TaxCorporate TaxHMRC’s time-to-pay scheme tops £5bn

HMRC's time-to-pay scheme tops £5bn

The taxman's Businesses Payment Support Service has been bailing companies out at an average of 4,500 a week, deferring £5.13bn of tax

The taxman has helped UK businesses survive the financial crisis by allowing
them to defer £5.13bn of tax by setting up 300,000 time to pay arrangements, HM
Revenue & Customs has revealed.

The Businesses Payment Support Service has been running for 15 months and has
set up the arrangemnts, which give companies breathing space on their tax bills,
at an average of more than 4,500 a week.

Advisers have voiced concerns it was getting tougher to join the scheme,
adding it would eventually have to close.

However HMRC has insisted the BPSS is still available and the eligibility
criteria have not changed.

Further reading:

Time-to-pay
arrangements top £4.3bn

Bookbinder
folds as HMRC rejects time-to-pay plea

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
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
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

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

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson