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Time to Pay

28 April 2009
Issue: 4203 / Categories: News , Budget 2009 , Admin
Firms won't have to wait for end of accounting period to have loss taken into account

The Business Payment Support Service (BPSS) is designed to help viable businesses that because of the economic conditions are having difficulty in paying their tax bills.

Wherever possible HMRC will agree to spread payments due over a time which meets the individual business’ circumstances.

By 19 April 2009 over 110 000 agreements worth almost £2 billion had been reached with businesses.

A new measure means businesses will no longer have to wait for the end of their accounting period to have the loss taken into account in calculating what they have to pay.

Businesses have told HMRC that if they could show they are likely to make a loss in the current year it would help if the department would agree not to collect the tax due on the previous year’s profits until they knew how big the loss is going to be.

HMRC have agreed...

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