The powers of HMRC continue to become stronger continually.
It is now possible for tax authorities (debt management) to raid your bank or building society accounts to ensure monies owing are paid.
If you owe the taxman monies in excess of £1000 the above will apply.
The ability to raid your ISAS is also to happen.
After a number of requests for you to pay your way has fallen on un listening ears -beware. The money will be taken by direct deduction!
From 2016 Self Employed will be having their Class 2 NHI included on the annual tax bill (January).
No more direct debits or quarterly demands.
This should be carefully noted as annual budgeting will be necessary.
The old annoyance of Class 4 NHI will continue to be paid by Self Assessment -January.
Anyone subscribing to tax scheme approved or otherwise should also be aware of tax challenges.
If offered so called tax avoidance schemes - avoid!
For more information contact Brian Foster & Co Accountants.
19th October 2010
Accountant at Brian Foster & Co.
Tel no: 01922 457 201