HMRC scheme to defer tax liabilities
Since the introduction of the Business Payment Support Service (BPSS), at the time of the Pre Budget Report, over 60,000 businesses have agreed time to pay arrangements with HMRC and deferred around £1billion in payments. The majority of businesses have agreed repayment schedules ranging from three to six months for the tax due.
Any businesses that are having difficulties making tax, National Insurance or other payments can contact HMRC seven days a week. The BPSS will review the businesses circumstances and if possible arrange for extended payment terms. HMRC have confirmed that they will not charge additional late payment surcharges in relation to any specific arrangements made using this service. Interest will remain payable where it applies. In the majority of cases HMRC are able to issue a decision within 10 minutes of the help it can offer a business having financial difficulties.
The BPSS is dealing with businesses who are suffering most in these difficult economic circumstances. Construction firms have accounted for almost a quarter of those benefiting from time to pay arrangements. The BPSS has also been contacted by a significant amount of retailers and manufacturers as well as other businesses across all sectors of the economy.
The BPSS can be contacted on 0845 302 1435.