HMRC issued winding-up petitions to 440 companies in the final quarter of 2022, compared to 301 in the previous quarter, according to data seen by Mazars. The increase reflects a change of approach by HMRC, following the end in 2022 of the pandemic-related moratorium on winding-up petitions and increased pressure to collect more unpaid tax.
Michael Pallott, partner at Mazars said: ‘HMRC understandably needs to recoup money which the taxpayer is owed. However, given the negative economic outlook going into 2023, the increase in winding-up petitions from HMRC is likely to see more businesses forced to close their doors.’
In its 14 February 2023 monthly insolvency statistics, the Insolvency Service also reported an increase in compulsory company liquidations in January 2023 (up by 52% compared to January 2022) noting that this was partly down to an increase in winding-up petitions presented by HMRC.
HMRC issued winding-up petitions to 440 companies in the final quarter of 2022, compared to 301 in the previous quarter, according to data seen by Mazars. The increase reflects a change of approach by HMRC, following the end in 2022 of the pandemic-related moratorium on winding-up petitions and increased pressure to collect more unpaid tax.
Michael Pallott, partner at Mazars said: ‘HMRC understandably needs to recoup money which the taxpayer is owed. However, given the negative economic outlook going into 2023, the increase in winding-up petitions from HMRC is likely to see more businesses forced to close their doors.’
In its 14 February 2023 monthly insolvency statistics, the Insolvency Service also reported an increase in compulsory company liquidations in January 2023 (up by 52% compared to January 2022) noting that this was partly down to an increase in winding-up petitions presented by HMRC.
