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More than 140,000 cash-strapped businesses have accepted the state’s offer to pay their taxes late, having agreed an affordable timetable with HM Revenue & Customs. The firms have been allowed by HMRC to delay paying a total of nearly £2.5billion in VAT, National Insurance Contributions and Corporation tax, among other duties. Released by its staff, the figures for HMRC Business Payment Support Service indicate the number of firms needing a breather from the taxman has risen in recent months. In December last year, just 2,200 firms asked and were allowed to spread their tax payments, compared with 20,000 in January and, the new figures show, 141,000 today. The scheme is one of the state’s most important offerings to get firms through the recession, said The Observer, which obtained the figures under the Freedom of Information Act. But the Federation of Small Businesses warned of a “feeling” that HMRC “are tightening the parameters” of the service, which is for employers and one-person companies alike. Other enterprise experts are concerned the tax repayments may cause a nasty jolt to the economy, for being due during a period when interest rates may be scaled upwards. Under the service, late payment surcharges on levies included in the arrangement with HMRC will be waived, but interest will still be due on those taxes where it applies. Since last April, businesses and individuals using the service can have an anticipated loss factored in, to the rescheduled, tailored tax payments that HMRC sets. Jun 8, 2009 Email this article Printer friendly page Previous Page
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