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Droves of small company owners have taken up Chancellor Alistair Darling’s offer to pay their tax bills on a timetable they can afford. Since being unveiled in the Pre-Budget Report, the scheme to give owners a longer period to meet their tax payments has been used by a reported 2,200 companies. Credited for giving hard-up firms that request more “time to pay” a quick response, the taxman has so far agreed the firms can defer a total of £55m in tax payments. To qualify, businesses must provide their tax number, the name of the tax they will struggle to pay and “basic details” about their business income and outgoings. Most of the firms to so far put in a request, which is typically addressed within 10 minutes, are the smallest lifestyle ones, as well as those offering roofing and fencing services. Disclosures seen by the Daily Telegraph from the Treasury also suggest that HMRC is prepared to give companies several months to complete their tax payments. However, the support provided will depend on the circumstances of the taxpayer and their business, and all deferral requests need to be made before a payment is overdue. Additional late payment surcharges on payments included in the arrangement will be waived, but interest will still be due on those taxes where it apples, HMRC said. Like other statements to small firms in the PBR, the move giving them more time to pay gives them “a welcome breather from the taxman”, said the Federation of Small Businesses. Any company that needs a longer period to pay their tax bill can request it from HMRC by calling its Business Payment Support Line (0845 302 1435) and providing their details. In an online explanation of the service, the Revenue said its advisers would only ask for the information the department needs to make a decision. Dec 4, 2008 Email this article Printer friendly page Previous Page
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