Business tax

Employers are being advised that, as from 26 January, HM Revenue and Customs is sending out penalty notices to those firms that have yet to file their 2007/08 employer’s annual return.

Providing small businesses with automatic rate relief is not a practical option, the government has said.

HM Revenue and Customs has announced that, as from 27 January, the rate of interest to be paid on money owing to taxpayers falls to 0 per cent.

The Business Payment Support Scheme (BPSS) has a number of detailed technical consequences. These are discussed below.

HM Revenue and Customs (HMRC) has announced that some 20,000 businesses have so far made use of the Business Payment Support Service (BPSS), delaying payment of £350 million in tax.

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