Business tax scheme gives £1bn boost to economy
by David Masters
A government scheme designed to reduce the tax burden on British businesses has proved a success, helping over 60,000 firms deal with cash-flow problems.
The Business Payment Support Service (BPSS), announced last November in the Chancellor’s Pre-Budget Report, provides a fast-track service for businesses who need more time to pay their tax bills.
These businesses can agree terms with HM Revenue & Customs (HMRC) over the phone for paying their tax bill in an affordable time frame.
The 60,000 businesses already helped by the scheme have received a total cash flow boost of over £1 billion.
Stephen Timms, financial secretary to the treasury, said: “This service is delivering the kind of tangible support that business needs at this time.
“I would urge any business anticipating or experiencing difficulties paying their tax to call the helpline and get a quick response tailored to their specific needs.”
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Tags: BPSS, business, Chancellor, credit crunch, Government, HMRC, politics, scheme, tax
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