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19 Jul 2010
The chief executive of the ICAEW has raised concerns over how companies using the government’s Time to Pay scheme will have to repay their debt.
Michael Izza is to write to the Treasury this week asking for guidance on how and when companies will have to repay their deferred tax debt.
Since is launch in November 2008, 200,000 companies have used the scheme, building up debt of £5.2bn, reports the Telegraph.
"We always knew that at some point this debt would need to be repaid," said Izza. "So we need more details as to how HMRC will be approaching requests from businesses, either for further deferments or for extensions to existing arrangements.
"Most importantly, we need to understand Government's strategy and timescale for recouping this debt. What is clear is that HMRC need to do this in such a way that those businesses who have been helped by Time to Pay during the recession aren't put under additional financial pressure in what is a fragile economic recovery."
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