Taxman acts on late payments
Firms that fall behind with their tax payments are facing a more aggressive stance from the tax man, it's been claimed.
HM Revenue & Customs (HMRC) is responsible for 60% of petitions to wind up businesses, according to accountants UHY Hacker Young. The figure is up from 58% last year and 42% in 2001.
The accountancy firm says HMRC has been quicker to act by closing down businesses since it lost its preferred creditor status - which gave it access to the assets of an insolvent business before other creditors - in 2003.
UHY Hacker Young told icWales that HMRC would not hesitate in "pulling the plug" if it thought a business could not afford to repay it.
