HMRC’s accelerated payment demands
HMRC has announced that is has now issued over 600 accelerated payment notices (APNs) to users of marketed tax avoidance schemes, covering tax amounting to £250m. By the end of March 2016 HMRC aims to have issued 43,000 such notices, covering £7.1bn.
The Treasury said that APNs are changing the economics of avoidance by removing the cash flow advantage that users have. HMRC says that it is making good progress in tackling avoidance and added that if anyone is concerned about being able to pay the notice they should contact HMRC as soon as possible.
Recipients of a notice have 90 days to pay the tax demanded. However, HMRC says that people affected have already been in touch to arrange to make payments, and that many more users are also choosing to contact HMRC about settling their tax affairs in advance rather than waiting to receive a notice.
Date: 12th November, 2014
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Lisa Spearman, Private Client Partner advises on 'Tales of the unexpected : UK tax where you didn’t think you would… twitter.com/i/web/status/1…
Observations on the government consultation response of 26 August 2018 by Chris Laughton, a corporate advisory part… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole