Posts Tagged ‘hmrc’
We Pay the Price When HMRC Bends Rules for Football Clubs
Accusations of corporate tax avoidance have plagued Top Shop owner Sir Philip Green and telecommunication giants Vodaphone in recent weeks, but football clubs are often the worst offenders. Take Plymouth Argyle for instance. The League One club has managed to accrue a whopping £7 million of debt including an £800,000 liability from Her Majesty’s Revenue…
Read MoreIf Your Business is in Debt, a Winding Up Petition Could Follow Sooner than You Think
Around one in five businesses in the UK are worried about the amount of debt they currently owe creditors. Whilst most debts accrued by small businesses are owed to HMRC, owners are in fact more concerned about trade debts. Businesses deal with these types of debts on a daily basis, and so they can seem…
Read MoreWhy Have HMRC’s Time to Pay Schemes Plummeted? It’s All Politics, Darling
Official figures have revealed a rapid drop in the number of Time to Pay (TTP) schemes approved by HM Revenue & Customs (HMRC) in the past few months. The business support scheme introduced by the Labour government at the start of the recession to support struggling firms was initially overwhelmed, with 82,000 arrangements granted in…
Read MoreIs the Activroll Case Another Example of HMRC Abusing Their Powers?
It appears that a successful Scotland-based payroll company, which describes itself as one of the country’s fastest growing businesses, has become the latest victim of HMRC’s aggressive collection procedures. Last month, bosses at Activroll, which employs around 100 staff and has offices in the US and Australia, were shocked to discover a public notice in…
Read MoreA Winding UP Petition Doesn’t Have to Signal the End of Your Business
The vast majority of winding up petitions heard in British courts over the past 12 months were presented by HMRC and usually relate to VAT, PAYE arrears or failure of a Time to Pay arrangement. However, receiving a winding up petition from HMRC doesn’t necessarily signal the end of your business. Usually, petitions are preceded…
Read MoreDavid’s Cameron’s Insolvency Law U-Turn Will Please Creditors
It remains to be seen why David Cameron has made a u-turn over plans to radically reform insolvency laws. Before coming to power, the Prime Minister called for the introduction of US-style Chapter 11 rules, which would give struggling businesses ‘breathing space’ to get back on their feet without having to face liquidation. At the…
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