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Issue:
4188
/
Categories:
Comment & Analysis
, Stephen Banyard
, Time to Pay
, usiness Payment Support Service
, Admin
, Companies
, Income Tax
MIKE TRUMAN looks at the new Time to Pay arrangements and gets some interesting answers from STEPHEN BANYARD, director of HMRC’s Business Customer Unit
KEY POINTS
- Time to Pay is only available to viable businesses.
- If adhered to Time to Pay will not count as a VAT default.
- Gross payment status should not be lost although letters may be sent automatically.
- Do not wait until 31 January.
One of the less-heralded but very welcome announcements in the Pre-Budget Report was that businesses would be given ‘as much time as they needed’ to pay their tax liabilities if they approached and asked for it.
The only significant exception given in the announcement was if the business was not viable in any case. All taxes were covered including PAYE and VAT liabilities as well as taxes on profits.
In general Taxation has heard very little from readers yet about the operation of this policy known as the Business Payment...
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