What is a Time to Pay arrangement?
To help businesses deal with the impact of the Covid-19 pandemic HMRC introduced a number of lifelines, including the Time to Pay Arrangement (TTP). This arrangement was introduced to help businesses like yours arrange a new and more realistic payment deadline. In order to qualify businesses must show HMRC their financial accounts, attempts to find the funds to pay and provide an estimate on when they will be able to pay. Time to Pay could be available for other tax liabilities, not just Corporation Tax, so make sure you review your tax situation carefully. If you qualify for TTP then your repayment deadline could be extended by up to 12 months, but it is determined case-by-case.