|
|
Names of tax avoiders to be made public in new HMRC plan
Monday 8th March 2010HM Revenue & Customs are making tax dodgers sweat as they reveal they will be publicly named and shamed from the 1st of April.
Numerous individuals and companies that have actively avoided tax paying, where the figure has amounted to more than £25,000, will have their details of evasion published on the HMRC website, HMRC stated.
The policy, vaguely announced in the Finance Act 2009, was encouraged by Stephen Timms, financial secretary to the Treasury, “to act as a deterrent to those thinking of dodging their tax bill.”
However, tax dodgers still have a chance to repent their elusive ways “by making a full and immediate disclosure to the HMRC”. Mr Timms also added that the first names were unlikely to be published before the first half of 2011 in effect to this.
The Treasury financial secretary has warned that the new approach should make people think again about trying to get away with tax fraud, as offenders will now not only pay the tax, interest on the tax, plus penalties of up to 100% of the tax lost, but they also now risk being identified publicly.
The Government has said that it will only be targeting deliberate tax evaders and has urged anyone who thinks they are not paying the right tax to get in contact with the HMRC.
However, debt experts have said that this new approach could lead to more people being pushed into debt. Kevin Still, director of debt solutions firm, Atlantic Financial Management, commented: ““Aside from those people or small businesses that are deliberately avoiding paying tax on a sustained basis, there are millions that are struggling with debts where they have had to use funds destined for the tax man to prop up their businesses and personal finances.
“We see a lot of self-employed people and sole traders using personal credit cards to keep their business afloat. We work closely with our Insolvency Practitioners and Business Recovery specialists to help business people with business and personal debts, including those with HMRC.”
Share this article:
Nowpublic
Digg it
Del.icio.us
Reddit
Newsvine
Related News Stories
‘Significant’ number of brokers owed commission by failed debt firmWednesday 28th July 2010
Bank worker embezzled £150,000 to pay off credit card debts
Wednesday 28th July 2010
Consumer credit regulation may be taken from the OFT
Wednesday 28th July 2010
Northern Rock director banned for continued misreporting of mortgage arrears
Wednesday 28th July 2010
Divorce on the rise again as debt-ridden couples save up for split
Wednesday 28th July 2010
Most Read News Stories
Barclays lifts lid on banking write-offsWednesday 20th February 2008
Send To Friend Print
RSS Feed
News Archive
Feedback:
If you have any queries about this news story or our news section, please contact us
