British firms given £1bn boost

Date: 13th February 2009

British businesses have been handed a £1 billion boost in the face of recession, it has been revealed.

As part of HM Revenue and Customs' (HMRC) Business Payment Support Service, more than 60,000 firms have been given extra time to pay taxation bills.

Announced last year at the chancellor's pre-budget report, the scheme is designed to remove pressure from businesses - such as limited companies and partnerships - during the economic downturn.

Financial secretary to the Treasury, Stephen Timms, commented: "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."

Earlier this week, HMRC also revealed that it was to hold a second consultation on its proposed taxation charter, which would outline the responsibilities of both the department and taxpayer.