Month: August 2014

Personal insolvencies rise

There has been a sudden jump in the number of individuals becoming insolvent, amounting to the steepest rise in more than four years. Figures from the Insolvency Service show that 27,029 people in England and Wales became insolvent between April and June. That is a 5.1% increase on the same period in 2013. However, the … Continued

HMRC increases winding up orders

HMRC filed 4,147 winding-up petitions in the courts in the past year, a 10% rise on the previous 12 months. Peter Alderson, managing director of LDF, said: “HMRC appears to be taking an increasingly aggressive stance. This jump in winding-up petitions in the last year shows that it is now prepared to go to much … Continued

Landlords face HMRC probe

Concerns over the boom in buy-to-let mortgages could result in a crackdown on landlords and second home owners. As many as 900,000 property owners could be probed by HMRC over claims they have not declared profits they have made. Although there are an estimated 1.4m landlords in the UK, only around 500,000 have registered with … Continued

Tax fraud prosecutions to rise

A rule change introduced by HMRC has blocked taxpayers accused of suspected tax fraud from co-operating with revenue officials to try and clear their name before a criminal or civil investigation is launched. Previously taxpayers who believed they were innocent had the option to co-operate with HMRC to try and put things right. However, this … Continued