'Time to pay' announcement: CIOT response

The Chartered Institute of Taxation (CIOT) has welcomed the announcement on the new time to pay arrangements set out by HMRC during this year’s Pre-Budget Report. HMRC has established a business payment support service to help firms with cash flow problems by restructuring the timing of their tax payments. The CIOT expects that the more streamlined approach from the Government will help small businesses which are struggling during the economic downturn. The CIOT also welcomes the fact that HMRC are committed to giving the scheme widespread publicity.

John Whiting, Chairman of the CIOT’s Management of Taxes Committee, says: “Businesses accept that they have to pay their tax bills but many will be struggling to find the cash to pay bills based on good profits just when business levels have turned down. A realistic and responsive support service from HMRC that aims to help businesses meet their obligations is a good way forward.”

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For press information contact Simon Goldie on 020 7245 4122 (direct line), 07879 497316 (mobile). Email sgoldie@ciot.org.uk

Notes to Editors

For information about the new ‘time to pay’ procedure please click this link – http://www.hmrc.gov.uk/pbr2008/business-payment.htm