HMRC agrees 300,000 'time to pay' arrangements

Date: 5th March 2010

HM Revenue & Customs (HMRC) has now agreed more than 300,000 time to pay arrangements with UK businesses, new figures have revealed.

According to HMRC, the project, which was designed to relieve pressure on firms that struggled to meet their tax demands, now has agreements worth £5.13 billion in place.

Under the scheme, more than 160,000 British businesses have been given more time to settle their outstanding tax bills.

Stephen Timms, financial secretary to the Treasury said: "It is excellent news that the Business Payment Support Service continues to provide much needed help to UK businesses, with over £5 billion now rescheduled and over 160,000 businesses helped and a very high level of payment, in line with the agreements reached."

Mr Timms insisted the scheme will run for "as long as necessary" as HMRC feels it is important to aid the UK's small businesses through the post-recession climate as they are the "backbone of the British economy and have a vital part to play in our economic recovery".