'Millions of pounds' in taxation rescheduled

Date: 9th December 2008

Hundreds of business start-ups have rescheduled almost £11 million in taxation through a new government service.

Through HM Revenue and Customs' (HMRC) Business Payment Support Service (BPSS), 530 London-based business start-ups have successfully managed to defer their taxation bills.

Announced as part of Chancellor Alistair Darling's pre-budget speech, the BPSS allows business start-ups to agree a more favourable timetable for paying their taxation rates.

Stephen Timms, financial secretary to the treasury, commented: "We are determined to do everything we can to support business through these testing times.

"This service is making a real difference for businesses across the country."

Mr Timms urged all firms facing any upcoming problems in paying their taxation bills to contact HMRC's BPSS as soon as possible.

Yesterday (December 8th), the Federation of Small Businesses published statistics showing that about a third of firms are still struggling to obtain credit from lenders, despite government banking bail-outs.