A recent report by Accountancy Age magazine suggested that the Revenue were getting tough on ‘Time to Pay’, the scheme allowing taxpayers to spread their tax bills over a number of months, with the number of arrangements being rejected increasing significantly.
This squares with a client’s recent experience. They were asked about their business by the Revenue, who basically accused them of spending the Revenue’s money to finance their business. As you can guess, the application was turned down.
It also sounds like applications are being rejected if the business has benefited from an arrangement before, and that deals are being restricted to payment within 3 months.
The message is getting clearer. Time to Pay isn’t the generous arrangement it was a year or so ago, and plans need to be made to prepare for tax bills.
Details of Time to Pay are here:
