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Comment: Time to pay requests and independent business reviews

HMRC has announced that time to pay (TTP) requests of over £1m from 6 April 2010 may require an Independent Business Review (IBR) prepared by an accountant from an HMRC approved panel. Latest information available suggests TTP deferrals of over £5bn with over 300 000 businesses supported with working capital issues.

Recent uncertainty around the budget and post election policy has been clarified by HMRC which has confirmed that TTP is still available and the only new criteria is this requirement for an IBR.

An IBR is one of the tools currently used by many lenders to identify the level of cash support needed and to confirm the viability or otherwise of a company or group. Traditionally prepared by an accounting specialist the IBR comprises a written report providing information in a standardised format allowing stakeholders to agree on a way forward. Its use by...

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