HMRC is getting tough with business with tax arrears, says Phil Allingan, who explains the tactics the tax authority is employing to pressurise them.
As each week and month goes by HMRC are turning the screw on businesses that have arrears of VAT, PAYE or Corporation Tax.
Do you remember the Covid lockdowns and restrictions from March 2020 until April 2022? It seems a long time ago now but how can we forget?
Since May 2022 the government have no longer had dedicated coronavirus teams so I suppose we can use that as the date when we officially came out of all restrictions. However, I speak to businesses every day that say they are still suffering financially and feeling the after-effects of the pandemic. Unfortunately, many businesses ceased trading during Covid, but there are still lots of businesses limping along on the verge of collapse.
During Covid times HMRC closed some of their debt management departments and stopped chasing businesses for overdue taxes, and instead were giving out money to some businesses to try to help them, as well as deferring payment of VAT or PAYE.
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