David Cameron Paves Way for HMRC to Target PAYE and NIC Dodgers

The Prime Minister announced the deepest public spending cuts for decades
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, targets employers guilty of ‘serious non-compliance’.
The announcement should be of particular interest to small-to-medium business owners looking to raise finance because they won’t be able use assets controlled by HMRC to secure additional loans.
Additionally, if a company goes into liquidation with serious VAT debt and the director(s) launch another business, the taxman will require a deposit before they allow the new venture to be VAT registered.
As these provisions already exist in relation to VAT, HMRC is simply trying to reduce the number of employers who pay VAT, but ignore NIC and PAYE.
When it comes to debt collection, HMRC are becoming increasingly more aggressive, particularly with small-to-medium businesses who should understand the new legislation effectively places the taxman ahead of other creditors.
Ex-Prime Minister and Chancellor Gordon Brown supported small businesses by introducing Time to Pay Agreements and removing the taxman’s status as a preferential creditor through the Enterprise Act 2002.
In contrast, David Cameron’s Tory-led coalition appears to be giving HMRC back their preferential status through the back door.
All creditors, unless they are secured, should be treated equally. That HMRC can ask employers for a deposit brings inequality and makes them a preferential creditor in everything but name.
The 79th Group- Administration Update And What It Means for You as a Loan Note Holder
Over the past few weeks, a wave of The 79th Group companies has collapsed into formal administration, putting millions of pounds of Loan Note Holders…
Read MoreWho’s Behind Billy Jackson? Uncovering the Team and the Companies
Part 3- Unravelling the Team Behind Billy Jackson Executive Summary -Billy Jackson operates a network of companies heavily reliant on Loan Note investments, many of…
Read MoreThe 79th Group Update-What You Need To Know
Administrations, Court Cases, and What Loan Note Holders Must Know Now The financial collapse of companies within The 79th Group is rapidly entering a critical…
Read MoreT&T Trustees Appoint Administrators to 79th Luxury Living Six
Are Investor Interests Being Protected? A New Twist in The 79th Group Saga Loan note holders in 79th Luxury Living Six Ltd (LL6) were recently…
Read More