Business Payment Support Service

Tax

Struggling firms receive help paying tax bills

More than 20,000 small firms have used HM Revenue & Customs’ (HMRC) Business Payment Support Service to defer their tax bills since it launched at the end of November 2008. Announced in the Pre–Budget Report, the service helps struggling firms by allowing them to set up an affordable tax payment timetable. Under the scheme, HMRC will not apply any late payment surcharges where a deferment has been made, although interest will continue to be charged on outstanding amounts. According to HMRC, more than £350 million of tax, including VAT, PAYE and National Insurance, has already been deferred. The Association of Chartered Certified Accountants head of global taxation Chas Roy–Chowdhury said the service was of real benefit to businesses struggling to meet their tax ... »

Low Pay

Take Advantage of the Business Payment Support Service

ACCA has advised taxpayers to take advantage of the Government’s recent scheme, the Business Payment Support Service (BPSS). Launched by the Chancellor in his Pre-Budget Report in November 2008, the BPSS aims to: Help those struggling in the current economic climate to pay tax owed, especially given that the loan rates on offer from the taxman are discounted. Provide a fast and streamlined service for arranging to pay the tax man to an affordable timetable. Help companies struggling to meet their tax costs through allowing greater flexibility in paying their taxes, ensuring their continued existence in the longer term. However, ACCA points out that the scheme is not just available to businesses, but also to individuals who are struggling to pay back over-payments of tax credits. Chas... »

The PBR includes new Small Business Finance Scheme and Business Payment Support Service

Finally: The Pre-Budget Report

Alistair Darling has delivered his Pre-Budget Report and there are not many surprises after the details were leaked earlier today. The growth figures for the economy are surprisingly positive; whilst the Chancellor forecast a negative growth rate for 2008/2009 of between -0.75% to -1.25% many other institutions, including the CBI, are predicting growth to be -1.5%. National debt in the form of a massive increase in Government borrowing, is to increase to record levels and the Chancellor appears to be gambling the levels of borrowing on a relatively quick upturn in the UK economy. He predicts economic growth, again at surprisingly positive levels, to improve to a rate of around 1.5% to 2% from 2010. In an attempt to boost economic activity VAT is to be temporarily reduced by 2.5% from 17.5%... »