More than 20,000 small firms have used HM Revenue & Customs’ Business
Payment Support Service to defer their tax bills since it launched at the end of
The service helps struggling firms by allowing them to set up an affordable
tax payment timetable. Under the scheme, HMRC will not apply any late payment
surcharges where a deferment has been made. But it will charge interest on
outstanding amounts that were unpaid at the time of taking up the service.
According to HMRC, more than £350m in tax, including VAT, PAYE and National
Insurance, has already been deferred.
Speaking in the House of Commons minutes after triggering Article 50, prime minister Theresa May said that it was a 'historic moment from which there can be no turning back'
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget