RegulationAccounting StandardsICAEW chief raises Time to Pay repayment concerns

ICAEW chief raises Time to Pay repayment concerns

Michael Izza to write to the Treasury for guidance on how £5.2bn Time to Pay debt mountain is to be repaid

The chief executive of the ICAEW has raised concerns over how companies using
the government’s Time to Pay scheme will have to repay their debt.

Michael Izza is to write to the Treasury this week asking for guidance on how
and when companies will have to repay their deferred tax debt.

Since is launch in November 2008, 200,000 companies have used the scheme,
building up debt of £5.2bn, reports the
Telegraph.

“We always knew that at some point this debt would need to be repaid,” said
Izza. “So we need more details as to how HMRC will be approaching requests from
businesses, either for further deferments or for extensions to existing
arrangements.

“Most importantly, we need to understand Government’s strategy and timescale
for recouping this debt. What is clear is that HMRC need to do this in such a
way that those businesses who have been helped by Time to Pay during the
recession aren’t put under additional financial pressure in what is a fragile
economic recovery.”

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