HMRC scheme a lifeline to over 7000 firms
Northern Ireland businesses have rescheduled £110m of tax through the HM Revenue & Customs’ Business Payment Support Service (BPSS) in the scheme’s first 15 months.
The BPSS gives viable businesses that are experiencing temporary difficulties paying their taxes the opportunity to reschedule their tax payments to a more affordable timetable, as part of a ‘time to pay’ arrangement.
The arrangements can cover PAYE, National Insurance, VAT or any other HMRC taxes.
In total, around 300,000 time to pay arrangements worth £5.13bn have been agreed by HMRC since the launch of BPSS in November 2008 — an average of more than 4,500 every week — including 7,120 made by businesses in Northern Ireland.
HMRC said businesses from a wide range of industries have arranged time to pay agreements through the BPSS — including retail, tourism, transport and leisure, farming, manufacturing, construction and engineering.
Financial Secretary to the Treasury Stephen Timms said: “It is |excellent news that the Business Payment Support Service continues to provide much needed help to UK businesses, with over |£5bn now rescheduled and over 160,000 businesses helped and a very high level of payment, in line with the agreements reached.
“The scheme will remain in place as long as necessary, as we want to continue to help businesses through the difficulties they are facing, because small businesses are the backbone of the British economy and have a vital part to play in our economic recovery.”