bizloanservices
1st February 2011, 08:44
In talking to business owners many have commented that HMRC appear to have tightened up acceptances under the Time to Pay scheme.
New figures from HMRC now confirm this with details showing that 5.8% of requests were rejected in 2010 which is up from 2.7% in 2009.
Time to Pay agreements are part of the Business Payment Support Service (BPSS), which was launched in November 2008 to help businesses with short-term cash flow problems. By the end of December 2010, some 395,400 Time to Pay arrangements, worth £6.83bn, had been granted.
Whilst we can complain that the rejection rate has doubled the figure is still surprisingly low with 94% of requests granted.
The message is that if you are suffering from a short-term cashflow problem it’s worthwhile speaking to HRMC to see what they say.
New figures from HMRC now confirm this with details showing that 5.8% of requests were rejected in 2010 which is up from 2.7% in 2009.
Time to Pay agreements are part of the Business Payment Support Service (BPSS), which was launched in November 2008 to help businesses with short-term cash flow problems. By the end of December 2010, some 395,400 Time to Pay arrangements, worth £6.83bn, had been granted.
Whilst we can complain that the rejection rate has doubled the figure is still surprisingly low with 94% of requests granted.
The message is that if you are suffering from a short-term cashflow problem it’s worthwhile speaking to HRMC to see what they say.