HMRC asks for help ‘modernising’ business debt collection

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hmrc business debt collection

The HMRC has surprising made a public statement asking for advice on modernising its Business Debt Collection methods.

The statement issued a couple of days ago is asking for suggestions and advice on improving its current methods of tax debt collection from Businesses in the UK. The statement makes it clear that they are prioritising strategies on engaging with businesses that consistently pay their taxes as late as possible.

It has been reported that unpaid taxes owed to the HMRC have spiked as a result of the pandemic. Some legal experts have already warned of an insolvency tsunami caused by the financial rippling effect of the lockdowns.

Thousands of businesses are barely keeping their heads above water after a turbulent 18 months of restrictions and lockdowns. The HMRC Debt Collection practices would appear to be currently being reviewed in light of that.

In addition to pressures from the HMRC, a significant rise in unpaid invoices for Small Businesses has only served to fuel a simmering economic recovery post covid.

The HMRC is taking steps to improve its outreach to businesses heavily affected by this and improve its debt collection rates.

The statement makes it clear that the HMRC is keen to work with struggling businesses to help them get back on to a positive financial footing.

The request for assistance makes specific reference to requesting help from Insolvency practitioners, debt advice providers, debt collection agencies, financial advisers, accountants and Legal Professionals.

To read the statement in full, please visit the request for advice on Tax Debt Collection.

 

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