Consulting
Leonardcurtis
Full Credential Description
The client, a creative consultancy, faced significant financial challenges due to the impact of COVID-19 and the conflict in Ukraine, which led to approximately £630,000 of anticipated work being canceled or placed on hold. This situation resulted in cash flow issues, causing the company to fall behind on its HMRC obligations, accumulating arrears totaling £48,000, which included VAT and PAYE. The inability to agree on a Time to Pay (TTP) arrangement could have resulted in the cessation of the business and potential redundancies for its 11 full-time employees. To address these issues, Corporate Strategies intervened and successfully secured a TTP arrangement that allowed the consultancy to spread its repayments over two years. This tailored solution was critical, especially given the recent trend of HMRC increasing recovery activity and shortening the duration of TTP arrangements they are willing to accept. The proactive approach taken by Corporate Strategies not only helped the consultancy manage its tax obligations but also ensured the continuity of the business and the preservation of jobs during a challenging economic period.