Businesses owe £1.8bn in late corporation tax
British businesses now owe just over £1.8bn in late corporation tax, up 15% in the past 12 months, according to a new study by online business finance supermarket Funding Options. The firm said smaller businesses were at particular risk of having their assets seized because of volatile cash flows, making it more likely that they fall behind on tax payments. Funding Options’ boss Conrad Ford said: “These figures demonstrate the growing pressure on cashflow for companies, which could get worse following the outcome of the EU referendum. Businesses need to have adequate funding to pay tax bills on time.”
HMRC avoidance crackdown leads to income tax rout
HMRC’s tough new stance on tax avoidance has resulted in £400m of extra income tax receipts this year, according to new figures released by the Government after a freedom of information request, with HMRC’s Counter Avoidance Directorate also collecting £886m from pinning down avoidance schemes, an 80% rise on the £494m taken during the previous 2014-15 financial year.
Stamp duty boosts tax receipts
New figures show that £7.7bn has been raised from stamp duty land tax (SDLT) during the first eight months of the 2016-17 financial year, despite a 10% drop in the number of homes being sold. The receipts are 12% higher than for the same period the year before.