Budget 2009: Improvements to Business Payment Support Scheme

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The Budget also brought an announcement of an improvement to the Business Payment Support Scheme (BPSS).

The Scheme will remain in place for the foreseeable future, and those needing more time to pay their business tax liabilities will now be able to bring additional information into the negotiations. Strictly, credit cannot be taken for trading losses until they have been determined. This means that losses do not count for relief until the accounting period which produces the loss has come to an end.

However, the new development allows businesses which are currently in a loss making period to disclose the anticipated loss when negotiating time to pay. This will, in practical terms (although not in legal terms) give relief for the loss when it is anticipated. The time to pay arrangement havi...

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