A Time to Pay arrangement is an agreement with HMRC to settle a tax debt in instalments instead of in one payment. You agree a schedule directly with HMRC based on what you can realistically afford, and provided you keep to it and stay up to date with other filings, HMRC holds off enforcement action.
It is arranged with HMRC, not with a lender and not through a broker. There is no credit application in the commercial sense, and CW Asset Finance has no involvement in agreeing one for you. HMRC sets out the current routes — some taxes can be arranged online, others only by phone — on gov.uk, along with the conditions you have to meet to be considered.
Interest is normally charged on the outstanding amount, and the arrangement is conditional. If you miss an instalment or fall behind on a later tax return or payment, HMRC can cancel it and pursue the full balance, so only commit to a schedule you are confident you can meet.
Some businesses compare a Time to Pay arrangement against commercial funding to settle the bill outright. The two work differently on cost, flexibility and consequences of default, and neither is automatically better. If tax debt is part of a wider cash flow problem, take advice from your accountant.
This is general information, not tax advice. Confirm your own position with your accountant or HMRC.