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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Friday, 13 February 2009
Time To Pay
Stephen Timms, financial secretary to the Treasury, has said that over 60,000 businesses have agreed time to pay tax arrangements with HMRC totalling more than £1BN.
Firms must pay interest on the outstanding amount. However, they can avoid extra penalty charges. Late payments for income tax, national insurance contributions and capital gains tax are charged at 3.5%, corporation tax is charged at at 2.5%.
The average deferral time is between three to six months.
These arrangements are of some benefit to small firms in particular, who are experiencing difficulties obtaining credit during the current recession/depression.
Let us trust that as and when HMRC outsource its debt collection activities and sell on its outstanding debt to private debt collection agencies, these private agencies are equally forgiving of the delays in settling the debts.
Tax does have to be taxing.
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