By Steve Knowles
If you have received a tax return from HMRC but chose not to return it, be warned: the tax man’s bite is definitely worse than his bark.
You may have received penalty warning letters which you have ignored because you did not think you were due to fill in the return. You may have had determinations issued by HMRC which again you have not paid because you do not think they are correct. You may get a letter advising you that they will take you to court and threatening you with bankruptcy
Once in court, HMRC will look to make you bankrupt which will have an impact on other finance arrangements that you may have. The bank will close your account, loan facilities will be withdrawn, as well as credit and store cards. All will expect to be paid immediately and you will have to enter into an IVA to settle all your creditors, including HMRC.
All this because you failed to complete a tax return! Don’t delay, contact a tax advisor today.
HMRC: Having their cake and eating it?