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HMRC issues warning to business debt advice customers

Date Added: 13/12/2010  

A warning to firms in the transport sector such as those taking business debt advice has been issued by HM Revenue and Customs (HMRC).

It pointed out that fines could be set to be imposed should organisations fail to make HMRC aware of any tax liabilities.

An HMRC spokeswoman explained that the fines could be as much as 100 per cent of the money owed by the business debt advice customer.

"The informal economy undermines the competitiveness of honest businesses and individuals; it can harm consumers and erodes tax receipts," she was quoted as saying by Road Transport.

It was added by the spokeswoman that firms such as those taking business debt advice need to make HMRC aware if they have sold an asset and made a profit, have a turnover which is about to exceed £70,000 or if they are renting out a property and receiving extra income.

Ellis Rich, chairman of the Performing Rights Society for Music, recently stated that retail firms taking business debt advice could boost their profits by playing music to consumers.

Posted by Miles Pritchard 

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