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HMRC have reported that over 60,000 businesses have agreed time to pay tax arrangements totalling more than one billion pounds. The Business Payment Support Service (BPSS), which was announced by the Chancellor in the November 2009 Pre-Budget Report, provides a fast track service that offers support to businesses needing more time to pay their tax bills. The taxes covered include corporation tax, VAT, PAYE, income tax and national insurance contributions and applicants can quickly agree terms they can afford with HMRC over the phone. The Right Honourable Stephen Timms, Financial Secretary to the Treasury said: "I'm delighted that HMRC's Business Payment Support Service is proving such a huge success, already providing a cashflow boost worth over a billion pounds to UK businesses. "This service is delivering the kind of tangible support that business needs at this time. I would urge any business anticipating or experiencing difficulties paying their tax to call the helpline and get a quick response tailored to their specific needs." The majority of businesses applying under the scheme have agreed repayment timetables spread across three to six months. Construction firms account for a quarter of those benefiting from these new arrangements, with many retailers and manufacturers also agreeing payment schedules they can afford. The BPSS can be contacted on 0845 302 1435 from 8am to 8pm Monday to Friday and from 8 am to 4pm at weekends. Further information is available at: http://www.hmrc.gov.uk/pbr2008/business-payment.htm.
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Thursday, 12 February 2009 | 2691 Hits |
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