The Business Payment Support Service announced at the Pre Budget Report in November 2008 is now being extended for those businesses which are genuinely unable to pay their outstanding liability immediately or enter into a reasonable time to pay arrangement.
Where a viable business is due to pay tax on the previous year’s business profits and is likely to make a trading loss in the current year, those losses can be taken into account when agreeing the level of payments to be made.
A full press release is available here.
If you have any questions about this change, please send an email to powers.review-of-hmrc@hmrc.gsi.gov.uk or contact Maria Richards on 020 7147 3223. Information about Budget measures is available on the HM Revenue & Customs website at www.hmrc.gov.uk.
