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Having trouble paying the tax man?

30 July 2009

HM Revenue and Customs have now deferred £3.17bn through their Business Payments Support Service, could this help you get over a cash flow problem?

 

The Business Payments Support Service was introduced in the Pre Budget Report by Chancellor Alastair Darling on 24 November 2008. He stated:

“at this time of real difficulty for many small businesses, they need ‘time to pay’ when meeting their tax bills. I intend to meet this need. From today HMRC will enable firms facing difficulties to spread their tax on a timetable they can afford. This will cover not just VAT, as some have suggested, but all business taxes. VAT, corporation tax, income tax and national insurance. And not for six months but for as long as they need.” (the bold text is ours!).

Some £3.17bn has now been deferred in over 177,000 separate agreements. It really works and it is very easy to use, but you should do your homework first. If you fail to keep to the deal you have agreed you could find yourself in hot water quiet quickly. Good cash planning is essential.

In addition whilst this is an excellent short-term sort in the arm to you cash flow it will not, nor is it intended to resolve a more fundamental problem. If you need help understanding where you and and what soplution is most appropraite do not hesitate to give us a call on 0800 180 4265

More information is also available on our previous new item here, and also by downloading our White Paper here.

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