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16 Jun 2009
Value added tax makes up 42% of business taxes deferred under agreements struck with the Business Payment Support Service.
A total of £2.5bn in tax payments have been deferred by 141,000 struggling businesses, Business Credit Management reports.
The BPSS was set up by the Chancellor in the pre-Budget report to stop cash-strapped businesses from going under in the recession.
Firms can also request a deferral of PAYE and NIC payments, and are typically granted repayment extensions of between three and six months.
The deferred VAT makes up 1.5% of the total predicted VAT take of £64bn for 2009-10.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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