The taxman has agreed to defer £77m in taxes across more than 4,000
construction firms, due to deteriorating economic conditions.
HM Revenue & Customs has agreed ‘time to pay’ arrangements with 4,200
firms, so they can defer any taxes they needed to pay over the next three
The firms make up around a fifth of the 20,000 businesses that HMRC has
reached agreement with for tax deferrals. The scheme was introduced in the
‘This is not only for construction businesses with a finance director or a
treasurer,’ said permanent secretary for tax at HMRC Dave Hartnett.
‘We’re interested in hearing from small businesses also, where the proprietor
may do all of those things themselves.’
However he added that the taxman would not be more lenient on the industry’s
tax scheme, which has been criticised for being too strict in judging whether a
contractor can be paid gross.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states