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Wednesday, 24 March 2010

HMRC Time to Pay Scheme (or BPSS) To Continue Indefinitely?

Darling announces in his final budget that the Time to Pay Scheme will continue at least to the end of the next Parliament

http://business.timesonline.co.uk/tol/business/economics/budget/article7073698.ece

For turnaround and insolvency practitioners this may sound like a very bad idea as the "easy deal" approach, to stretching HMRC payments, has probably led to a FALL in corporate insolvencies in the insolvency statistics over the last 6 months.

For the Government, its an easy and politically expedient way of seeing fewer company failures and hopefully less "new" unemployment as a result.

Quite how this sits with the new HMRC scheme to penalise late payment of PAYE and NIC which starts next month, is not yet explained.

If you want to arrange a second or third TTP scheme with HMRC please remember that HMRC may REJECT this application without good supporting information and plans. Visit here for a good a good Professional programme that can help you plan this

As for the insolvency profession, what next?

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