Posted by James Pearson on 15 Jul 2015

Greek Debt Crisis -Time to Pay Extended

The Chancellor has announced measures to support British businesses that are suffering due to the debt crisis in Greece. UK businesses with Greek customers may be experiencing cash flow problems as a result of the debt crisis in Greece.

The Greek authorities have introduced measures that are designed to limit the movement of money out of the country, which obviously makes it hard for Greek customers to meet their obligations to overseas businesses.

The UK government is advising UK businesses to check with Greek customers or suppliers the extent to which the new restrictions will impact on business arrangements in place. The Chancellor has confirmed that HMRC’s time-to-pay service is now open to help UK businesses that are having difficulty meeting their tax obligations due to the Greek debt crisis. A dedicated helpline has also been set up to help those affected (0300 3308 100) which should provide an opportunity for payment plans to be put in place.

The Department for Business, Innovation and Skills has published detailed guidance to help business, which can be found here. If your business is experiencing problems with Greek contracts, you can call the Business Support Helpline (0300 456 3565), which will provide access to commercial lawyers with experience in the Greek market.

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com