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Businesses defer £5 billion in tax through BPSS
HM Revenue & Customs' (HMRC) Business Payment Support Service (BPSS) has helped more than 160,000 firms in the UK to reschedule over £5 billion of tax in the first 15 months of its operation, which may interest those with corporation tax responsibilities.
The scheme allows viable businesses who are experiencing trouble in paying their taxes, including PAYE, National Insurance and VAT, to defer them to a more affordable timetable.
Around 300,000 "time to pay" arrangements totalling some £5.13 billion have been arranged by HMRC since the launch of the BPSS in November 2008.
"The scheme will remain in place as long as necessary, as we want to continue to help businesses through the difficulties they are facing, because small businesses are the backbone of the British economy," commented financial secretary to the Treasury Stephen Timms.
In Northern Ireland, the BPSS has helped businesses to reschedule £110 million in corporation tax so far.
Posted by Brian de Selby.
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