Do you trade on E-bay, Amazon, GumTree or similar or know someone who does?
Did you know that the tax man has been collecting information from E-bay to identify traders who are not declaring their income?
HMRC have gathered names, ID’s and transactional information and are cross referencing this to self assessment records to identify individuals who should be registered as self employed.
Penalties are greater where HMRC discover the income before you declare it to them, so if you are already a client of Defacto and have been trading in this way but have not yet told us about it let us know as soon as possible – and remember that even if you are not making a profit the income should be declared and the losses recorded.
If you know someone who has been trading through one of these sites and may not have registered for self assessment then please pass on our details and let them know that we can help them to register and prepare their return.
Showing posts with label Taxman. Show all posts
Showing posts with label Taxman. Show all posts
Monday, 4 August 2014
Monday, 28 April 2014
Tax Nudge
A "nudge" in this context is a piece of advice or an arrangement designed to encourage you pick the option the Government wants you to choose, such as contributing to a pension, or eating healthier foods.
In this case the nudge is information about the average profit ratios businesses in your business sector make, as reported on their tax returns. Working out these average profit ratios is called "benchmarking".
The Taxman is writing to a sample of traders in selected trade sectors quoting benchmarked profit ratios for those sectors. He asks the trader to review his turnover and expense figures before completing the 2013/14 tax return, with a view to ensuring the reported net profit (also known as bottom line) lies in a range around the benchmarked net profit ratio.
If you receive one of these benchmark letters, please send us a copy as the Taxman is unlikely to have copied us in. We can help you review your income and expenses to be reported on your tax return.
Don't take the letter as a sign that the Taxman has any evidence that your reported figures are wrong. There are many valid reasons why your business may not be typical. For example you operate in a difficult geographical location, or your business may open for different hours than other similar businesses.
However, if you have been hiding sales which have been paid by credit or debit cards, the Taxman can now easily prove that your sales are understated. This is because he can request details of all transactions processed by debit and credit card companies.
That sales data can be broken down by trader, and compared to the VAT and tax returns you have submitted. However, remember the credit and debit card data could contain errors.So if you are challenged on the basis of your credit card sales don't assume the Taxmans information is 100% correct.
In this case the nudge is information about the average profit ratios businesses in your business sector make, as reported on their tax returns. Working out these average profit ratios is called "benchmarking".
The Taxman is writing to a sample of traders in selected trade sectors quoting benchmarked profit ratios for those sectors. He asks the trader to review his turnover and expense figures before completing the 2013/14 tax return, with a view to ensuring the reported net profit (also known as bottom line) lies in a range around the benchmarked net profit ratio.
If you receive one of these benchmark letters, please send us a copy as the Taxman is unlikely to have copied us in. We can help you review your income and expenses to be reported on your tax return.
Don't take the letter as a sign that the Taxman has any evidence that your reported figures are wrong. There are many valid reasons why your business may not be typical. For example you operate in a difficult geographical location, or your business may open for different hours than other similar businesses.
However, if you have been hiding sales which have been paid by credit or debit cards, the Taxman can now easily prove that your sales are understated. This is because he can request details of all transactions processed by debit and credit card companies.
That sales data can be broken down by trader, and compared to the VAT and tax returns you have submitted. However, remember the credit and debit card data could contain errors.So if you are challenged on the basis of your credit card sales don't assume the Taxmans information is 100% correct.
Second Incomes
The Taxman is reaching out to employees with second incomes; which could be anything from selling home-made items, to working as a self-employed consultant. All of the income and expenses from that second source of income should be declared to HMRC, and the correct tax must be paid where a profit has been made.
The Second Incomes Campaign provides a means to declare any "forgotten" second income with minimal fuss and penalties. All the tax due must be paid alongside any interest, this will be calculated from the date the tax was originally due to be paid.
