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HMRC increases use of winding up petitions to recoup tax debt
by Susie Hughes at 15:09 22/07/14 (News on Business)
HM Revenue and Customs has filed 4,147 winding-up petitions in the courts in the last year in a hard-line bid to recover unpaid tax from businesses - an increase of 11 per cent on the previous year when it submitted 3,733.
Having a company wound up is one of the most powerful weapon in HMRC’s arsenal against businesses with unpaid tax bills, because if granted it forces a business to be sold and its assets liquidated in order to get back the amount outstanding.

Finance providers, LDF, says that the jump in the number of petitions filed by HMRC to wind companies up throws a spotlight on the lengths to which it is prepared to go to recover the tax which is owed.

Peter Alderson, Managing Director of LDF said: “HMRC is still under huge pressure to get all their tax receipts in and wants to be seen to be taking a tough stance against those who don’t pay up on time. This jump in winding-up petitions in the last year shows that it is now prepared to go to much greater lengths than previously in order to recover unpaid tax.

“Despite having other heavyweight tools at its disposal, such as the power of distraint which allows it to seize a debtor’s assets, HMRC appears to be taking an increasingly aggressive stance."

LDF says that they have seen cases where HMRC have been prepared to give a little lee-way to struggling businesses with short-term difficulties in paying, however it is unlikely to be sympathetic if this goes on for too long.

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Susie Hughes © Shout99 2014

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HMRC increases use of winding ... Susie Hughes - 22/07
    Re: PAYE leads to HMRC increas... Wilberforce - 22/07
       Re: PAYE leads to HMRC increas... davidpotts - 23/07
          Re: PAYE leads to HMRC increas... ability - 23/07
             Re: PAYE leads to HMRC increas... davidpotts - 23/07
                Re: PAYE leads to HMRC increas... brianc - 23/07
    Re: HMRC increases use of wind... alexroebuck - 30/07

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