- Creative consultancy offering brand development solutions to a wide range of clients, including many well-known blue-chip businesses and charities.
- Many clients sought to reduce costs as a result of COVID-19 and the conflict in Ukraine, resulting in a large amount of budgeted work being cancelled or placed on hold.
- c.£630k of anticipated works didn’t materialize resulting in cash flow issues and the company falling behind on its HMRC obligations.• HMRC arrears totalled £48k, consisting of VAT and PAYE.
- Failure to agree a Time to Pay could have led to the cessation of the business and redundancies for its 11 full time employees.
- Corporate Strategies secured a TTP spreading repayments over 2 years.
Recent experience indicates that HMRC are increasing recovery activity and are reducing the length of TTP arrangement they are willing to accept.
If a business is experiencing issues with paying HMRC advice should be sought as soon as possible to achieve the best possible outcome. For further information get in touch with the Corporate Strategies team on 0800 002 9969or hello@corporatestrategies.co.uk