HMRC is reminding employers that from April 2012 they may be asked to provide security where there is a risk of deliberate non-payment of PAYE tax and NICs. HMRC can already request a security for VAT.
Consultation closed in February 2011 on how a requirement for financial security can ensure 'that those employers who are determined rule breakers or pose serious risks do not gain a competitive advantage over those who pay on time’.
The change will not affect the vast majority of employers who pay their tax on time and in full, HMRC said. The power will not be used for employers who are having ‘genuine problems’.
The security will usually be in the form of a cash deposit or third party guarantee.
HMRC is reminding employers that from April 2012 they may be asked to provide security where there is a risk of deliberate non-payment of PAYE tax and NICs. HMRC can already request a security for VAT.
Consultation closed in February 2011 on how a requirement for financial security can ensure 'that those employers who are determined rule breakers or pose serious risks do not gain a competitive advantage over those who pay on time’.
The change will not affect the vast majority of employers who pay their tax on time and in full, HMRC said. The power will not be used for employers who are having ‘genuine problems’.
The security will usually be in the form of a cash deposit or third party guarantee.
