Now here's an amusing article from the Scotsman that focuses on the marked decline in winding-up orders filed in Scotland during 2012. In the first half of 2012 HMRC filed 515 winding-up petitions in Scotland, yet in the second half HMRC filed 107.
Does this mean that the Scottish economy improved during that period?
Probably not, according to the restructuring practitioners that the Scotsman has spoken to HMRC has run out of cash to fund the petitions, and will resume filing them once the new financial year starts again in April. In other words this decline is but a temporary respite.
One practitioner is quoted:
"HMRC is under huge pressure to collect the taxes owed to the government, which is why we are hearing about companies finding it increasingly difficult to negotiate a grace period through the ‘Time to Pay’ scheme,” said one of the practitioners.
I would expect they will start petitioning again in April, when it’s a new financial year with a new budget. That’s unless their whole policy has changed, but I can’t imagine that is the case.”A spokeswoman for HMRC has dismissed as “nonsense” the idea that it has run out of money to wind up companies.
April will doubtless be a busy month in Scotland, but what of England?
Tax does have to be taxing.
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ReplyDeleteI would imagine if things are half as bad as they seem, then instead of a rush to spend any excess budget money, because if you don't spend it you can't have it next year, instead all departments will have been instructed to cease all ancilliary expenditure e.g. travel, training (other than CBT) subsistence or reimbursement as it is these days. This will mean all but the most exceptional visits to people and traders will be postponed.
Photocopying and printing, repair and replacement of anything, even H&S related if they think they can get away with it (100% of time) will be suspended along with early release schemes being halted and even allowed toilet break times will be shortened.
This story is quite true. HMRC are also dramatically scaling back on County Court action, as the legals budget is all gone until April.
ReplyDeleteThe spokesman was either lying or ignorant of the facts. If pushed, I would put my money on ignorance.