HMRC shuns firms seeking 'Time to Pay' more than £19k

Figures obtained by finance provider Syscap suggest the average VAT deferral request agreed by HMRC under the "Time to Pay" scheme is £18,840. This compares to an average refusal amount of £117,216. The figures, obtained under the Freedom of Information Act, suggest SMEs which want to defer a tax payment of over £19,000 could face a flat refusal. Time to Pay was designed to allow viable businesses to defer tax payments during the recession. Since its launch in November 2008, £5.3bn worth of tax payments have been successfully deferred, according to HMRC. Chief executive of Sy...