HMRC introduces tougher rules for Time to Pay scheme
HM Revenue & Customs (HMRC) has introduced tougher rules for the scheme that allows struggling businesses to defer tax payments.
From 6 April 2010, any business hoping to defer more than £1 million under the Business Payment Support Service (or Time to Pay scheme), has to pay for an Independent Business Review (IBR). According to HMRC, these IBRs will cost anywhere between £10,000 and £75,000 and will review the business' ability to pay and its long-term viability.
To read more on this story go to:
http://www.accountancyage.com
For more information on the Business Payment Support Service go to:
http://www.hmrc.gov.uk/pbr2008/business-payment.htm
