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Friday, 17 September 2010

HMRC to become more aggressive at collecting tax

The HMRC is feeling the pressure lately, not just due to inaccuracies in the PAYE system. Official figures showed that the annual amount of uncollected tax has reached a record £42billion. This represents a staggering 10% of money owed to the tax man goes unpaid.

Whatever happens the HMRC will need to collect taxes it is owed eventually. Apart from tax evasion and inaccuracies of its own making the time to pay scheme (TTP) will no doubt be looked at.

Thousands of businesses have been given time to pay their VAT and PAYE that they owe as the government would rather see them pay something rather than go under. I suspect that HMRC will be far less willing to give companies TTP schemes in the future and will be tougher in enforcing any non compliance. In the end HMRC are better than most at collecting their debts... A winding up petition tends to force the issue. If you are threatened with a winding up petition by a creditor then you need to take immediate action as once served your options are more limited.

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