Tax Payments, Repayments and Debts
Three separate changes to the current law will be introduced in Finance Bill 2009 to:
• Introduce voluntary managed payment plans (MPPs). These will allow taxpayers to spread their income tax or corporation tax payments equally over a period straddling the normal due dates
• Allow HMRC to collect small debts they are owed through the Pay As You Earn (PAYE) system (comment: this provision has been available for several years-up to £2000,in fact)
• Provide a third party information power requiring companies and businesses to supply HMRC with contact details for people who are in debt to HMRC with whom they have lost contact
• Aligned record-keeping requirements
• New inspection and information powers including a modernised HMRC valuation power
• Better aligned time limits for making tax assessments and claims.