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HMRC “aggressively” seizing small business assets to settle tax bills

Finance, Economy, Advice, Tax

With HMRC ramping up asset seizures by 45% to settle bills, take a look at your options to fund HMRC debt. 

The HMRC is “aggressively” seizing more assets from UK businesses struggling to pay their tax bills in cash, as experts warn against a heavy-handed approach on smaller firms.

According to new figures from online business finance marketplace Funding Options, there has been a 45% jump in the number of businesses having their assets seized to 2,833 in the last 12 months.

That is up from 1,953 the year before.

Funding Options said that the HMRC regularly “takes control of goods” from businesses in order to settle tax bills that businesses do not have the cash to pay.

Under the rules, HMRC is allowed to seize even business critical assets such as IT systems or machinery, the removal of which could lead to the closure of the business.

The study found that £69.7m was raised by HMRC from the sale of the assets it seized last year, up 67% from £41.6m in the previous year.

Read the full article HERE.

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