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HMRC secures 18,000 SME deals up North

Vast numbers of small businesses in the North West are using a new scheme to help alleviate their tax burden, according to accountants at Beever and Struthers. As part of its Business Payment Support Service, HM Revenue & Customs has secured almost 18,000 agreements at a value of £300m with businesses in the region under its time-to-pay arrangement scheme. The scheme enables firms to manage their cashflow by spreading the payment of tax liabilities after entering an agreement with the taxman. Taxes including corporation tax, income tax, VAT, national insurance and other payments owed to HMRC can be covered. The BPSS was introduced in November 2008 and has since seen more than 157,000 agreements made nationwide between businesses and HMRC, which spread the repayments of more than £2.7bn of liabilities. Tax partner at Beever and Struthers Claire Kennedy said: 'The help offered by such schemes in these very difficult times is a very welcome change in policy by HMRC and a world away from the common perception of it as an institution to be feared with ruthless debt collection and recovery procedures.' Stephen Banyard, director of the business customer unit at HMRC, and Keith Lang, departmental SME relationship manager, said the taxman was making a multi-million pound investment to improve services and support to SMEs.
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