Time to Pay Large Tax Debts
Mon, 29 Mar 2010 13:42:00
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New rules for businesses who want to reschedule large tax debts under HMRC’s Business Payment Support Service (BPSS) come into effect next month. The BPSS gives viable businesses, experiencing temporary difficulties paying their taxes, the opportunity to reschedule their tax payments to a more affordable timetable, as part of a ‘time to pay’ arrangement. These arrangements can cover PAYE, National Insurance, VAT or any other HMRC taxes. From April 2010, businesses seeking time to pay arrangements on tax debts of £1m or more must provide an Independent Business Review (IBR) in support of a time to pay request. Typically, this will include a review of a number of important areas, including: current trading and financial position; profit and cash flow projections; business and financial strategies; management systems; and funding and banking arrangements. Marshall Smalley provide these services to businesses seeking support from their bankers and would welcome the opportunity to discuss your needs if you would like help in funding arrangements with bankers or HMRC.  |
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