TAX AUTHORITIES may force businesses to pay up to 20% interest in a bid to deter them using government backed tax deferal schemes, The Daily Telegraph reports.
HM Revenue and Customs is pushing tax payers, applying to defer tax, to explore all other credit alternatives first, and is demanding to see credit card bills which can carry up to 20% interest on unpaid debt.
Roy Maugham, tax partner at accountants UHY Hacker Young, told the newspaper his clients are now being asked to produce credit card payments to justify their time-to-pay application.
“We are finding in more cases than not they are suggesting the client needs to go back to their bank or pay on their credit card before they will afford them time to pay,” he said.
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