthly payments of £5,000. It was tremendous to see HMRC working with us pragmatically to resolve a challenging situation.
This achievement has granted our client the much-needed breathing room to focus on revitalising their business whilst safeguarding themselves for the future.
At Bell & Company, our dedicated team of experts works tirelessly to ensure that our clients receive the highest level of support and expertise. We understand that your business’s financial challenges can be overwhelming, but with our assistance, there is a way forward and a light at the end of the tunnel.
If you require assistance in navigating HMRC debt or other financial challenges, do not hesitate to get in touch.