With effect from April 2010, a business applying for time to pay a debt of £1,000,000 or more under the Business Payment Support Service will have to engage, at their own expense, a suitably qualified professional adviser to carry out an Independent Business Review (IBR) in support of their application.

The IBR is designed to provide HMRC with detailed information so that it may consider the time to pay request including whether the business might in fact be able to pay in full, and identify businesses which look unlikely to survive even with a time to pay arrangement.    

Posted on 23 Feb 2010