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Company Payment of Tax Liability

Comment 9th July 2010

As it now takes on average 120 days for our customers to pay us, but we have to paye PAYE & NI deductions monthly, as well as VAT quarterly, most companies with turnover under £10m who invoice rather than retail have a large cash flow problem.

 

Lets work out the yearly liability and average it out over 52 weeks and pay by d/d or s/o.

 

This will help cash flow, reduce the unpaid liablity to the IR. We also need to ensure that the IR helps companies stay afloat and not issue winding up notices. 85% of all winding up notices are generated by HMRC, which is unaccepatable. All that happens is that they put staff on the dole, which ultimately costs the government more.

Why does this matter?

It will help small to medium business get throgh this reccession and assist the HMRC to get monies due. 

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