To use the Second Incomes Campaign you must first notify HMRC either by completing an online form, or by calling: 0300 123 0945. HMRC will then respond with a disclosure reference number. You then have four months in which to make a full disclosure of the second source of income (quoting the reference number) and pay all the tax, interest and penalties due. We can help you calculate the amounts to be paid, and claim any losses.
The Second Incomes Campaign provides a means to declare any "forgotten" second income with minimal fuss and penalties. All the tax due must be paid alongside any interest, this will be calculated from the date the tax was originally due to be paid.
To use the Second Incomes Campaign you must first notify HMRC either by completing an online form, or by calling: 0300 123 0945. HMRC will then respond with a disclosure reference number. You then have four months in which to make a full disclosure of the second source of income (quoting the reference number) and pay all the tax, interest and penalties due. We can help you calculate the amounts to be paid, and claim any losses.
Tuesday, 1 April 2014
Search for Landlords
In our March newsletter we told you about HMRC's let property campaign (LPC) which aims to nudge landlords into confessing undeclared rental income. We also warned that HMRC is actively looking for errant landlords. We now know how those landlords will be found.
HMRC is writing to letting agents in the UK, asking them to provide details of the properties they have let in 2012/13, including the amount collected per property and the addresses of the let property and the landlord. The letting agent is given just 60 days to provide the information, or face a penalty of £300, and further penalties of £60 per day for additional delays.
The agent also can't refuse to provide its customers' details on the grounds that such personal information is protected by Data Protection Act 1998, as the tax law overrules the Data Protection Act in these circumstances.
If you have received such a request from HMRC we can help you compile the information in the form demanded - which must be on a pre-defined spreadsheet.
If you think your overseas property will never be found by the Taxman, think again. HMRC is using its "connect" programme to search holiday rental websites for UK residents who are letting overseas properties. If you live in the UK your overseas rents should be declared in the UK, as well as to the local tax authorities. Even if you make no profit from the property, you still need to show all the income and expenses on your tax return.
HMRC is writing to letting agents in the UK, asking them to provide details of the properties they have let in 2012/13, including the amount collected per property and the addresses of the let property and the landlord. The letting agent is given just 60 days to provide the information, or face a penalty of £300, and further penalties of £60 per day for additional delays.
The agent also can't refuse to provide its customers' details on the grounds that such personal information is protected by Data Protection Act 1998, as the tax law overrules the Data Protection Act in these circumstances.
If you have received such a request from HMRC we can help you compile the information in the form demanded - which must be on a pre-defined spreadsheet.
If you think your overseas property will never be found by the Taxman, think again. HMRC is using its "connect" programme to search holiday rental websites for UK residents who are letting overseas properties. If you live in the UK your overseas rents should be declared in the UK, as well as to the local tax authorities. Even if you make no profit from the property, you still need to show all the income and expenses on your tax return.
Thursday, 6 March 2014
Let Property Campaign
The taxman has launched another 'confess your tax sins' campaign aimed at individuals who have failed to declare rental income they have received from residential properties. This let property campaign (LPC) can't be used by companies that let property or by landlords who let commercial rather than residential properties.
Like other tax disclosure campaigns the taxman promises that you will pay a lower amount of penalties if you disclose under the LPC, but the tax due and interest on late paid tax will have to be paid in full.
If you want to use the LPC to declare income and gains from your let properties, you need to complete a notification form on the HMRC website, or phone the property campaign helpline on 03000 514 479. We can help you with this.
There is no set deadline for asking to use the LPC, but the Taxman is running a taskforce in parallel to the LPC which is targeting tax evasion by residential landlords. So it's a case of "confess before we catch you."
Once you have notified HMRC that you want to use the LPC, you will be given a reference number and be told to make a full disclosure of the previously un-declared income and gains within three months. You will also need to pay all the tax due within the same three month period. If you can't pay all the tax in that time period you must ask HMRC for a "time to pay" arrangement before the deadline arrives. We can help you with this as well.
