HMRC has dismissed claims that its proposed new powers to force firms and individuals to pay up front any disputed tax associated with a tax avoidance scheme will lead to an increase in insolvencies. Accountancy firms have claimed that as many as 10,000 businesses could be affected by the accelerated payment notices, which are part of the 2014 Finance Bill. These would require the taxpayer to pay the disputed sum within 90 days and penalties might apply for late payment.
City AM (02/07/2014)
