Darthter 542 Posted February 15, 2012 Share Posted February 15, 2012 Came across the info below: Powers to prevent deliberate non-payment of PAYE From 6 April 2012 HM Revenue & Customs (HMRC) will be able to ask employers to pay a security where there is serious risk that they wonâ??t pay over their PAYE tax deductions or Class 1 National Insurance contributions (NICs). This will not affect the vast majority of employers who pay their tax on time and in full. And it wonâ??t be used for employers who are having genuine financial problems. On this page: Why HMRC has been given this new power What is a 'security'? How the powers will be used Employers with genuine financial difficulties More useful links Why HMRC has been given this new power Businesses have repeatedly told HMRC that they resent the unfair advantage gained by those who donâ??t meet their tax obligations. HMRC is determined to pursue those who wonâ??t pay, to make tax fairer for all. HMRC can already ask for a security for VAT, insurance premium tax (IPT) and environmental taxes. They are effective - in around half the cases the trader becomes and remains compliant after receiving the first warning letter. Top What is a 'security'? The required security will usually be either a cash deposit from the business or director - held by HMRC or paid into a joint HMRC/taxpayer bank account - or a bond from an approved financial institution which is payable on demand. Top How the powers will be used HMRC will use securities to tackle the handful of employers who deliberately try to defraud the government. These employers: deliberately choose not to pay engage in phoenixism - this is where a business evades tax by becoming insolvent and then sets up a new company the next day to continue trading have no qualms about building up large PAYE or NICs debts, including penalties do not respond to HMRCâ??s attempts to contact them These employers will have deducted this money from employeesâ?? pay packets under the pretext of paying their employeesâ?? income tax and NICs. It is not their money to use. HMRC will calculate the amount of the security on a case by case basis - depending on the amount of tax at risk, the previous behaviour of the employer and other risks. Those being required to pay a security can appeal against this decision. As with VAT, if an employer fails to provide the security for PAYE or NICs, HMRC can prosecute them. The sanction is a fine, not a custodial sentence. Complaints and appeals Top Employers with genuine financial difficulties If you are having financial difficulties you should read our guide 'Problems paying HMRC' which advises the actions you need to take and provides contact details for the HMRC Business Payment Support Service, who may be able to help you. Problems paying HMRC Source: HMRC Could this be the reason why administration has occurred this week??? The section in bold is especially pertinent.... 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,060 Posted February 15, 2012 Share Posted February 15, 2012 Came across the info below: Source: HMRC Could this be the reason why administration has occurred this week??? The section in bold is especially pertinent.... More probably he reckoned he'd raped all there was to rape, the sign was when Betts left the building having accomplished his mission. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted February 15, 2012 Share Posted February 15, 2012 Asset stripping seems to be the name of the game. 0 Quote Link to post Share on other sites More sharing options...
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