The taxman has now deferred £3.17bn in tax under arrangements announced in
April’s Budget – around 177,000 separate deferral agreements- to ease the burden
on business in the recession.
The latest statistics from HM Revenue and Customs show that while the sum
deferred is still climbing it is not all outstanding – around £2bn has been paid
back. That leaves a sum of £1.14bn still in the process of being repaid.
According to a statement from HMRC yesterday (Tuesday) around 90% of what was
expected to be repaid has been received.
Of the £3bn deferred £320m forms repeat deferrals. Around 60% of deferrals
are for three months or less.
The payment service arranges deferrals of PAYE, VAT, national insurance and
Businesses are able to use the service if they are ‘genuinely unable to pay’
and if the tax they owe is on the previous year’s profits or if a trading loss
in the current year is a high probability.
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