Commentary

V16.409 Protecting your taxes in insolvency

Part V16 Forms and other HMRC material

V16.409 Protecting your taxes in insolvency

V16.409 Protecting your taxes in insolvency

As announced at Budget 2018, from 6 April 2020, the government will change the rules so that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers and temporarily held in trust by the business go to fund public services, rather than being distributed to other creditors. This reform will only apply to taxes collected and held by businesses on behalf of other taxpayers (VAT, PAYE income tax, employee National Insurance contributions and Construction Industry Scheme deductions). The rules will remain unchanged for taxes owed by

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial