Harry's hints

Business Payment Support Service

In these difficult economic times you may be interested to take note of the newly launched Business Payment Support Service (BPSS). This is a service introduced by the government to help self employed people and businesses who may be having difficulties in meeting their tax liabilities. It covers most taxes and duties including VAT, Corporation Tax, PAYE, National Insurance and Income Tax. Normally this will involve agreeing a “Time to Pay” arrangement which will allow payments to be spread over a number of months. The government are actively encouraging businesses to make use of this scheme where appropriate.

The easiest way to find out about this is to call the dedicated telephone line on 0845 302 1435. If a payment plan is put in place before surcharges or penalties become due then these penalties will not apply although interest will be charged.

In the recent Budget the Chancellor announced that the BPSS would be extended so that anticipated losses may be used to reduce profits already earned. If you would like some specific advice on this please contact us