HMRC aims for £7 billion

Aiming for £7 billion in unpaid tax, HMRC is about to start sending out ‘accelerated payment notices’ to 30,000 people and 10,000 businesses, says the Financial Times.

These go to those who have participated in tax schemes that HMRC has ruled ineffective. Recipients get 90 days to pay and incur a 5% penalty for late payment. At the same time, consultations continue on proposals to give HMRC the ability to take money direct from people’s bank accounts if they are late in paying their tax. Experts say this gives HMRC too much power.