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|Nick Haggitt, director of IGF Invoice Finance, comments on HMRC changes to Time to Pay arrangements|
|Friday, 07 August 2015|
“HMRC’s changes to the Time To Pay (TTP) arrangement, which come in to force this week, may impact small businesses who already struggle financially. By switching payment collection to Direct Debit, these organisations will be required to have enough funds in their account on exactly the right day to deliver the payments required, or face further penalties from HMRC.
“The very nature of TTP is to aid businesses that have previously fallen into arrears with their HMRC payments, allowing them to catch up on monies owed, in a more manageable way. Many of these same companies often suffer from a lumpy cashflow , so appropriate preparations must therefore be made for this new system.
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