Budget 2009 – Business Payment Support Service
Taxpayers who need to ask HMRC for time to pay tax should note that the BPSS are now able to accept requests for time to pay in a wider range of circumstances than have to date been permitted. If you are likely to make a trading loss in the current year, when these losses are determined you can generally claim for the loss to be carried back and set off against your previous year’s profits. Obviously you would need to wait until the current year’s accounts are completed and a formal loss relief claim is made. In recognition of this right to set off losses, BPSS advisers have now been instructed to take reasonable estimates of these losses into account when they agree to deferred payment of your previous year’s tax.
If you need help estimating your tax losses in the current year we can help.