Time to pay rules toughened up (posted 22 April '10)
HM Revenue & Customs (HMRC) has introduced tougher rules for the scheme that allows struggling businesses to defer tax payments.
Any business hoping to defer more than £1 million under the Business Payment Support Service (the ‘Time to Pay’ scheme), has to pay for an Independent Business Review (IBR). The IBR could cost anything between £10,000 and £75,000 and will review the business' ability to pay and its long-term viability.
Click here to go onto the HMRC site and find out more about the scheme.