- ?120,000 VAT scam exposed: HMRC sentences small business owner
- HMRC slammed for concealing Brexit reality from 100,000 small businesses
- HMRC seizes assets from almost 2,000 small businesses in a year
?Assets that are seized by HMRC are often sold at fire sale prices, which means that HMRC is often unable to recoup the tax owed by these asset sales.”“Instead of selling these assets at auction, HMRC should investigate other methods of recouping the tax.? Funding Options suggested that one way of doing this would be to give businesses more generous ?time to pay,? which is an HMRC scheme that allows businesses to spread tax payments over a period of time. ?HMRC is jeopardising the future of these businesses by removing their assets. There are often genuine reasons why these firms aren?t able to pay their tax bills on time, such as cash flow issues stemming from late payments from clients,? said Conrad Ford, chief executive of Funding Options. ?There may be a better way for HMRC to recover the tax than removing a business?s vital assets. Cash flow difficulties that mean a business cannot settle its tax bills should not spell the end for them. “Businesses should be aware of all the finance options available that can help them through financial difficulties, which can be arranged quickly and efficiently, including specific finance products to pay tax bills.? __________________________________________________________________________________
HMRC publishes VAT guidance in the event of no-deal Brexit HMRC has released guidelines to make business owners aware of both immediate and long-term changes if no trade agreement is struck with the EU. __________________________________________________________________________________
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