HMRC Security Demands
Submit Articles Back to Articles
2nd May 2013
HMRC has an obligation to protect the revenue it generates,
and one of the tools they can use is a Security Demand. We are seeing
them being much more aggressive
in this area.
If HMRC feel there is a risk that the VAT that will be due
from a taxpayers business may not be paid, either because of a prior
non-compliance or operating in a risky environment, they may ask for
to be paid upon registration or after a period of non-compliance. If
the demand is not paid, the penalties a
business faces can be massive.
However, it is possible to negotiate with HMRC to reduce the
level of demand, sometimes down to nil. Dependent on the facts the
demand may even be withdrawn. If your client receives a security
is important to quickly seek specialist advice, as this is an area HMRC
they will usually dominate in.
About the Author
VAT People are leading VAT and Customs Duty
consultants based in the
North West of England. We work with a wide range of businesses
throughout the UK as well as assisting our accountancy colleagues to
unravel the thorny VAT issues for their clients. We are one of the UK's
largest and most comprehensive sources of VAT and Customs advice, our
consultancy team having over 140
years of experience in VAT and Customs
gained in either HMRC or a Big 4 accountancy practice environment.
Call us on our VAT helpline 0800 077 4604 to discuss. All initial discussions are free with no-obligation.
Follow us @Scopulus_News
Article Published/Sorted/Amended on Scopulus 2013-05-22 09:11:19 in Tax Articles