Posts Tagged ‘tax’
Poor Policing Leaves HMRC Exposed
I strongly disagree with the Insolvency Service’s recent claim the organisation ‘…does not hesitate to punish irresponsible directors.’
Read MoreHMRC Exhausted from Issuing Winding-Up Petitions
Last month’s revelation that HMRC resources are stretched so thinly the tax collector is no longer able to supply insolvency practitioners (IPs) with data, is a sure sign the British economy is bankrupt.
Read MoreHMRC Targets SMEs, But Ignores Corporate Tax-Dodgers
Restaurateurs and other small business owners are being targeted by HM Revenue & Customs (HMRC) as part of a national crackdown on tax evasion. Over the next few weeks, specialist tax inspection teams will pursue restaurants with intensive sting operations across London, Manchester, Liverpool, Cumbria and parts of and Scotland.
Read MoreDavid Cameron Paves Way for HMRC to Target PAYE and NIC Dodgers
From April 2012, HM Revenue and Customs (HMRC) will require a security from employers if they suspect National Insurance Contributions (NIC) and Pay As You Earn (PAYE) taxes will be unpaid. HMRC claims the new legislation, which includes a criminal offence for business owners that are asked to give security but fail to do so,…
Read MoreHMRC vs English Football: The Battle Rages On
English football clubs owed more than £22m in overdue tax to HM Revenue and Customs (HMRC) in 2010, according to figures released last week. Premier League clubs owed £8.6m, Championship clubs owed £6.4m and Football League clubs were indebted to HMRC for £7.4m. Dave Boyle, chief executive of campaign group Supporters Direct, believes the figures…
Read MoreSmall Business Owners Must Think Smart to Beat Inflation and VAT Increase
The findings of last week’s Bank of England review suggest interest rates are likely to rise over the next 12 months which is particularly concerning for small business owners, still reeling from the recent increase in VAT. Just weeks before the economic review, a study by Aldermore bank found almost 30% of small businesses will…
Read MoreDirectors are Wrong to Think They Can Avoid Taxman
The 10-year prison sentence a Yorkshire woman recently received for her part in a VAT scam described as ‘brazen and meticulous’ should be a lesson for any business owner or director who thinks they can outsmart HM Revenue and Customs. Jayne Mitchell, 40, and six others imported 7,000 new cars which passed through a chain…
Read MoreWhat’s More Important: Managing Debt or Bad Practice?
Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…
Read MoreSupermarkets Beating Pubs and Bars in the UK Alcohol War
Small and independent alcohol retailers should be concerned by a new study which found the number of failing bar and pub companies has risen by over 30 per cent. According to accountancy firm Wilkins Kennedy, 130 bar and pub companies went bust during the third quarter of 2010, compared with 99 during the same period…
Read MoreIs the Activroll Case Another Example of HMRC Abusing Their Powers?
It appears that a successful Scotland-based payroll company, which describes itself as one of the country’s fastest growing businesses, has become the latest victim of HMRC’s aggressive collection procedures. Last month, bosses at Activroll, which employs around 100 staff and has offices in the US and Australia, were shocked to discover a public notice in…
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