HMRC have recently announced they will extend their “Time To Pay” scheme to include sheep and dairy farmers. The scheme allows tax payers who are stretched financially to spread their payments over an agreed extended period of time. Acceptance of different terms for payment is not guaranteed to applicants, however, as each case is looked at individually and the outcome totally at the discretion of HMRC.
The news comes after considerable effort on the part of the FUW and the Dairy Producers Committee who have been urging HMRC to consider permitting farmers into the scheme. Representatives say that the move will help farmers to meet their tax liabilities without putting undue pressure on their already constrained cash flows. Both the dairy and sheep sectors of the industry have been heavily hit by falling milk and lamb prices , delays in CAP payments and the continued Russian embargo on imports from the EU, This, at least, will go some way to easing their situation.
If you are having difficulty paying your tax bill, contact HMRC Business Payments Support on 0300 200 2805 to see if you can be considered for extended terms under a Time to Pay agreement.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
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