Categorized | news

HMRC hands out 57pc more winding up orders to firms this year

According to recently released figures, Her Majesty’s Revenue and Customs handed out 57 per cent more winding up orders to firms this tax year than the last.

The figures, which were published just a few days ago, found that the taxman presented just over 5,300 petitions to businesses for winding up in the 2011-2012 tax year. This was a considerable increase over the 3,367 petitions handed out by HMRC in the 2010-2011 tax year, and coincides with new restrictions instituted on the number of companies that are granted access to the Time to Pay system, a tax deferral programme, suggesting that the taxman’s sympathy no longer runs quite as deep when it comes to contractors and businesses that ran ashore on the shoals of rough economic waters over the past tax year.

An HMRC representative spoke out on the new figures to the press, remarking that the taxman’s intentions behind the clampdown wasn’t to coerce firms to shutter their doors or force more individuals into being bankrupt. Instead, the spokesman said that the true impetus behind the decision was instead made to maximise the debts collected by the taxation authority.

The taxman’s representative also said that HRMC will only initiate bankruptcy or winding up action in the event that the authority is of the belief that this would be the best way to protect the Exchequer’s interests in respect of specific debts. Such actions are never taken lightly, the spokesman added.

Be Sociable, Share!

More on this topic: Tags: , , ,

Print This Post

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts


contractor accountants


twitter Join the conversation
Free Telephone Advice