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Accountants for Freelancers & IT Contractors: Spread Tax Payments 3.5% Interest |
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Tax payers can now spread their payment of tax for only 3.5% interest. There are also no surcharges or penalities that would normally be levied on the late payment of tax.
The HMRC launched the Business Payment Support Service (BPSS) line on 24 November 2008. This being one of the measures the government introduced to help businesses through the credit crunch.
Many Freelances and IT Contractors have Corporation Tax liabilites, monthly PAYE/NI and possibly VAT to pay. With the threat of contracts being pulled in 2009 it may be useful to spread the payment of these taxes over the year.
In most cases the BPSS helpline gives an immediate decision. There has been many positive comments on the ease in which they are accepting reasonable payment plans. Monthly payments can be setup by Direct Debit, debit cards, bank transfer or cheques.
The line is open Monday to Friday from 8.00 am to 8.00 pm, Saturday and Sunday 8.00 am to 4.00 pm and they can be contacted on 0845 302 1435, with the tax reference number.
Accounting Web stated that, "the service has dealt with calls from 20,000 businesses and made arrangements regarding the payment of £350 million in tax"
This is an opportunities all tax payers with liabilities should consider seriously. |
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