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Time to pay scheme ‘must not be axed’
The dissolution of HM & Revenue & Customs' ‘Time to Pay' scheme in next week's Budget could force thousands of small firms struggling to manage tax payments into administration, according to the Forum of Private Business (FPB).
The scheme was launched in 2008 to allow small companies struggling with cash flow to defer tax payments to the HMRC. It is estimated that over 200,000 firms have used the scheme to defer approximately £5bn in tax payments as they strive to continue trading in difficult conditions.
In a poll last year the scheme was voted the most popular of all the government's business support programmes. According to the FPB's latest Economy Watch survey, almost 60% of business owners believe HMRC has been supportive in recent months.
Time to Pay was extended for a further four years by the Labour government, but recent reports suggest it could be cut as the new government attempt to tackle the UK's rising debt.
"The Business Payment Support Scheme remains a real lifeline for many small firms struggling with cash flow and this will be the case for a while. Now is not the time for it to go," said Jane Bennett of the FPB.
Post Date: June 18th, 2010
The scheme was launched in 2008 to allow small companies struggling with cash flow to defer tax payments to the HMRC. It is estimated that over 200,000 firms have used the scheme to defer approximately £5bn in tax payments as they strive to continue trading in difficult conditions.
In a poll last year the scheme was voted the most popular of all the government's business support programmes. According to the FPB's latest Economy Watch survey, almost 60% of business owners believe HMRC has been supportive in recent months.
Time to Pay was extended for a further four years by the Labour government, but recent reports suggest it could be cut as the new government attempt to tackle the UK's rising debt.
"The Business Payment Support Scheme remains a real lifeline for many small firms struggling with cash flow and this will be the case for a while. Now is not the time for it to go," said Jane Bennett of the FPB.
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Post Date: June 18th, 2010
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