Time to pay arrangements 'winding down'
Debts owed through Business Payments Support falling
Accountants believe the Time to Pay project (or Business Payments Support
Service) is being wound down after the money owed through the scheme dropped
significantly.
Wilkins
Kennedy claim the sum owed fell from £1.15bn to £1.01bn at the end of
November.
The firm is concerned the fall in sums being postponed with HM Revenue &
Customs come at a time when bank lending remains lacklustre and when insolvency
experts expect a fresh wave of business collapses.
Anthony Cork, director at Wilkins Kennedy, comments: “All the signs indicate
that Time to Pay is being wound down. However, HMRC seems to be overlooking the
fact that historically, businesses have needed as much support, if not more, as
the economy goes into recovery. This recession is unlikely to be any different.”
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