Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: empanelment :: due date for vat payment :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 Tax liability on taxable income: Clarification from CBDT is a must
 Income Tax Returns (ITR) filing for salaried staff, others: Advance tax payment deadline nearing, pay or face penalty
 To avoid extra TDS, give tax-saving proofs
 TDS on Rent under section 194I of Income Tax Act
 New direct taxes code aims for lower rates, wider base
 Towards a new direct tax system
 Central Board of Direct Taxes (CBDT) signs two Indian Advance Pricing Agreements (APAs) in November, 2017
 CBDT asks I-T to slap higher tax rate on fraudulently revised ITRs
 CBDT to accept transfer pricing MAP sans riders
 CBDT relaxes norms for MAP & APAs
 CBDT directs I-T Dept to closely examine all revised ITRs filed after demonetisation

New direct tax debt collection powers will not put taxpayers into financial difficulty, says HMRC
May, 09th 2014

According to a consultation setting out the details of the proposed new power, around half of the expected 17,000 affected cases a year would involve debtors with more than £20,000 in their bank or building society accounts; while the average debt that would be collected was £5,800. The proposals are intended to allow the recovery of tax and tax credit debts from businesses and individuals that are able but that have actively refused to pay what they owe, the government said.

Exchequer Secretary to the Treasury David Gauke said that HMRC's new direct recovery of debts (DRD) ability would help to "level the playing field" between "honest" taxpayers and "the minority that dodge their responsibilities".

"The government's long-term economic plan is to reduce the deficit so that we deal with our debts," he said. "It is therefore important that people pay the tax they owe, on time. Although the vast majority do this, there is still a minority that chooses not to pay, despite being able."

"Providing HMRC with the powers to directly recover tax debts will reduce the debt owed to HMRC in the most effective way so that the government can continue to fund vital public services. Making this change will align the UK with other countries whose tax authorities use similar powers," he said.

As part of March's Budget, the Chancellor of the Exchequer announced that HMRC would be given the power to take money directly from the personal bank accounts of tax debtors who owe more than £1,000 in tax or tax credits. According to the consultation paper, HMRC would be able to use this power to recover money from bank accounts, building society accounts and ISA accounts. It would be used to recover unpaid tax debts, overpaid tax credits, unpaid National Insurance contributions and unpaid fines.

Only those debtors owing more than £1,000 and who have repeatedly ignored a minimum of four attempts by HMRC to make contact would be targeted using the new power, according to the consultation. The department would proceed by placing a hold on debtors' accounts and giving them 14 days to contact HMRC and arrange payment before any money was taken. Only those with "established" debts and who are now time-barred from appealing against HMRC's decision would be targeted by the new procedure, according to the consultation.

HMRC said that it would continue to provide a "flexible range of support for those who would like to pay on time, but find it hard to do so" once the new power became available, which is expected to happen in time for tax year 2015/16. It currently allows taxpayers to request a 'time to pay' arrangement, which could include paying any tax owed in instalments.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions