Over 2850 businesses in the South West have delayed paying more than £46 million of tax after contacting HMRC’s Business Payment Support Service (BPSS) in the last six weeks.
The new service, announced at the Pre Budget Report (PBR), gives businesses the opportunity to pay all their HMRC taxes, including PAYE, National insurance Contributions and VAT through payment timetables which they can afford.
The figures include 2850 businesses in Somerset (including Bristol), Dorset, Cornwall & the Isles of Scilly, Devon, Gloucestershire, Wiltshire, Hampshire and the Isle of Wight.
Financial Secretary to the Treasury Stephen Timms MP said: “This is providing real help to business across the whole country. I am delighted that HMRC has been able to help more than 2850 businesses in the South West so far. This new scheme is helping businesses to stay open and keep their staff in jobs.
“I urge any business 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 hard working businesses time and money.”
Time to pay was launched by the Chancellor of the Exchequer at the PBR in November. The service is designed to assist all businesses that will be unable to pay their tax and in the majority of cases, HMRC will be able to make a decision in around 10 minutes.