{"id":2700,"date":"2018-10-15T11:54:39","date_gmt":"2018-10-15T11:54:39","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=2700"},"modified":"2018-10-15T11:54:41","modified_gmt":"2018-10-15T11:54:41","slug":"hmrc-clamp-down-on-late-payments-by-seizing-assets-from-businesses","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/hmrc-clamp-down-on-late-payments-by-seizing-assets-from-businesses\/","title":{"rendered":"HMRC clamp down on late payments by seizing assets from businesses\u2019"},"content":{"rendered":"<p>Recently, there has been a sharp increase in tax inspectors taking control of goods to settle bills with companies who cannot afford to pay with cash.<!--more--><\/p>\n<p>HM Revenue and Customs (HMRC) have seized assets from 2,833 businesses<br \/>\n\u2019 in 2017\/2018, which has jumped up by 45 per cent from 2016\/17.<\/p>\n<p>HMRC has the power to take assets from businesses\u2019 that do not have the cash funds to pay their tax bill, this can include IT equipment and machinery. However, the removal of such crucial items could force firms to cease trading.<\/p>\n<p>The increasingly aggressive debt collection policy comes at a time when businesses\u2019 are already facing other potential risks such as interest rates and increased barriers to trade after Brexit.<\/p>\n<p>Funding Options Chief Executive Conrad Ford, said: \u201cHMRC is jeopardising the future of these businesses\u2019 by removing their assets.\u201d<\/p>\n<p>\u201cThere are often genuine reasons why these firms aren\u2019t able to pay their tax bills on time, such as cash flow issues stemming from late payments from clients,\u201d he added. \u201cThere may be a better way for HMRC to recover the tax than removing a business\u2019s vital assets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, there has been a sharp increase in tax inspectors taking control of goods to settle bills with companies who cannot afford to pay with cash.<\/p>\n","protected":false},"author":2,"featured_media":2702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,31,28],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2700"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2700"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2700\/revisions"}],"predecessor-version":[{"id":2701,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2700\/revisions\/2701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/2702"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}