HRMC: Thousands face tax raids on accounts
Chancellor George Osborne has revealed new plans for recovering tax debts, with wide-ranging reform to the current system giving authorities the permission to directly raid bank accounts in order to enforce the stricter new regulations.
The government has previously announced plans to clamp down on unpaid tax, but this represents the apotheosis of the new policy so far.
According to estimates by HM Revenue and Customs (HMRC), some 17,000 people a year will be affected by the scheme. HMRC will not be able to empty out accounts, instead having to leave a minimum of at least £5,000 for each taxpayer.
The UK tax authority predicted that the average debt of those likely to be targeted was £5,800. It added that in half of the cases on its books, debtors had more than £20,000 in their accounts, offsetting concerns that these measures will be unfairly targeted at people in financial difficulty.
HMRC will be able to seize money owed in tax, or money accidently paid to people due to an administrative error on their part. This will make such accidents less likely as well as easier to deal with, hopefully improving on the efficiency of the current process.
Although the Association of Chartered Certified Accountants (ACCA) had initially expressed its concern over the "draconian" nature of the proposed regulation, the organisation's stance softened slightly after having the opportunity to study them in full detail.
Chas Roy-Chowdhury, head of taxation at the ACCA, admitted that the scheme is "less fearsome than first thought".
"There remain some concerns over how efficient HMRC can be in maintaining those safeguards, as well as whether this initiative is in fact a toothless one that will make no difference at all to collecting taxes owed. However, it is important now to have constructive engagement with HMRC to ensure the proposals are reasonable and proportionate," he added.
Clearly, this shift will have a major impact on many people across the UK, especially those who do not have their tax affairs in order. However, it is also likely to drive change in the job market.
Graham Young, tax manager with Marks Sattin, suggested that demand for specialists is likely to soar, especially if further rule changes are afoot as the government attempts to push its efficiency drive and increase the amount of money coming into the treasury.
"Whether you are looking for opportunities in the profession across the Big Four, Top 20, boutique firms or in-house opportunities across commerce and industry and financial services, we consistently maintain numerous job openings to ensure we can provide our candidates with unrivalled market coverage," he declared.
Even if you have some expertise in the taxation area, there can be a host of benefits accrued from working with a specialist recruiter when trying to find a good role.
Given how popular a field tax is, with a host of experienced and talented workers clamouring for the best positions, having some guidance on how to tailor your approach could make all the difference and give you an edge over the competition.
Signup to receive the latest discipline specific articles
Related articles
Teaser
Change & TransformationContent Type
Career Advice
23/07/24
Summary
What is a change manager? A change manager ensures that business-wide changes are executed smoothly and effectively. This could be the implementation of a new process, system, or organisational
by
James Thompson
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Cillian Mcevoy
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Oliver Bradley
Related jobs
Salary:
£65,000 - £80,000 per annum + + bonus + benefits
Location:
City of London, London
Industry
FinTech
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity for a Commercial Finance Analyst to join a growing international FinTech.
Reference
BBBH181444
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£150,000 - £175,000 per annum + equity, bonus and benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks sattin executive search is working with an effective international, PE Backed healthcare buy and build business
Reference
TA 3325
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Equity, Bonus and Benefits
Location:
Essex
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is seeking a Chief Financial Officer to join a fast-growing PE-backed B2B business based in Essex.
Reference
TA 3324
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum
Location:
City of London, London
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity to join an international Bank and play a pivotal role in driving financial excellence, growth and transformation.
Reference
BBBH181445
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£180,000 - £200,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Energy, Resources and Industrial
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a successful PE Backed B2B Infrastructure Consultancy business based in Central London
Reference
TA 3323
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Negotiable
Location:
Chorley, Lancashire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Finance Manager (Management Accounts) - 40% home working
Reference
BBBH180107
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
Up to £55,000 per annum
Location:
Edinburgh
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Delighted to be working once more with one of our long standing clients, who due to restructure are recruiting a Commercial Financial Controller
Reference
BBBH179738
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
£85,000 - £95,000 per annum
Location:
Bristol
Industry
Technology
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged by an international software services company based in Bristol to recruit a Group Financial Controller.
Reference
BBBH181364
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
£50,000 - £55,000 per annum
Location:
Bristol
Industry
Manufacturing
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged on an exclusive basis to recruit a fantastic Capex Buyer role for a very exciting client based in the Bristol area.
Reference
BBBH181424
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
Negotiable
Location:
London
Industry
Pharmaceuticals & Life Sciences
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
A 6-month contract Senior Finance Business Partner role with a globally renowned research organisation in London.
Reference
JAR2802
Expiry Date
01/01/01
Author
Julia AruciAuthor
Julia Aruci