CIOT calls for deferred payments scheme

The Chartered Institute of Taxation (CIOT) has called for small business rate relief to feature in the Chancellor's Pre-Budget statement.

Specifically, the institute believes that HM Revenue and Customs (HMRC) should extend its 'Time to Pay' scheme - which allows firms to defer payments until a more suitable time - to more small businesses.

The CIOT has suggested these proposals in response to the current financial crisis, which has hit the small business sector particularly hard.

Peter Fanning, head of the CIOT, commented: "What we have seen in the last month has been quite exceptional."

"No small business, even in a worst case scenario, would have planned for such an event."

Chancellor Alistair Darling will address parliament on Monday (24 November), when he makes his Pre-Budget announcement.

Earlier this week, HMRC revealed that it would be starting a campaign against those who evade tax via offshore accounts.