Like other tax disclosure campaigns the taxman promises that you will pay a lower amount of penalties if you disclose under the LPC, but the tax due and interest on late paid tax will have to be paid in full.
If you want to use the LPC to declare income and gains from your let properties, you need to complete a notification form on the HMRC website, or phone the property campaign helpline on 03000 514 479. We can help you with this.
There is no set deadline for asking to use the LPC, but the Taxman is running a taskforce in parallel to the LPC which is targeting tax evasion by residential landlords. So it's a case of "confess before we catch you."
Once you have notified HMRC that you want to use the LPC, you will be given a reference number and be told to make a full disclosure of the previously un-declared income and gains within three months. You will also need to pay all the tax due within the same three month period. If you can't pay all the tax in that time period you must ask HMRC for a "time to pay" arrangement before the deadline arrives. We can help you with this as well.
Business Journeys - Sole Traders
A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of "what is a business journey?" The test case concerned a doctor who was both employed by the NHS and self-employed as a private consultant.
The Upper Tax Tribunal decided that the doctor's self-employed work started when he arrived at his private clinic, so the travel between his home and the clinic was not a business journey. This was in spite of the fact the doctor had an office at his home where he prepared his treatment plans.
So what does this mean for you as self-employed person who travels to various sites to work? The taxman will argue that your work only starts when you reach your customer's site and any business activity performed at your home-office is irrelevant. This would restrict your allowable travel costs to journeys between customers and deny a deduction for travelling from your home to the first customer of the day.
The key is determining where your "place of business" is located, and whether the activity undertaken at the home-office is wholly and exclusively undertaken for the purpose of your business. As ever it will come down to the evidence you can produce.
Can you show that the activities you perform at your home must be performed at that location? For example: contacting suppliers, drawing up quotes, or scrutinising plans. Also can you provide evidence of the time you spend working exclusively on your business at your home, perhaps by records in your business diary?
We can help you record the details the taxman will want to see in order to prove you do start work at home, and not when you reach you first customer of the day.
The Upper Tax Tribunal decided that the doctor's self-employed work started when he arrived at his private clinic, so the travel between his home and the clinic was not a business journey. This was in spite of the fact the doctor had an office at his home where he prepared his treatment plans.
So what does this mean for you as self-employed person who travels to various sites to work? The taxman will argue that your work only starts when you reach your customer's site and any business activity performed at your home-office is irrelevant. This would restrict your allowable travel costs to journeys between customers and deny a deduction for travelling from your home to the first customer of the day.
The key is determining where your "place of business" is located, and whether the activity undertaken at the home-office is wholly and exclusively undertaken for the purpose of your business. As ever it will come down to the evidence you can produce.
Can you show that the activities you perform at your home must be performed at that location? For example: contacting suppliers, drawing up quotes, or scrutinising plans. Also can you provide evidence of the time you spend working exclusively on your business at your home, perhaps by records in your business diary?
We can help you record the details the taxman will want to see in order to prove you do start work at home, and not when you reach you first customer of the day.
Friday, 31 January 2014
IHT Relief on Business Assets
Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die. The first £325,000 of assets is currently exempt from IHT in all cases.
There are also exemptions from IHT for business assets, such as shares held in unquoted companies. However, you cannot escape IHT by holding all your investments and spare cash inside your personal company. The business of the company must be more than passive holding of investments, and the Taxman normally regards letting property as an investment, but this is a grey area.
Even where your company has an active trade, it doesn't follow that the full value of its shares will qualify for the IHT exemption. The Taxman wants to look inside the company and check that each asset it holds, including cash, is used for the purpose of the trading business.
This can cause difficulties for companies which hold more cash than is needed for everyday working capital. If your company is in this position, to get the IHT exemption you need to form some plans for use of the funds within the business and document those plans.
The IHT exemption applies where the shares of the trading company are held by individuals, or where a holding company holds the shares, and shares in that holding company are held by individuals. However, where the holding vehicle is a general partnership or an LLP, instead of a company, the IHT exemption does not apply.
