HMRC gives businesses £1bn boost

A cashflow boost totalling over £1bn has been given to over 60,000 businesses that have agreed 'time to pay' tax arrangements with HM Revenue & Customs. In November's Pre-Budget Report, chancellor Alistair Darling announced the setting up of the Business Payment Support Service, providing a fast track service to offer support to businesses needing more time to pay their tax bills. Under the BPSS, businesses can agree the terms they can afford with HMRC over the phone. The number of businesses making use of the service has increased to over 40,000 since January, when more than 20,000 businesses delayed more than £350m of tax. Financial secretary to the Treasury Stephen Timms said the service 'is delivering the kind of tangible support that business needs at this time'.
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