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Electrician benefits from positive Insight

16 February 2009

Last December we highlighted the little known HMRC Business Payments Support Service, aimed at helping small businesses weather the economic downturn by allowing payments to be spread over an affordable timescale.

Hertford-based Electrical Concepts learned about the new Service from us, and although not a client of ours, we were pleased to explain how the Service worked to owner Paul Jennings. On contacting the HMRC, Paul was delighted to discover that his company could benefit from the help on offer. He explained that he was worried about finding the cash to pay PAYE and National Insurance, due at the start of 2009, and found them to be understanding and helpful. They came to an arrangement to pay the amounts due over a six month period by direct debit. With the Christmas period approaching and in these difficult trading conditions, it was a relief for Paul to find a solution.

Paul Jennings of Electrical Concepts

For most small businesses there are at least 17 tax related payment deadlines every year - one for corporation tax, four for VAT and 12 for NI and income tax. That's an average of one almost every three weeks. These are deadlines that create real worry and put a strain on cashflow. Using the HMRC Business Payment Support Service can help businesses, like Electrical Concepts, who are struggling, often through no fault of their own.

Paul can now pay the bill in a steady flow over a period of time rather than all at once at the beginning of the year. He expressed his gratitude to us for informing him about the Service and we were pleased to hear that he found sorting it out couldn't have been easier. Paul can now focus on gaining new business in 2009 - a switch that made all the difference!

National Insurance and Income Tax payments fall due on the 19th of each month, corporation tax and vat deadlines are at the beginning of the due month. For small businesses the next payment deadline is never far away. Businesses whose tax bills look like creating a real cashflow problem, in this challenging economic environment, should seriously consider calling the helpline.

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