Recovery of Debt by the Inland Revenue,Forty-Ninth Report of Session 2003-04,Report,Together with Formal Minutes,Oral and Written Evidence

Download or read book Recovery of Debt by the Inland Revenue,Forty-Ninth Report of Session 2003-04,Report,Together with Formal Minutes,Oral and Written Evidence written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Inland Revenue collects over £200 billion a year in tax and National Insurance contributions from 30 million taxpayers, ranging from individuals to multinational corporations. The total amount of debt from unpaid taxes stood at £12 billion at the end of March 2004, of which £3 billion was more than a year old. Following on from a NAO report (HCP 363, session 2003-04; ISBN 0102927596) published in March 2004, the Committee has examined the progress made by the Inland Revenue to speed up debt recovery, whether more can be done to encourage prompt payment and the application of good practice in debt management. Findings include that the Department should impose a surcharge on persistent late payers; use other government departmental records to find taxpayers it cannot trace; seek additional powers for enforcing debts similar to those of other tax authorities; and include debt management data in its performance measures.