Time Running out for Businesses to access HMRC Time to Pay Scheme

Although no official statement has been made, it is highlylikely H M Revenue & Customs (HMRC) Time to Pay Scheme will end following forthcoming election says DTE Business Advisory partner K'O Brien.

Kevin warns "On a number of recent occasions whilst negotiating time to pay schemes for clients HMRC officials have let slip that this will be the case, and it is likely that the current deals being done will be the last. If you have significant arrears of Crown Debt it is advisable that long term time to pay schedule are formally agreed before the election. I further recommend you start now as it is likely the shutter will start going down before then so it is vital that taxpayers take advantage of the scheme before it is withdrawn"

HMRC Business Payment Support Service (BPSS) has helped over 160,000 businesses reschedule more than £5billion of tax in its first 15 months. The BPSS gives viable businesses,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.

These 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.

Businesses from a wide range of different industries have arranged time to pay agreements through the BPSS - everything from retail, tourism, transport and leisure to farming, manufacturing, construction and engineering.

Kevin goes on to say "this scheme has been a vital lifeline for a significant number of businesses and it will be a shame if it is withdrawn as predicted. If any taxpayers require advice on how to access the scheme quickly and how to deal with the application and information required, DTE has the experts to provide this advice."

For further information contact K O' Brien on 0161 767 1271 or email kobrien@dtegroup.com.