Delayed tax rebates are causing problems
While the UK tax authorities are becoming quicker and quicker on the draw when you owe them money the situation is not replicated when the taxman owes you a rebate. The number of examples of mis-management by the Treasury Department has been growing over the last few weeks with some people in danger of losing their home due to mortgage arrears even though the taxman has admitted tax rebates are due - often more than covering the individual's outstanding debts. There are also similar examples of businesses awaiting tax rebates, which are long overdue, while struggling for cash flow and funding.
It would appear that the specific department in the Treasury, which looks after the payment of tax rebates, has been overwhelmed by the number of problems and the security issues which need to be addressed before the payments can be made. Despite assurances by the authorities that red tape and delays will be taken out of the UK business and tax arenas it seems as though the authorities are quick enough to claim money owed but not so quick to pay-up themselves.
While the authorities managed to hide this particular problem for some time, the volume of complaints has mushroomed and is starting to hit the headlines of the financial press.
Share this..
Related stories
UK house price rise runs out of steam
The Council of Mortgage Lenders in the UK (CML) has this evening suggested that while there has been significant interest in UK property, limited access to mortgage finance appears set to cut this improvement short. Confirmation that mortgage lending fell again in May was something of a body blow to homeowners in the UK and perfectly illustrates the fact that while there appears to be demand for U...
Read MoreInstitute of Chartered Accountants releases upbeat Business Confidence Monitor
The Institute of Chartered Accountants in England and Wales has today issued its quarterly Business Confidence Monitor which indicates that UK GDP will rise by 0.5% in the third quarter of 2009. This is totally at odds with the vast majority of UK economists and UK analysts, as well as the Bank of England, and has surprised many people on the upside. The fact it comes at a time of renewed optimism...
Read MoreWill Cadbury succumb to Kraft Foods?
The ongoing £10 billion battle for control of Cadburys could well be a one-sided affair with little sign as yet of a white knight bidder entering the fray. If no other bidders counter the move by Kraft Foods then we are likely to see a stand-off situation between Cadburys and its US predator which will ultimately come down to price.
Even though it is not certain that Cadburys will...
Nationwide building society launches Champion Saver Account
Nationwide building society has today launched the Champion Saver Account which has been grabbing the headlines today and catching the attention of many savers around the UK. The account is slightly different to the norm in that it takes the top instant access, limited access and notice account rates available across the UK from eight predefined lenders. These figures will be used to calculate an...
Read MoreDo not count your chickens on the high street!
While John Lewis confirmed that Christmas Eve sales across the group were almost 25% higher than the same period last year there are many experts warning against complacency. Despite the fact that the surge in Christmas sales has been far greater than even the most optimistic forecasts, there is a concern this could be the rise before the fall. So why the doom and gloom? It would appear that ma...
Read More