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A RECENTLY ARTICLE IN THE INSOLVENCY NEWS:-

While weak performance is anticipated for 2017, 2016 hasn’t been the best year for businesses in tax arrears. In the past year the number of businesses that have had assets seized by HMRC has increased by a dramatic 145 percent.

Funding Options¸ a finance matchmaker, found that businesses who had assets seized to settle outstanding debts increased from 649, for the year ending March 2015, to 1,592 for the same period ending in 2016 – a total increase of 145 percent.

The amount of debt these assets seized to cover came to a total of £43m.

“This could have been the largest fine ever”

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