How Long To Pay Your Tax Bill
Published / Last Updated on 20/06/2010
by Ashley Clark, Director
According to recent information released under the Freedom of Information Act, HMRC has an unofficial ceiling where it allows extra time to pay tax.
The figures released show that the average approval for time to pay can amount to tax bills up to £19,000. Anything in excess of that amount runs the risk of being refused.
The Time to Pay scheme was introduced by HMRC to help businesses through the recession, effectively deferring payment until cash flow improved. The scheme seems to have worked well with apparently £5.3bn already being deferred.
For larger amounts to be deferred then an independent business review is likely to be imposed by HMRC, at the individual businesses cost.
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