{"id":2072682,"date":"2021-03-24T07:00:27","date_gmt":"2021-03-24T07:00:27","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/yorkshire\/?p=2072682"},"modified":"2021-03-23T15:52:00","modified_gmt":"2021-03-23T15:52:00","slug":"credible-plan-key-to-hmrc-being-%e2%80%98very-understanding%e2%80%99","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2072682-credible-plan-key-to-hmrc-being-%e2%80%98very-understanding%e2%80%99","title":{"rendered":"Credible plan key to HMRC being \u2018very understanding\u2019"},"content":{"rendered":"

HMRC continues to be \u201cvery understanding\u201d of current business challenges, but struggling businesses need to have a credible plan they can stick to.<\/p>\n

That is the view of finance experts speaking on a TheBusinessDesk.com webinar, Is your business financially ready for the battles ahead?, which was delivered in partnership with Leonard Curtis and\u00a0JMW<\/a>.<\/p>\n

\u201cWe\u2019re seeing HMRC be very understanding of the situation,\u201d said Sean Williams, director at Leonard Curtis. \u201cI think it depends on how you put the proposal to them.<\/p>\n

\u201cOften it is HMRC who is the most pressing creditor and we have a team that specialises in them for that reason.<\/p>\n

\"\"<\/p>\n

Sean Williams<\/p>\n<\/div>\n

\u201cGenerally speaking we will put a proposal with some cash flows, an estimate to show if the company goes into an insolvency procedure, this is what they\u2019ll get versus a payment plan.<\/p>\n

\u201cBut it does have to have some thought behind it \u2013 and you need to be able to show what\u2019s changed, because the important thing once you\u2019ve agreed a time to pay is that not only you have to stick to those payment terms, but you\u2019ve also got to stick to the new tax bills as and when they fall due.<\/p>\n

Fiona Parkinson, regional managing director \u2013 North, Close Brothers, agreed, saying \u201cin the main HMRC has been very supportive\u201d.<\/p>\n

She said: \u201cThe message that we give to our clients \u2013 and that we\u2019ve always given to our clients \u2013 is that you need to have a plan, you need to get into contact with HMRC and agree a plan, but importantly, that plan has to be credible. It\u2019s got to be affordable.<\/p>\n

\u201cThere\u2019s no point putting something forward that you\u2019re going to end up in a default position in a couple of months\u2019 time.<\/p>\n

\u201cIt\u2019s all about communication, making sure you don\u2019t put your head in the sand and you\u2019re taking advice, and you\u2019re looking at what solutions are out there.\u201d
\n\"\"
\nRob Burton, corporate finance partner at Garbutt + Elliott, emphasised that the communication needs to be with HMRC and also with your funders and advisors.<\/p>\n

\u201cIf you don\u2019t understand what\u2019s out there ask the question because the the answers could present themselves. It\u2019s understanding from your funder and from your advisors, what is available.<\/p>\n

\u201cYes, there are bills to pay down the line. But it\u2019s making sure you\u2019re in a place to understand where your business is going. Focus on the cash and work closely within your business and with your team of advisors. That has to be the right advice.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Struggling businesses must communicate early and know their options<\/p>\n","protected":false},"author":18,"featured_media":2072683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[81],"class_list":["post-2072682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-featured-story"],"yoast_head":"\nCredible plan key to HMRC being \u2018very understanding\u2019 | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"Struggling businesses must communicate early and know their options\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2072682-credible-plan-key-to-hmrc-being-\u2018very-understanding\u2019\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta 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