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HMRC business asset seizures up by 145%

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The number of businesses whose assets were seized by HMRC in order to settle outstanding debts grew by 145% in the last year, up from 649 in 2014/15 to 1,592 in 2015/16, says Funding Options, the online business finance supermarket. The value of assets seized was £42.6m, an increase of 175% over the previous year, where debts owed to HMRC totalled £15.3m.

Although HMRC often uses its ‘taking control of goods’ power as a last resort, Funding Options’ CEO, Conrad Ford, said that ‘with the stark rise in asset seizing, it’s clear that HMRC is cracking down on those businesses with overdue tax bills’.

Issue: 1323
Categories: News