There are also exemptions from IHT for business assets, such as shares held in unquoted companies. However, you cannot escape IHT by holding all your investments and spare cash inside your personal company. The business of the company must be more than passive holding of investments, and the Taxman normally regards letting property as an investment, but this is a grey area.
Even where your company has an active trade, it doesn't follow that the full value of its shares will qualify for the IHT exemption. The Taxman wants to look inside the company and check that each asset it holds, including cash, is used for the purpose of the trading business.
This can cause difficulties for companies which hold more cash than is needed for everyday working capital. If your company is in this position, to get the IHT exemption you need to form some plans for use of the funds within the business and document those plans.
The IHT exemption applies where the shares of the trading company are held by individuals, or where a holding company holds the shares, and shares in that holding company are held by individuals. However, where the holding vehicle is a general partnership or an LLP, instead of a company, the IHT exemption does not apply.
Tuesday, 1 October 2013
Contractor Loan Schemes
Have you taken part in a contractor loan scheme? This is a tax saving scheme which was widely sold to workers in personal service industries, such as IT contractors.
To use the scheme the individual would sign an employment contract with an offshore employer, but work for customers in the UK. The individual would often receive a large proportion of their fee for that work as a loan from the offshore employer. They were told the loan was not taxable, except for a small benefit in kind charge on the unpaid interest on the loan, but that's not what the Taxman thinks.
The Taxman has publically announced that he is opening tax enquires into individuals' tax returns for periods during which they have used such loan schemes. In some cases the individual will receive a tax bill for the years 2008/09 to 2010/11, to collect the tax they think they avoided. There will be penalties and interest to pay on any tax found to be avoided.
If you have used a similar loan scheme to reduce UK tax, you should talk to us.
To use the scheme the individual would sign an employment contract with an offshore employer, but work for customers in the UK. The individual would often receive a large proportion of their fee for that work as a loan from the offshore employer. They were told the loan was not taxable, except for a small benefit in kind charge on the unpaid interest on the loan, but that's not what the Taxman thinks.
The Taxman has publically announced that he is opening tax enquires into individuals' tax returns for periods during which they have used such loan schemes. In some cases the individual will receive a tax bill for the years 2008/09 to 2010/11, to collect the tax they think they avoided. There will be penalties and interest to pay on any tax found to be avoided.
If you have used a similar loan scheme to reduce UK tax, you should talk to us.
Wednesday, 31 July 2013
My Tax Return Catch-up
The Taxman has launched a campaign to persuade tardy taxpayers to submit their over-due tax returns for 2011/12 or earlier years. If you have a personal tax return form (or notice to complete a tax return) sitting in a drawer, and have been putting off the tedious task of completing it, now is the time to act.
The Taxman's campaign is called: My tax return catch-up. It was launched in July and will run to 15 October 2013. It is not open to those who operate outside the tax system in the so-called 'black economy', and have never received a tax return form or notice to submit a tax return.
All the outstanding tax returns must be submitted by 15 October 2013, which is also the due date for paying any tax due. If you can't pay all your outstanding tax by that date, you can ask for a time to pay agreement to spread the tax payment over several months.
The incentives for joining the tax return catch-up campaign include lower penalties for late submission of returns and late payment of tax. Just how much lower those penalties will be is not specified, the actual discount will depend on your circumstances.
If you, or a friend or relative, want to take part in the tax return campaign, that taxpayer first has to tell HMRC they want to join. This can be done online, by phone or post and we can do this on your behalf. We can also help with completing the outstanding tax returns, calculating the tax due, and negotiating for time to pay outstanding tax with the tax office. Remember submitting an overdue tax return can sometimes result in a tax repayment!
The Taxman's campaign is called: My tax return catch-up. It was launched in July and will run to 15 October 2013. It is not open to those who operate outside the tax system in the so-called 'black economy', and have never received a tax return form or notice to submit a tax return.
