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10 May 2010
HMRC is adopting a hard line on companies requesting "time to pay" their taxes, according to information supplied to IT finance providers and consultants, Syscap.
Obtained by Syscap under the Freedom of Information act (FOI), the data reveals the number of rejected time to pay applications to the taxman has doubled compared to the same period last year, a report in The Independent claims.
Under the FOI, Syscap found HMRC rejected more than 11% of applications during the first quarter of this year compared to just 5.3% for the same period in 2009.
"SMEs are still finding it incredibly hard to borrow money from their bank to pay HMRC VAT so news that the HMRC refusal rate has shot up is worrying," said Philip White chief executive of Syscap.
"GDP growth of 0.2 per cent [in the first quarter of the year] shows the economy is weak, not strong, and that more needs to be done to help SMEs, not less," he added.
Further reading:
Private businesses call for Time to Pay increase
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