News
March 2009
A Helping Hand from HM Revenue & Customs?
From 24 November 2008, HMRC introduced a new, Business Support Service which aims to meet the needs of businesses affected by the current economic conditions.
If you're worried about being able to meet PAYE, National Insurance, Corporation Tax or VAT payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, please contact us and we can help you make arrangements with HMRC to settle outstanding liabilities over an agreed payment plan. Alternatively, phone the dedicated helpline on 0845 302 1435.
HMRC will review your circumstances and discuss the options open to you. HMRC will not charge additional late payment surcharges on payments included in the arrangement. However, there is a cost to this as interest will continue to accrue.
This scheme des not apply to existing debts. It is possible to negotiate payment plans with HMRC but these discussions should be held with the original Tax Office, and not the Business Support Service.
This change in approach will be of benefit to some businesses. However, HMRC has made it very clear that payment plans will be sanctioned only where they are satisfied that the business is able to meet its future commitments. This should not be seen as a quick-fix to all cash flow problems.
