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
Articles from this Author
22nd October, 2019
Business Rescue – HMRC’s Unwelcome Victim
1st November, 2018
Budget 2018 - HMRC preferred creditor in insolvency
23rd March, 2018
20th July, 2017
Recast European Insolvency Regulation
Contact a Partner
Steve Robinson’s latest article is out now in All Things Business. Steve looks at what the future holds for busines… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole