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- Business payment support service...
Tuesday 10 February 2009 -
Dains are advising businesses to consider utilising the Business Payment Support Service, which was announced in the Pre-Budget Report 2008.
The service is designed to meet the needs of businesses affected by the current economic conditions and any business that is worried about being able to meet tax, National Insurance or other payments owed to HM Revenue & Customs (HMRC), or anticipates that payments becoming due will cause them problems, can get in touch with HMRC to discuss payment options to help them deal with temporary cash flow difficulties on 0845 302 1435.
Richard McNeilly, Business Development Partner at Dains said “the service is designed to help all businesses (large and small) that are struggling to pay their tax. The service is primarily available to self-employed people and companies but can be used by anyone who is having difficulty in meeting their tax liabilities. The service covers most taxes and duties including Income Tax, Corporation Tax, VAT, PAYE and National Insurance”.
To qualify, the business/individual must be:
• in genuine difficulty
• unable to pay their tax on time
• likely to be able to pay if HMRC allow them more time.
HMRC have stated that ‘…we will look to be flexible and agree time to pay arrangements on a case-by-case basis to bring the businesses’/client’s tax back up to date on a timescale that is reasonable and appropriate to the situation.’
Richard McNeilly added “At a time when many businesses are affected by reduced flexibility from banks and asset based lenders the service can be used to generate additional working capital. However I do not believe that businesses should use the scheme to delay the inevitable insolvency action. As always I would encourage businesses to seek professional advice before taking these important decisions”
For more information contact Richard McNeilly on 0845 555 8844 or email marketing-department@dains.com
Primary offices at… Birmingham ● Burton ● Coleshill ● Lichfield ● Rugeley ● Swadlincote
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