HMRC to focus on £3.5bn missing economy
HMRC is weighing up a proposal to strip firms of their operating licences if they don"t pay enough tax. The proposals are the latest attempt by the taxman to bring more small firms across a panoply of industries into the tax net. The aim of the proposals, which are open to consultation, is to “promote compliance by enabling customers to get their affairs right from the outset”, according to HMRC. However, it would also affect firms looking to renew their operating licences. They may see their right to operate withdrawn unless their tax affairs are in proper order. The move could slow down the process of obtaining and renewing licences, according to tax experts.
Source: The Sunday Times (24/12)