The FT reports that research from UHY Hacker Young, shows as at the end of June 681,000 individuals and companies had arranged ‘Time to Pay’ agreements with HMRC.
These agreements allow taxpayers to pay their taxes over an agreed period of time, but UHY claims the process can be “extremely difficult to negotiate”.
The firm thought the high number was down to uncertainty over Brexit and the subsequent broader slowdown of the economy.
UHY thought HMRC’s controversial loan charge was also likely to have caused a surge in the number of taxpayers forced to negotiate ‘Time to Pay’ arrangements. However, this appears not to be the case, as HMRC has rebutted this as repayment plans for the loan charge differ to the 'Time to Pay' arrangements.
Tax does have to be taxing.
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