Content
Oh for a little hindsight
Can't pay, won't pay?
Shock in Essex
Car tax
You signed it
Don't be late
Age before beauty?
IHT and falling prices
More paper
Shopping around
Less paper
PAYE or not PAYE...
Flat rate scheme
A change of heart
There are limits
Do your duty
Free lunch
VAT a mess
Dissatisfaction guaranteed
Don't believe it!
Too late
Tax on tick
£100 note
Temp reminder
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One of the important announcements in Mr Darling's Pre-Budget Report was the creation of a new Business Payment Support Service. HMRC have in the past been criticised for being too ready to close a business down if it could not pay its tax: now, it is official policy to be flexible and to try hard to keep the business going. There are conditions: the taxpayer must be in genuine financial difficulty, and it must be likely to be able to pay if given more time. It will be worth having detailed financial information to make a case to HMRC. If the business has no prospect of ever paying the liability, they are likely to take the usual enforcement action and cut their losses. There are some major concessions in the new policy: if you agree a "time to pay" arrangement before VAT falls due, there will be no default surcharges to pay. A construction industry business can defer tax without losing entitlement to be paid gross. Banks don't seem to want to lend money to anyone - it may be cheaper and easier to get credit from HMRC than it would be to borrow in order to pay them. The important thing is to be prepared. If you want to discuss your tax liabilities - how you can reduce them, and how and when you can pay them - we will be happy to advise you.  |