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Budget 2010: time to pay HMRC

The Chancellor said today in his Budget Speech, with reference to small businesses:

"The improved time to pay scheme has helped businesses spread £5bn worth of tax payments over a timetable they can afford.

Between them, these businesses employ over 1.4m people.

The extra time has also helped businesses pay more of the tax owed.

This double benefit has convinced me that the scheme should be extended for the whole of the next Parliament."
 

There's an assumption there that Labour will be in power after the general election! We'll just have to wait and see what happens if they're not.

Time to pay works for viable businesses, but it's not a panacea. It was designed to address a shortage of credit. Other remedies will be needed if your problems are more than a short term cash blip.

 

 

Date: 24th March, 2010
Author: Chris Laughton

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