HMRC takes on role of bank, accountants advise
Accountants are comparing HMRC' Business Payment Support Service to a bank
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
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article