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Southampton: HWB advises on HMRC tax help

By Dan Teuton
9 January 2009

Temporary cash flow difficulties could leave many businesses struggling to pay their tax bills.

But a new government scheme has already given around 3,500 UK businesses more time to pay a total of over £68m in tax and is on hand to ease the situation for local businesses, advises Southampton chartered accountants HWB.

Tax director Tracy Jenkins said the HMRC’s Business Payment Support Service is for anyone concerned about meeting payment deadlines.

“HMRC is prepared to exercise a degree of flexibility depending on the circumstances of each individual case.

“The aim is to secure a realistic and appropriate timescale for payments and bring tax liabilities back up to date. This is good news for businesses struggling with temporary cash flow issues but it’s vital to act quickly and flag up any anticipated problems at the earliest possible opportunity.”

The Business Payment Support Service – first announced in the Pre-Budget Report 2008 - is one of a series of measures designed to help companies affected by the economic downturn. Primarily available to self-employed people and companies, it can also be used by anyone who is having difficulty in meeting their tax liabilities. It covers most taxes and duties including Income Tax, Corporation Tax, VAT, PAYE and National Insurance.

To qualify, the business (or individual) must be:

· in genuine difficulty

· unable to pay their tax on time

· likely to be able to pay if HMRC allows an extension of their deadline.

Jenkins added: “HMRC anticipates large numbers of calls to its helpline in the run-up to the January 31 payment deadline but HWB is also geared up to help businesses navigate their way through the system and ensure they benefit from any assistance which may be available.”

For further information call Tracy Jenkins at HWB on 023-8046-1200.

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