MPs tell HMRC to pick up the pace of tax investigations - Wide spread abuse in the asset based finance sector

The Public Accounts Committee has criticised HM Revenue & Customs for its "unacceptably slow" action against tax avoiders.

Margaret Hodge, chair of the committee, said the inaction was putting tax revenues at risk: "HMRC must do more, faster."

She highlighted that a tax avoidance scheme closed down in 2009 was not taken to a tribunal until this year.
"This may be just the tip of the iceberg," Mrs Hodge said.

"It is better for us to get the money than HMRC" reason given for apply termination charges - said by a senior member of staff at a major asset based finance company (sub of a world famous bank)




The Publice Accounts committee will be focused upon to stop the wide spread abuse of the taxpayer by factoring companies when they know how much money can be gained by fraudalently putting a solvent company into liquidation for their PAYE and VAT outstanding amounts that is often up to £0.5M per company and there are thousands annually.

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