Will a rise in VAT request rejections lead to increased use of facilities management?
May 14th 08:24 Cost Management
HM Revenue & Customs (HMRC) has doubled the number of VAT Time to Pay requests it rejects, it has been revealed.
Time to Pay arrangements were introduced to help businesses with cash flow problems to spread the payment of any taxes they may owe.
However, a Freedom of Information request by IT finance provider Syscap revealed that 11.2 per cent of VAT-related requests were turned down in the first three months of this year.
By way of contrast, just 5.3 per cent of requests were turned down in the same period in the previous year.
Philip White, Syscap chief executive said the agreements can be helpful in easing the tax burden of firms that are waiting for payment from customers and clients.
"[Smaller firms] are still finding it incredibly hard to borrow money from their bank to pay HMRC VAT so news that the HMRC refusal rate has shot up is worrying," he said
"Whilst HMRC say there is no change in policy over granting credit for VAT payments it does seem they are enforcing existing policy in a way that has increased the number of refusals quite dramatically."
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