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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Wednesday, 31 March 2010
The Institute of Chartered Accountants (ICAEW) has issued an unusually strongly worded attack on HMRC wrt to "draconian" new HMRC powers that could force late payers of employment taxes into liquidation.
The ICAEW describes them as "wrong in principle and undemocratic".
The new measures, to be introduced in April 2011, will allow HMRC to demand financial security from businesses that regularly fail to remit PAYE and NI contributions on time or at all.
Businesses that refuse to provide security will be liable to a fine of £5K, as it would be deemed a criminal offence.
Frank Haskew of the ICAEW told the FT that he fears that HMRC's measures will also hit legitimate businesses that have difficulties paying tax because of cashflow problems.
Tax does have to be taxing.
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