HMRC defers £3.17bn in tax payments

HM Revenue and Customs (HMRC) has deferred £3.17 billion in tax to help firms struggling in the recession, according to latest figures.

The taxman has authorised around 177,000 separate deferral agreements under the Business Payment Support Scheme (BPSS), which was introduced in the Chancellor’s Pre-Budget Report last November.

Of the £3bn deferred, £320m forms repeat deferrals. About 60% of deferrals are for three months or less.

In a statement HMRC said it had received approximately 90% of the tax that was due to be repaid under the initiative.

The BPSS allows business owners who are concerned about making their PAYE, VAT, national insurance and corporation tax payments, to contact HMRC to discuss a range of repayment options tailored to their needs.

Firms can call the Revenue’s dedicated advisers on 0845 302 1435 from 8am to 8pm Monday to Friday and from 8 am to 4pm at weekends. Further information is available here.

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