Tag: HMRC

HMRC Set To Rank Higher Among Creditors

Insolvent business will soon see HMRC moving up the rankings among creditors when new insolvency measures are introduced in 2020.   In the past HMRC was always a priority creditor until 2002 when the Enterprise Act was introduced and put into place in 2003 classing them as an unsecured creditor. This meant HMRC was relegated to…




When Insolvency Has A Bigger Sting In The Tail

The story of one unfortunate former restaurant owner serves as a warning that insolvency can leave business owners open to further scrutiny of their business.   The recent case involving Azam Ail, former director of the Indian Restaurant Pabna Restaurant Ltd (Pabna) ended with 9-year ban from the promotion, formation or management of a company unless…




Does HMRC Ever Write-Off Tax Debt?

Ever heard the saying about death and taxes being the only certainties in life? Well if you’re a business owner with tax debts, one thing you can also rely on is that you will be pursued relentlessly until they are repaid.  So are there any circumstances where the debt can be written off?    Unfortunately, if…




HMRC Credit Card Payment Rule Change

More self-employed business owners could be pushed into debt as a result of a late change in the rules on using personal credit cards to pay tax bills.   While self-employed people with accountants or established accounts departments will have set aside sufficient funds to cover self-assessment tax bills this year, a decision by HMRC not…




Get Offshore Tax Affairs In Order Or Face Consequences Says HMRC

Following gloomy news from the recent budget statement, the HMRC are signalling their intent when it comes to tax avoidance, with the latest announcement concerning off-shore tax disclosure. Anyone who has felt the impact of an investigation by HMRC will understand just how costly the penalties are if large sums of money are owed in…