All the outstanding tax returns must be submitted by 15 October 2013, which is also the due date for paying any tax due. If you can't pay all your outstanding tax by that date, you can ask for a time to pay agreement to spread the tax payment over several months.
The incentives for joining the tax return catch-up campaign include lower penalties for late submission of returns and late payment of tax. Just how much lower those penalties will be is not specified, the actual discount will depend on your circumstances.
If you, or a friend or relative, want to take part in the tax return campaign, that taxpayer first has to tell HMRC they want to join. This can be done online, by phone or post and we can do this on your behalf. We can also help with completing the outstanding tax returns, calculating the tax due, and negotiating for time to pay outstanding tax with the tax office. Remember submitting an overdue tax return can sometimes result in a tax repayment!
Friday, 31 May 2013
RTI Growing Pains
The Taxman is also causing RTI pains for employers and employees by issuing duff data.
Incorrect NI numbers
When you submit a FPS or NI number verification request (NVR), the Taxman should reply with any missing or corrected NI numbers. However, in some cases the NI numbers the Taxman has returned to employers have no suffix letter (A, B, C or D).
The Taxman says you should use the NI number he has sent to you in your payroll software, but to leave the last digit blank by typing a space using the space bar. This may not be a workable solution, because most payroll software will reject any NI number with less than nine characters. We're hoping for an HMRC update on this issue!
Sometimes a long standing NI number has been replaced, but the old NI number is quoted on official notices. This indicates a possible data corruption problem within the HMRC machine. You should exercise caution when amending any NI numbers notified by HMRC since 6 April 2013, and talk to us if in doubt.
Incorrect PAYE codes
Where you have submitted an FPS or employer alignment submission (EAS), which did not include all the employees normally on your payroll, without indicating that the EAS was a part submission, the Taxman has assumed that any missing employees have left your employment.
Subsequently when you submit a FPS including one of those missing employees, that employee is treated as a new starter, with a new employment record. Any details of benefits in the PAYE code belonging to that employee haven't been carried over to his new employment record. Thus his new PAYE code may be wrong.
The Taxman has advised employers in this position to use the old PAYE code for the employee. However, under the PAYE regulations employers are not permitted to take a view on which PAYE codes to apply and which to ignore. Many payroll software packages download the PAYE codes directly from HMRC and apply them automatically, with no human intervention.
The employer helpline will not discuss employee's tax codes with an employer, so the only way to straighten out the mess is to get the employee to contact the Taxman directly.
Incorrect NI numbers
When you submit a FPS or NI number verification request (NVR), the Taxman should reply with any missing or corrected NI numbers. However, in some cases the NI numbers the Taxman has returned to employers have no suffix letter (A, B, C or D).
The Taxman says you should use the NI number he has sent to you in your payroll software, but to leave the last digit blank by typing a space using the space bar. This may not be a workable solution, because most payroll software will reject any NI number with less than nine characters. We're hoping for an HMRC update on this issue!
Sometimes a long standing NI number has been replaced, but the old NI number is quoted on official notices. This indicates a possible data corruption problem within the HMRC machine. You should exercise caution when amending any NI numbers notified by HMRC since 6 April 2013, and talk to us if in doubt.
Incorrect PAYE codes
Where you have submitted an FPS or employer alignment submission (EAS), which did not include all the employees normally on your payroll, without indicating that the EAS was a part submission, the Taxman has assumed that any missing employees have left your employment.
Subsequently when you submit a FPS including one of those missing employees, that employee is treated as a new starter, with a new employment record. Any details of benefits in the PAYE code belonging to that employee haven't been carried over to his new employment record. Thus his new PAYE code may be wrong.
The Taxman has advised employers in this position to use the old PAYE code for the employee. However, under the PAYE regulations employers are not permitted to take a view on which PAYE codes to apply and which to ignore. Many payroll software packages download the PAYE codes directly from HMRC and apply them automatically, with no human intervention.
