Concerns over future of Time to Pay
The future of HMRC’s Time to Pay scheme has been called into question today by a team of independent business advisors who claim the initiative’s survival could be under threat.
UK Business Advisors (UKBA) said HMRC’s decision to no longer publish statistics about the scheme, which enables businesses to spread tax payments over a number of stages through the course of the year, suggested the future of the scheme is questionable – and threaten the survival of many small businesses across the country.
The body pointed to the latest set of stats on the scheme from HMRC, which revealed the organisation is only granting Time to Pay to one third of 2009’s level. A refusal by HMRC to allow repeat applications to take place has been cited as the cause of the reduction.