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Help my account’s been robbed!

Author: Henry Ejdelbaum

Tags: AIMS, AIMS Accountants, hmrc, SMEs, Tax

So, it seems that HMRC are in the press once again and this time being even more controversial than usual. If you owe them money then you will more than likely find them snooping around your bank account as the Treasury plan to allow them to remove cash from your account from 2015 – if you owe them of course.

At the moment they are already doing this but as long as they have permission from a magistrate or high court judge. But it does make me a little nervous. Not because my account will suddenly shrink but will it actually work? Here are a few things to consider.

Will they always target the right people and how accurately will they do this? We all know large organisations sometimes make mistakes and HMRC are no exception – they are not known for their handling of sensitive data or their accuracy of tax records. They will probably go in with guns blazing so the chances are they will target a few innocent tax payers – but how many? According to the national press an estimated 17,000 people will be affected every year. It’s a big job so i doubt the planning and execution will be flawless. In addition, my guess is that they will go after the easy targets – probably SME’s since the big corporations have always an army of lawyers on standby.

At the end of the day if they were doing their job properly would they have to go to these extreme lengths? I will leave it to you to decide what you think and if I can give you any advice, get a qualified accountant and please make sure your taxes are up-to-date and never leave anything to chance.

At AIMS Accountants for Business we’re experts on tax and we’re not bad on giving out advice either. So if you think you might be in a pickle contact us now for a free no obligation consultation.

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