Surge in enquiries after the introduction of tax deferral scheme

24/6/2009

LC Corporate Strategies, a division of Leonard Curtis, the national business rescue and recovery firm, has reported a large influx of enquiries in direct relation to the Business Payment Support Service introduced by HM Revenue and Customs last year, which allows small businesses to defer the payment of tax.

Stephen Fern, director at LC Corporate Strategies comments: "Since the introduction of the scheme, we have a seen a marked increase in the number of businesses who are deferring their tax payments. This has been a direct response to increased support being given by HM Revenue & Customs to businesses who due to factors outside their control are suffering from short term cashflow issues.

The scheme helps businesses who are struggling with cashflow by giving them the opportunity to defer tax payments, and removing any late payment charges when a deferment is agreed.

Stephen continues: "The number of people approaching us for advice surrounding this has grown - people are aware the scheme is in place, but are still in need of professional guidance in order to address any underlying issues behind the need for financial support."

"It is anticipated that in the next six to twelve months it may become more difficult for the scheme to continue at this rate as out of necessity the government begin to recoup the monies owed as the economy strengthens."

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