Treasury announces tax collection policy

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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HMRC tax debt hits £45.5bn

New figures released by the HMRC have indicated that the amount of tax owed to the Exchequer but remaining unpaid totalled £45.5 billion as of the end of September 2023, a slight reduction from the £45.9 billion balance for the quarter ending 30th June 2023 but still well above pre-pandemic levels. The total debt comprises £7.8…

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HMRC tried to shut down 440 companies over unpaid tax debts

20th February 2023 Business | #business closures#Tax debt

New data from Mazars, the international audit, tax, and advisory firm, shows that the HMRC tried to shut down 440 companies in the last quarter over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars says that the number of winding-up petitions can…

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Government criticised over £42bn of unpaid tax

11th January 2023 Arrears and Recoveries | #Tax debt

The Government has been criticised for failing to collect £42bn in unpaid tax from businesses and individuals. The Public Accounts Committee (PAC) says HMRC is still not deploying the resources required to maximise the tax revenues it collects or provide an acceptable level of customer service. At a time of huge strain for the public…

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