New figures reveal that the Business Payment Support Service has helped more than 160,000 businesses reach agreement with HMRC over payment of outstanding taxes.
These agreements are worth £5.13 billion to HM Revenue and Customs. Contractors who work as sole traders or limited companies could be among the beneficiaries of the Time to Pay scheme and many leading contractor accountants have already given it the thumbs up.
A total of 300,000 arrangements have been set up in the 15 months since the BPSS was set up, an average of more than 4,500 per week.
These figures show whilst many people have been struggling to pay their taxes, help is at hand and if you wish to avoid unnecessary penalties, vital assistance is at hand.
Although some advisers and online accountants believe that the scheme is getting harder to join and that it will close eventually, HMRC insists that it is still available and the criteria for eligibility have not been amended.
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