CAMBRIDGESHIRE: Over 175 businesses given time to pay after Inland Revenue comes to the rescue
PUBLISHED: 10:23 19 January 2009 | UPDATED: 08:50 02 June 2010
OVER 175 businesses in Cambridgeshire have delayed paying more than £2.2 million of tax after contacting HMRC s Business Payment Support Service (BPSS) in the last six weeks. The figure includes 35 businesses in Peterborough. The new service, announced a
OVER 175 businesses in Cambridgeshire have delayed paying more than £2.2 million of tax after contacting HMRC's Business Payment Support Service (BPSS) in the last six weeks. The figure includes 35 businesses in Peterborough.
The new service, announced at the Pre Budget Report (PBR), gives businesses the opportunity to pay all their HMRC taxes, including PAYE, National insurance Contributions and VAT through payment timetables which they can afford.
Financial Secretary to the Treasury Stephen Timms MP said: "This is providing real help to business across the whole country. I am delighted that HMRC has been able to help more than 1950 businesses in the East of England so far, including 175 in Cambridgeshire. This new scheme is helping businesses to stay open and keep their staff in jobs.
"I urge any business facing financial difficulty in these challenging economic times to pick up the phone and speak to an HMRC adviser. A short phone call could save hard working businesses time and money."
One of the calls from a Cambridgeshire company was a motorcycle business in Peterborough who asked for help in paying their tax debt of just over £20,000. HMRC agreed to give the company time to pay. The company confirmed this help would keep employees in their jobs, help to pay other suppliers and keep them in business.
Time to pay was launched by the Chancellor of the Exchequer at the PBR in November 2008. The service is designed to assist all businesses that will be unable to pay their tax and in the majority of cases, HMRC will be able to make a decision in around 10 minutes.
Further information is available at: www.hmrc.gov.uk/pbr2008/business-payment.htm
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