London, United Kingdom 13th August 2008 - Credit crunch and the VATman

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 13, 2008 -- Thousands of businesses in the UK are being hit by cash-flow problems as the credit crunch bites deeper.

And as a result they face the prospect of being 'fined' if they are unable to pay their quarterly VAT bills on time.

The taxman often forgives businesses for first-time offences but can impose hefty surcharges of up to 15 per cent on those who persistently miss payment deadlines.

Now accountants Blevins Franks Ltd are urging companies affected by the current economic slow-down to urgently contact HM Revenue & Customs and negotiate a late payment agreement.

Businesses can achieve concessions especially in cases where the cash flow problem is likely to be short-lived.

Blevins Franks Ltd advise: "The first time you are late making a payment of VAT it is possible that no surcharge penalty will be payable. But after that any further late payments will trigger surcharges rising from 2% to 15% of the VAT outstanding".

They add: "The key is to let H M Revenue & Customs know what your situation is. You mustn�t bury your head in the sand waiting for the bailiffs!

Also, you could consider one of the special schemes offered, like cash accounting or the flat rate scheme".

"All businesses are different. A little research into the options available to you may go a long way to help you ride out the current cash crunch."

Blevins Franks Ltd are happy to discuss any difficulties your company may be experiencing due to cash flow issues. Please book a free initial consultation with Phil Richards at: www.blevinsfranksaccountants.com/free_consultation.htm

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