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Friday, 22 July 2011

HMRC appoints debt collection agencies to collect tax.

HMRC have appointed ten debt collection agencies to pursue tax arrears.  This follows a successful trial last year.  The agencies will be charged with collecting about £1bn in taxes. 

Given that the agencies will only be paid on the amount that they collect it is likely they will be somewhat more forceful than HMRC.  This is going to be added pressure on businesses.  They are being charged with collecting older and smaller debts allowing HMRC to focus on bigger ones.  Either way the HMRC are serious about the need to collect VAT and PAYE arrears

The collection agencies are the following;
Advantis Credit, Apex Credit, Close Credit Management, Clanchatton, Hillesden, Fredrickson International and Rossendales, Commercial Collection Services, Fairfax Solicitors and iQor Recovery Services.

HMRC will send a letter out prior to referring the debt to the collection agency.  We strongly advise that any business that receives this letter should contact the HMRC and try and agree payment terms.  Payment terms may not be able to be agreed with the agency  We can help with this.  If a time to pay by HMRC  is refused then this does not mean that a CVA is impossible.  A CVA is agreed by a different department known as the Voluntary Arrangement Service or VAS who we work closely with.

1 comment :

  1. I personally see a growing trend of hiring debt recovery agencies post economic slowdown in the country.Debt collections agencies are really hit among the business owners these days when the collection agencies are coming up ther market strategy-maker in getting the pending amount back in the campany.

    ReplyDelete

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