Small businesses delay £350m in tax

Date: 15th January 2009

British small businesses have successfully rescheduled £350 million in taxation payments as part of a new government scheme.

Under HM Revenue and Customs' (HMRC) Business Payment Support Service, 20,000 small firms - including limited companies and partnerships - have moved tax payments to a more financially suitable timetable.

The scheme was originally announced at the government's pre-budget report in November in response to the recessionary business climate, and allows the deferral of taxes such as PAYE, national insurance and VAT.

Stephen Timms, financial secretary, commented: "This is providing real help to business across the whole country. This new scheme is helping business to stay open and keep their staff in jobs.

"A short phone call could save hard-working businesses time and money."

Small businesses should also keep in mind the upcoming deadline for self-assessment tax returns, with all submissions to be filed online to HMRC by January 31st.