Firms receive "cashflow boost" - commercial mortgages

13 February 2009

HM Revenue & Customs (HMRC) has revealed that over 60,000 firms have benefited from the business payment support service unveiled by the chancellor in the pre-Budget report.

The scheme, which offers aid to companies that need extra time to pay tax bills, may be of interest to those with commercial mortgages.

So far, 60,000 businesses that have agreed a payment timescale with HMRC have been helped by a "cashflow boost" of over £1 billion, the government body stated.

Financial secretary to the Treasury Stephen Timms commented: "This service is delivering the kind of tangible support that business needs at this time."

He urged companies that are having difficulties to contact HMRC's helpline.

In related news, Business Link account manager Chris Simpson has encouraged firms to seek help if necessary in the wake of the economic downturn.

"Too many times businesses try and do things on their own," he remarked.