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11 Oct 2011
HM REVENUE & Customs has granted 70 Time to Pay (TTP) arrangements above £1m in the 12 months up to August 2011 without subjecting any to independent business reviews.
Exchequer secretary to the Treasury David Gauke revealed the figures in a parliamentary answer to Labour MP David Hanson, precipitated by Accountancy Age research.
HMRC guidance suggests that any arrangements above £1m should include an independent business review (IBR) by outside insolvency practitioners to verify the business's viability but stresses that this is not compulsory.
The question also asked for numbers of businesses that have been granted TTP arrangements of more than £5m. However, Gauke said that HMRC are unable to provide details of those cases above £5m as the small numbers involved may breach taxpayer confidentiality.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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