HMRC’s business payment support service
HMRC are celebrating the success of the Business Payment Support Service which was first introduced in November 2008. At the same time they are reminding taxpayers and accountants of the facilities that are available to spread the payment of tax liabilities without penalty.
Wherever possible, HMRC will agree to spread payments due over a time which meets the individual business’ circumstances. To date the majority of businesses have agreed payment schedules ranging from three to six months for tax due.
Any businesses that anticipate having difficulties making VAT, income tax, national insurance contributions, corporation tax, and/or pay as you earn payments can now contact the BPSS helpline. Accountants can also make applications on behalf of their clients.
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 which are suffering most in these difficult economic circumstances including firms in the retail, tourism, transport and leisure to farming, manufacturing, construction and engineering sectors. HMRC have also confirmed that the scheme will remain open as ‘long as necessary’.
The BPSS helpline can be contacted on 0845 302 1435 from 8am to 8pm, Monday to Friday, and from 8am to 4pm at weekends.