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Prepare to meet the VAT man...

9th December 1999
Page 7
Page 7, 9th December 1999 — Prepare to meet the VAT man...
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Which of the following most accurately describes the problem?

• Hauliers are more likely to find tax inspectors knocking at their doors next year.

The government is urging its VAT inspectors to spend more time in the field targeting businesses that are failing to pay up. The number of detailed audits carried out by inspectors has fallen from 350,000 to 180,000 during the past six years: the National Audit Office is worried that inspectors are spending too long selecting targets, leaving too little time to get out and check accounts. Around 211,000 traders are in the 'difficult" and "high-risk" categories, while half the 1.6 million registered traders remain in the "low-risk" bracket.

• Rogue directors can expect to be disqualified without being taken to court under the new Insolvency Bill.

This will introduce a "fast track" under which personal undertakings will have the same effect as court orders, registerable at Companies House. Any breach would be deemed to be a criminal offence.

Tags

Organisations: National Audit Office
People: Rogue

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