The HMRC may consider a Time to Pay Arrangement as part of your options paying PAYE Arrears.
To qualify, you need to prove the company can manage to repay the PAYE over twelve months or sooner this also includes any other tax owed, in that tax year.

Company Voluntary Arrangement (CVA)

For companies with tax issues, HMRC arrears often hides a far more sinister problem with the solvency of the company.
When the company has additional pressures from trade creditors and asset-based lenders (ABL’s), then perhaps a company voluntary arrangement (CVA) may afford the company better prospects. With a CVA, you have the opportunity to pay your company debts off, over five years. Further, you may not have to pay 100p in the £1.

Take note though, a CVA is an insolvency procedure, though it is not ceasing to trade. A CVA can be an overwhelming tool to rescue a company.

Invoice Finance / Factoring

Invoice finance is the ability to sell unpaid invoices for a fast payment credit. Unlike conventional banking, usually withheld from businesses who are unable to demonstrate perfect credit performance, then invoice finance evaluates the credibility of the company against an invoice raised.

Can I be Personally Liable for PAYE Arrears?

If you are failing to pay the tax due, then proven by the HMRC that payment was withheld deliberately and planned, then they may issue you with a personal liability notice.

Section 121C, Social Security Administration Act 1992, permits the HMRC to hold company directors personally accountable where there appears to be fraudulent intent.

Further Articles PAYE

Will the HMRC audit PAYE compliance?
Misuse of non-payment of PAYE to assist the company cash-flow, with other management errors.
Why do the HMRC separate how they collect VAT and PAYE?
Deadlines set by HMRC for paying PAYE tax?
Interest Rates applied by HMRC for late PAYE payment?