The latest figures from HMRC regarding take up of the Business Payment Support Scheme indicate that 60,000 businesses requested help up to 8 February, and that a total of around 1 billion in tax has been the subject of time to pay agreements. This averages out at 16,667 per applicant.
In general agreements have been running at between three and six months, which should leave many self assessment taxpayers in a position to start saving for their July payment on account after the payments of the January instalment have been completed.
It is worth remembering that once a time to pay agreement is in place, any future penalties for late payment of the debt are stopped. Interest will continue to run on the amounts paid late.
Those businesses who have already agreed a time to pay arrangement but now...