HMRC helps businesses reschedule £5bn

Over £5 billion worth of tax has been rescheduled by HM Revenue & Customs' (HMRC) Business Payment Support Service (BPSS) in its first 15 months, newly released figures have suggested.

The BPSS allows companies to make arrangements to complete their repayments within a more affordable timetable if they are suffering from temporary difficulties.

So far, 300,000 of these actions - dubbed time to pay - have been set up.

Financial secretary to the Treasury Stephen Timms noted that it is excellent news that organisations were being provided with help, adding that the scheme will stay in place as long as is deemed necessary.

Small businesses are the backbone of the UK economy, he remarked and they have a vital role to play in helping it recover.

It was recently announced that anyone who is seeking advice over how to file and pay their VAT, PAYE and corporation taxes may be helped by the introduction of a new podcast by HMRC.

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