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HM Revenue and Customs looking to write off £1.5 billion

As if matters could not get any worse HM Revenue and Customs it has been revealed that the authorities are currently considering writing off up to £1.5 billion in unpaid taxes. It is believed that any overdue taxes which are more than two years old may well be open to legal challenges and therefore the authorities could decide to avoid any potential legal issues and just write off the estimated £1.5 billion in lost revenue.

This is just the latest debacle from HM Revenue and Customs which have seen many taxpayers in the UK on the verge of receiving tax claims which could in some cases reach thousands of pounds. It is unclear whether any overpaid tax will be repaid if these particular issues relate to events over two years ago, although surely authorities would not go down this route?

At this moment in time it seems to be one problem after another with HM Revenue and Customs which is having a massive impact upon business and consumer confidence in this particular area of the UK government. There needs to be change across the board from the actual collection of taxes to the very complicated tax codes currently operating in the UK.

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