Credit, Collections & Insolvency News
HM Revenue and Customs (HMRC) has had success in reducing tax debt as a proportion of tax receipts for three consecutive years, while managing significantly more new debts since the pandemic, according to a new report by the National Audit Office (NAO). Taxpayers owed a total of £43.8 billion in tax debts at the end…
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The Treasury has announced that it expects to raise £240 million in the first year after launching a new tax collection policy. Private sector debt collectors will be enlisted to collect up to £4.3 billion in unpaid taxes, as part of a budget crackdown spearheaded by HMRC. The plan involves increasing HMRC’s capacity to follow…
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The increase in interest rates will make it harder for taxpayers to clear these debts according to latest HMRC analysis. The HMRC says it is seeing more taxpayers getting into debt and the average value of those debts is increasing as the economic situation remains challenging. The majority of tax debt is owed by small…
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