BusinessCompany News‘Time to pay’ rejections double

'Time to pay' rejections double

Information given under the freedom of information act to Syscap shows HMRC taking hard line on "Time to Pay" arrangements

HMRC is adopting a hard line on companies requesting “time to pay” their
taxes, according to information supplied to IT finance providers and
consultants,
Syscap.

Obtained by Syscap under the Freedom of Information act (FOI), the data
reveals the number of rejected time to pay applications to the taxman has
doubled compared to the same period last year, a report in
The
Independent
claims.

Under the FOI, Syscap found HMRC rejected more than 11% of applications
during the first quarter of this year compared to just 5.3% for the same period
in 2009.

“SMEs are still finding it incredibly hard to borrow money from their bank to
pay HMRC VAT so news that the HMRC refusal rate has shot up is worrying,” said
Philip White chief executive of Syscap.

“GDP growth of 0.2 per cent [in the first quarter of the year] shows the
economy is weak, not strong, and that more needs to be done to help SMEs, not
less,” he added.

Further reading:

Private
businesses call for Time to Pay increase

HMRC
rejects 6000 time-to-pay pleas

Budget
2010: Warning as Time to Pay scheme is extended

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