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HMRC in bid to shut down businesses over unpaid tax

Last year saw a 12% increase in applications made by HMRC to close businesses for the purpose of recovering unpaid tax.

Business finance marketplace Funding Options claims that if the tax body succeeds in acquiring the winding up order, the businesses they are targeting will have no choice but to close. They will also have to liquidate their assets in order to pay any tax bills that remain outstanding.

Funding Options says that the move by HMRC demonstrates the steps it is willing to take to recover any unpaid tax.

Funding Options warned that as well as being closed, businesses could find themselves facing other negative consequences should they be unable to settle tax invoices by the deadline. HMRC can also levy significant fines and seize assets of any business that fails to pay tax arrears.

The CEO of Funding Options, Conrad Ford, says:

“Shutting a company down is the biggest weapon in HMRC’s arsenal, but it’s one the taxman is using more and more.

“HMRC faces a difficult balancing act of whether it should aggressively shut down businesses.

“In these extreme circumstances, companies may have some difficult choices to make between paying employees or suppliers and paying their tax bill.”

HMRC has shown little mercy of late when it comes to claiming unpaid tax , which is why it is so important for businesses not to put themselves in a position to be at risk. Employing the services of an accountant in the Wirral is the safest way to ensure that local businesses remain away from HMRC’s radar.

Posted by Peter
April 5, 2017
HMRC

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