Tools & Support / Business News
Take more time to pay tax
Shropshire businesses struggling to pay their tax on time should ask for help, according to a local Accountant.
Keith Winter, of Dyke Yaxley Limited, in Shrewsbury, said given the current challenging economic climate, the Government had launched an initiative to give businesses more time to pay their tax.
"With such difficult trading conditions, more and more businesses are struggling to keep up with their tax payments."
"And it's great news that this initiative could give them a window of opportunity to pay after the tax is due."
Keith said the Business Payment Support Service covered all taxes paid by businesses, including Corporation Tax, VAT, PAYE, Income Tax and National Insurance Contributions.
A dedicated phone line - 0845 302 1435 - has been launched and specialist advisers will listen to your request to pay later, and consider your individual circumstances.
"It's important that businesses take this opportunity to help ease their cashflow troubles, rather than suffering in silence," said Keith.
"But bear in mind that you need to be realistic when asking for extra time to pay - they won't agree to defer your payments indefinitely."
"If you ask for say more than three months, or the amount of unpaid tax is considerable, you may be referred back to your local Tax Office."
"So use the service if your business is in difficulties, but don't try to push things too far."
Keith said taxpayers who had problems accessing the service or who had failed to reach a satisfactory conclusion with their local Tax Office, should seek professional accountancy help.
"We may be able to take the application further and help you to resolve your cashflow problems."
Tools & Guides
Business today
Business planning and management advice.
Tax zone
Valuable insights into tax planning.
Personal insider
Enhance your overall wealth creation plans.