The employer helpline will not discuss employee's tax codes with an employer, so the only way to straighten out the mess is to get the employee to contact the Taxman directly.
Monday, 1 October 2012
Taxman on the Hunt Again
The Taxman has run a number of campaigns designed to encourage certain classes of taxpayer to declare their untaxed income. In the past we have seen campaigns aimed at medics, plumbers, tutors, electricians and e-traders.
A new campaign started on 26 September 2012, this time targeting direct sellers. These are people who sell products on a commission basis in customers' homes. These sellers often earn very little from their efforts, but they still need to declare those small amounts of income to the Tax Office. The campaign will primarily focus on helping the door-to-door sellers understand their obligations to register for tax and to file tax returns.
Following swiftly on will be a campaign targeting builders and tradesmen who provide home maintenance, repair or home improvement services.
These tradesmen may not be registered with HMRC under the construction industry scheme (CIS) if they only work for householders. If you are such a builder or trades-person, now would be a good time to talk to us about any tax related worries you have.
The Taxman has also formed some new taskforce teams to door-step particular businesses in defined areas. The latest list of potential 'tax cheats' now includes: grocers & retail traders, restaurants, motor-traders, hairdressers & beauticians, and London-based lawyers! If your business is on that list, please talk to us ASAP.
A new campaign started on 26 September 2012, this time targeting direct sellers. These are people who sell products on a commission basis in customers' homes. These sellers often earn very little from their efforts, but they still need to declare those small amounts of income to the Tax Office. The campaign will primarily focus on helping the door-to-door sellers understand their obligations to register for tax and to file tax returns.
Following swiftly on will be a campaign targeting builders and tradesmen who provide home maintenance, repair or home improvement services.
These tradesmen may not be registered with HMRC under the construction industry scheme (CIS) if they only work for householders. If you are such a builder or trades-person, now would be a good time to talk to us about any tax related worries you have.
The Taxman has also formed some new taskforce teams to door-step particular businesses in defined areas. The latest list of potential 'tax cheats' now includes: grocers & retail traders, restaurants, motor-traders, hairdressers & beauticians, and London-based lawyers! If your business is on that list, please talk to us ASAP.
Friday, 4 March 2011
Taxman Start Business Records Check
The Taxman is concerned that many small businesses are not keeping adequate records to support the entries on their tax returns. To encourage better record keeping he is taking a carrot and stick approach.
The carrot encouragement comes in the form of a number of new HMRC leaflets, and an online tool www.businesslink.gov.uk/recordkeepingcheck designed to help small businesses decide what records they must keep. These tools and leaflets contain quite a lot of jargon words and phrases, so we would recommend discussing your requirements with us.
The stick is a letter he is about to send to 50,000 small businesses, advising that they may be subject to a detailed records check.
Only a minority of these businesses will actually receive a visit from the Tax Office compliance check unit, and those visits will normally be arranged in advance. However, if your business is visited and your records are found to be inadequate you may receive a penalty of up to £3,000, which cannot be suspended even if you promise to keep better records in future.
The carrot encouragement comes in the form of a number of new HMRC leaflets, and an online tool www.businesslink.gov.uk/recordkeepingcheck designed to help small businesses decide what records they must keep. These tools and leaflets contain quite a lot of jargon words and phrases, so we would recommend discussing your requirements with us.
The stick is a letter he is about to send to 50,000 small businesses, advising that they may be subject to a detailed records check.
Only a minority of these businesses will actually receive a visit from the Tax Office compliance check unit, and those visits will normally be arranged in advance. However, if your business is visited and your records are found to be inadequate you may receive a penalty of up to £3,000, which cannot be suspended even if you promise to keep better records in future.
Friday, 15 October 2010
Tell the Taxman Now
Did you know you could be landed with a penalty if you fail to tell the Taxman when you become liable to pay tax? For example, when you become self-employed, or make a large capital gain. The deadline for declaring that you have income tax or capital gains tax (CGT) chargeable relating to the year to 5 April 2010, is 5 October 2010.
