Businesses benefit from tax payment delays
HM Revenue & Customs’ Business Payment Support Service (BPSS) has helped businesses in Suffolk and Essex reschedule �180million of tax in its first 15 months, new figures reveal.
Essex firms have rescheduled �133m worth of payments, while in Suffolk �47m of tax has been delayed with the agreement of HM Revenue and Customs.
The service gives viable businesses which are experiencing temporary difficulties paying their taxes the opportunity to reschedule their tax payments to a more affordable timetable, as part of a ‘time to pay’ arrangement. The arrangements can cover PAYE, National Insurance, VAT or any other HMRC taxes.
In total, around 300,000 time to pay arrangements worth �5.13billion have been agreed by HMRC since the launch of BPSS in November 2008 – an average of more than 4,500 every week – including 3,360 made by businesses in Suffolk and 8,330 in Essex.
Financial Secretary to the Treasury Stephen Timms said the scheme would remain in place “as long as necessary”.
“It is excellent news that the Business Payment Support Service continues to provide much needed help to UK businesses, with over �5billion now rescheduled and over 160,000 businesses helped.”