TaxAdministrationHMRC takes on role of bank, accountants advise

HMRC takes on role of bank, accountants advise

Accountants are comparing HMRC' Business Payment Support Service to a bank

Accountants are advising small businesses finding it difficult to pay their
January tax bills to seize the opportunity of the Chancellor’s promise to give
them ‘as long as they need’ to pay up, because of the low rates of interest
being charged by
HM Revenue
& Customs
.

According to Government sources, HMRC’s new Business Payment Support Service
may defer as much as £3bn in tax over the next year, The Daily
Telegraph
reports.

‘I think accountants will tell their clients where the best deal is. The
rates are pretty attractive for what small businesses can get. They are
ethically bound to offer all options to clients and this is a highly attractive
option,’ Chas Roy-Chowdhury,
Association of Certified
Chartered Accountants
, head of taxation, said.

John Whiting, PriceWaterhouseCoopers tax partner, said: ‘They are setting up
a service that may well like to say “yes”. It’s not a full service bank, as it
were, but it does have overtones of banking. It’s all about rescheduling money
you owe rather than borrowing more money.’

Further reading:

PBR 08: Tax deferral to spread across 3 years

Read
The Daily Telegraph story

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

3d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter