More than 20,000 businesses have delayed paying more than £350million of tax after contacting the new Business Payment Support Service of Revenue & Customs (HMRC) since it was set up in November.

The new service, announced in the Chancellor’s Pre-Budget Report, gives businesses the opportunity to pay all their HMRC taxes, including PAYE, National Insurance Contributions and VAT, through payment timetables they can afford.

HMRC say it usually only takes them 10 minutes to reach a decision. Your circumstances will be reviewed, options discussed, and solutions tailored to your business needs, such as arranging for you to make payments over an extended period. No additional late payment surcharges will be imposed, although interest will continue to be payable on those taxes where it applies.

But you must contact HMRC before payments are due. You can call the telephone hotline on 0845 302 1435 Monday-Friday 8am to 8pm, and at the weekends 8am-4pm.