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More than 20,000 businesses have delayed paying a total of around £350 million in taxes under the new Time to Pay offering, the taxman has announced.
The scheme, which was launched by the Pre-Budget Report in November, is run by HMRC’s Business Payment Support Service and provides firms with the opportunity to pay a variety of taxes – including PAYE, National Insurance and VAT – via a timetable of affordable outlays.
Financial secretary to the Treasury Stephen Timms claimed that the Time to Pay service is ‘providing real help to business across the whole country’ and is ‘helping businesses to stay open and keep their staff in jobs’.
He went on to urge firms 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 hardworking businesses time and money’.
