HM REVENUE AND
CUSTOMS News Release (NAT 35/09) issued by COI News Distribution
Service on 23 April 2009
In his Budget
statement yesterday the Chancellor announced further help for
businesses facing difficulties in paying their tax. From 22 April
2009, any viable business anticipating making a trading loss in
the current tax year will be able to have the anticipated loss
taken into account as part of any rescheduling of its Corporation
Tax or Income Tax payments.
This new measure means businesses will no longer have to wait for
the end of their accounting period - which may be months ahead -
to have the loss taken into account in calculating what they have
to pay.
This new business support initiative will be administered by the
existing HM Revenue & Customs (HMRC) Business Payment Support
Service (BPSS).
Details
1. This new support will enable HMRC to agree an extended time
to pay arrangement on the previous year's corporation tax
and/or income tax if:
* The business is genuinely unable to pay immediately or enter
into a reasonable instalment time to pay agreement; and
* The business is likely to make a trading loss in the current year.
2. Separate to this measure, businesses who wish to reschedule
VAT, PAYE and national insurance contributions or who have already
entered into a time to pay arrangement, but have found their
circumstances have changed for the worse, can also contact the
BPSS for a new or revised time to pay arrangement, depending on
individual circumstances.
3. The BPSS was announced by the Chancellor in his Pre-Budget
Report of 24 November 2008.
4. By 19 April 2009, over 110,000 time to pay arrangements had
been reached with businesses across the UK, worth almost £2
billion in tax payments deferred. The majority of businesses have
agreed repayment timetables spread across 3 to 6 months.
5. Businesses can call HMRC and in the majority of cases get a
decision within 10 minutes on the help they can receive.
6. The BPSS can be contacted on 0845 302 1435 from 8am to 8pm
Monday to Friday and from 8am to 4pm at weekends. Further
information is available at: http://www.hmrc.gov.uk/pbr2008/business-payment.htm.
Issued by HM Revenue & Customs Press Office
Press
enquiries only please contact:
Helen Jones
Tel: 020 71747 2328
Website http://www.hmrc.gov.uk