If you miss that deadline, the Taxman may send you a failure to notify penalty, which can be up to 100% of the tax due. However, if you pay all the tax due on time, which for income tax and CGT relating to the 2009/10 tax year, is by 31 January 2011, the penalty can be reduced to nil.
Where you have already received a self-assessment tax return form to complete for 2009/10 or a notice to file a self-assessment tax return online, your obligation to tell the Taxman is satisfied when you submit your tax return on time. But if you haven't got a tax return form, you need to ask the Taxman to set you up in the self-assessment system before 5 October 2010. We can help you with registration.
Once you are registered with the Tax Office, you should receive either a Tax Return form or a letter from the Taxman asking you to file a Tax Return online. The form or letter will include your Unique Taxpayer Reference number (UTR). If you submit a Tax Return that does not include your personal UTR number it may be rejected, and any tax payments you make will not be promptly matched to your records.
If you miss that deadline, the Taxman may send you a failure to notify penalty, which can be up to 100% of the tax due. However, if you pay all the tax due on time, which for income tax and CGT relating to the 2009/10 tax year, is by 31 January 2011, the penalty can be reduced to nil.
Where you have already received a self-assessment tax return form to complete for 2009/10 or a notice to file a self-assessment tax return online, your obligation to tell the Taxman is satisfied when you submit your tax return on time. But if you haven't got a tax return form, you need to ask the Taxman to set you up in the self-assessment system before 5 October 2010. We can help you with registration.
Once you are registered with the Tax Office, you should receive either a Tax Return form or a letter from the Taxman asking you to file a Tax Return online. The form or letter will include your Unique Taxpayer Reference number (UTR). If you submit a Tax Return that does not include your personal UTR number it may be rejected, and any tax payments you make will not be promptly matched to your records.
Taxman Brings in the Heavies
The Taxman has hired four debt collection firms to help collect an additional £140 million of unpaid taxes each year. Those firms are:
- Commercial Collection Services Ltd;
- Credit Solutions Ltd;
- Fairfax Solicitors Ltd; and
- iQor Recovery Services Ltd.
They will all be expected to operate under industry and Tax Office standards.
If you owe tax, even a just a few hundred pounds, you may well find a bailiff from one of those commercial firms on your doorstep. Before this happens you should receive a warning letter from the Collector of Taxes, but we know those letters can be out of date, contain incorrect figures or sometimes never arrive.
We are aware of some problems with corporation tax demands such as:
- Letters asking for tax to be paid but with no details of how the debt arose, or what period it is for;
- Demands sent where no corporation tax is due;
- Estimated tax bills issued and chased when in fact no tax is due.
If you receive a letter regarding an unpaid tax debt do not ignore it, even if the facts are incorrect and you don't owe the tax stated. If the Taxman's information is not corrected promptly you can expect to see the bailiffs and they can be hard people to deal with.
- Commercial Collection Services Ltd;
- Credit Solutions Ltd;
- Fairfax Solicitors Ltd; and
- iQor Recovery Services Ltd.
They will all be expected to operate under industry and Tax Office standards.
If you owe tax, even a just a few hundred pounds, you may well find a bailiff from one of those commercial firms on your doorstep. Before this happens you should receive a warning letter from the Collector of Taxes, but we know those letters can be out of date, contain incorrect figures or sometimes never arrive.
We are aware of some problems with corporation tax demands such as:
- Letters asking for tax to be paid but with no details of how the debt arose, or what period it is for;
- Demands sent where no corporation tax is due;
- Estimated tax bills issued and chased when in fact no tax is due.
If you receive a letter regarding an unpaid tax debt do not ignore it, even if the facts are incorrect and you don't owe the tax stated. If the Taxman's information is not corrected promptly you can expect to see the bailiffs and they can be hard people to deal with.
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