Q: I heard that the government were helping small business by deferring payment of VAT. Is this true and if so, what is the procedure?
Jan 25 2009
Answered by: Clive Lewis Ask a question
I heard that the government were helping small business by deferring payment of VAT. Is this true and if so, what is the procedure?
The following was part of a statement from the Department for Business, Enterprise & Regulatory Reform (BERR) in January 2009. Feedback so far suggests that the telephone helpline is simple to use and responses are quickly delivered.
Time to pay
As announced in the Pre-Budget Report, since November, businesses experiencing cash flow difficulties can also get help from the HM Revenue & Customs (HMRC) Business Support Service. Businesses worried about being able to meet tax, National Insurance, VAT or other payments owed or coming due to HMRC can call the Business Payment Support Line, seven days a week, on 0845 302 1435.
HMRC staff will review discuss temporary options tailored to the business needs, such as arranging for payments to be made over a longer period. HMRC will not charge additional late payment surcharges on payments included in the arrangement, although interest will continue to be payable on those taxes where it applies. This is one more way in which Government is providing real help for businesses to manage their cashflow and free up working capital they need.
Comments