To help businesses manage cash flow through the downturn
If you?re worried about finding the cash to pay your taxes, a new service from HM Revenue & Customs (HMRC) could bring welcome relief. The new Business Payment Support Service makes it easier for cash-strapped businesses to stay on top of their tax payments by spreading them over a period of time. It?s aimed at businesses and self-employed individuals who are facing temporary financial difficulties and are unable to pay their tax.
If this sounds like you, you should call HMRC straight away. A single call could be all it takes to set up payments on a timetable you can afford. In most cases you will get a decision and a ?time to pay? agreement set up within 10 minutes. This could cover payments you owe on taxes and duties including Income Tax, National Insurance, Corporation Tax, VAT and PAYE.
If your tax payment is now due and you cannot afford to pay, call HMRC?s Business Payment Support line now on 0845 302 1435. Lines are open from 8am to 8pm during the week and 8am to 4pm at weekends.
You?ll need the following information to hand when you call: your tax reference number, details of the taxes that you are worried about and when you expect to be able to pay the bill. Or, if your tax payment is not yet due but you?d like more information about the service, visit HMRC
Flexibility for difficult times
HMRC will look to be as flexible as possible in agreeing payment terms. Staff will work with each business on an individual basis, with the aim of bringing your tax back up to date on a timetable that is both reasonable and appropriate to your individual situation.
The service is already proving very popular. Since its launch at the end of November to early January, HMRC has received over 33,500 calls and made over 16,800 ?time to pay? agreements, worth over £255m, over the phone.
HMRC has advised that some businesses will have larger or more complex affairs which can?t be sorted out in one phone call. In these circumstances, they undertake to get back with a decision within 4 working days. Some 5,300 cases worth over £367m have been referred for further consideration. The service is intended for new enquiries only and supplements HMRC?s existing ?time to pay? arrangements. If you have already been contacted by HMRC about an overdue payment, you are advised to call the office that originally contacted you.
These products are available to businesses with a turnover of £1 million or less
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