HM Revenue & Customs Having Access to Your Bank Account
HMRC direct recovery of debts has been in force 06 May 2014 and they wanted parliament to introduce new powers in next year’s finance bill which would allow them to dip into to debtor’s bank accounts without any independent oversight.
HM Revenue & Customs Officers
One of the problems with many HMRC officers these days is their firm belief that they are right in what they do and that it is the taxpayer who is always mistaken.
Is this the way they are being trained or poor management? The whole idea is very controversial and should not be allowed as the risk of error is just too great.
Warnings to Taxpayers
The consultation document mentioned above states taxpayers with a good history of compliance in this area will be contacted at least nine times in total before they would consider taking fund from their bank account.
It is my belief that taxpayers with good history should be put to such extreme measures as this but maybe they are now being tarred with the same brush as those who don’t pay their taxes.
Ways to Help Yourself
Every bank will offer you whether is a deposit account to move money into be it a business account or personal account and you should consider this option.
As a business you may have the following taxes company tax, payroll tax, VAT there are more but these are the main ones, so by moving the money across to the deposit account the temptation of it being used is considerably less.
By doing this it will have your , late filing penalties and interest on company tax, surcharges on VAT of between 5%,10% and 15%.