HMRC Time to Pay arrangements – where are we now?
Well we used to know when HMRC published statistics! In Q1 of 2009 89,000 arrangements were agreed involving £1,590 million, an average of £18,000 per arrangement. That’s a lot of small deals. The last published data was for Q2 of 2011 when the number of arrangements was 82% lower at 15,490 with the value of arrangements down by 79%. The start point was high but the trend of arrangements from early 2009 was steeply downward and probably continued down in H2 of 2011.
We can also see that total HMRC receipts have improved in the last 2 years based on statistics from HM Treasury. Rolling 12 month total receipts went down in 2009 but have steadily risen since then. Some of the increase will be due to tax/VAT rates but the receipts will also have benefitted from collecting in past time to pay deals and agreeing a reducing number of new arrangements.
Our experience is that well supported requests for time to pay arrangements can still get HMRC acceptance but it is certainly harder to get deals agreed than it was in 2009. Back then there was a telephone line to call and get instant TTP deals!
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Team update
Congratulations to Jaco on joining TMA and to Ran on becoming an IFT member; we now have 3 IFT members in the Icknield team. Ran is currently helping an AIM listed company implement a turnaround plan to restore profitability and improved liquidity.
Cash project
Earlier this year we undertook a review of forecast cash flows for an international manufacturing group based in Denmark to support new banking facilities and demonstrated our ability to field a team in Denmark and Poland simultaneously and report at short notice.
Construction company rescue
Earlier this year we were pleased to rescue a privately owned construction sector business finding a solvent solution when that looked very challenging at the start of the project.
Dear Ran,
I would like to thank you and team at Icknield for providing an exceptional
Management service at a time when we really needed it.
From creating cash management strategies, to increasing profitability and
restructuring the business; the capability of the team was exceptional and I
never doubted that we would achieve our objectives.
It was a pleasure working with the team and I would also add how
refreshing it was to have a management consultancy literally immerse
themselves into the business and culture as if you were part of the team.
Kind regards
Managing Director
Focus on Cash
Cash is the lifeblood of any company. We are midway through a series of short briefings on cash including an insight into the detail of the cash managers’ role.
We are always happy to have confidential no charge meetings on cash issues.
Portuguese Turnaround
We are part way through the turnaround plan for a leisure resort in Portugal. A debt/equity cross border swap was completed in August and work is underway to substantially improve operational performance next season.
