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03 Dec 2009
Accountancy firms' requests for funding their tax bill has doubled, according to one finance provider, including one firm requesting half a million pounds to help settle a bill with the taxman.
Syscap said it had 50 requests from firms to fund tax and VAT payments prior to the 31 January deadline, compared to 25 a year earlier.
One firm had requested £500,000.
Syscap's Philip White said a rapidly increasing number of requests suggested that HM Revenue & Customs' approval rates for "time to pay" tax deferrals had peaked.
"In the last month we have seen a marked increase in the number of accountancy firms approaching us to secure funding to meet tax obligations either because HMRC has rejected their application to the scheme or because they have taken that firm off the scheme," said White.
"We expect the number of requests for help with tax funding to increase rapidly as we approach 31 January."
"Businesses can’t take HMRC for granted and accountancy firms are certainly no exception.”
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