Tax Arrears Solutions

In these difficult and challenging times, even the best finance manager may struggle to meet all obligations on specified terms. Average payment terms to trade suppliers will lengthen and the ability to make payments to the Revenue Commissioners for VAT and PAYE/PRSI on time can also slip.

Tax Arrears Solutions takes a hands-on approach to helping companies facing financial uncertainties. We will take the time to review working capital management by working with management and their advisors and devise solutions to improve cash flow.

Tax Arrears Solutions is a central component in our cash planning service.

We recognize the importance of communicating with all creditors but the Revenue Commissioners, in particular, warrant close attention as they have access to a range of recovery processes including attachment orders, judgements and winding-up petitions that can undermine any turnaround initiative. In our opinion an immediate and proactive stance needs to be adopted to prevent a chain of events from escalating to the point where directors lose control.

Duff & Phelps has assembled one of the leading national teams who are dedicated to assisting businesses with tax arrears to secure realistic and achievable repayment plans. We have a proven methodology and strong track record in obtaining time to pay arrangements. We also take the time to ensure management's strategy is appropriate and adequate in facing all the challenges ahead, that second opinion can be very valuable.

Our service is recognized by the main financial institutions and professional advisors who regularly engage our services on behalf of their clients.

In situations where negotiations between directors and Revenue Commissioners have reached an impasse, an independent and third party viewpoint as provided by Duff & Phelps may often be welcomed by all parties and result in reaching an agreeable solution.

Who are our customers?

  • Businesses with trading issues and existing tax arrears or those who can foresee difficulties in meeting obligations in the immediate future
  • Funders with customers who are in arrears and who have been requested to provide additional funds to meet these obligations
  • Professional advisors seeking to add real value and therefore cut attrition rates for their clients with tax arrears

What services do we provide?

  • Liaise and negotiate with the Revenue Commissioners
  • Ensure that all proposed time to pay arrangements are realistic and achievable and delivered promptly according to Revenue Commissioner’s deadlines and timescales
  • Provide an independent and expert assessment on a business’s viability and the adequacy of its strategy in meeting on-going challenges
  • Assist in cash flow and creditor management, both in short-term and long-term forecasting

Why choose this service?

  • Experience is required to construct and present a sensible arrangement with many practical issues to consider and many potential pitfalls to avoid - these insights may make the difference between restoring goodwill and confidence with the Revenue Commissioners or adding to an otherwise already difficult relationship that may ultimately lead to winding up petitions
  • Our substantial experience in this specific area, combined with our turnaround and refinancing skills, enables us to quickly assess a situation and provide clear advice and realistic solutions
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