Press Release
12 November 2009 | MORE TROUBLE AHEAD IF DEFERMENTS END, WARNS TMA
Any bid by HMRC to boost revenues and cut Government borrowing by ending tax deferments will lead to a second wave of insolvencies and prolong the effects of recession, Britain's turnaround and recovery management specialists are warning.
TMA (UK) President Tyrone Courtman will tell members at their annual conference on 19th November that insolvencies are running at a lower rate than expecting during the worst economic downturn in living memory. One of the reasons is that more than 168,000 businesses have been able to defer tax payments – and an incoming Government faced with the need to cut its debts will be strongly tempted to try to claw back £30bn in tax arrears by ending “time to pay” agreements.
Please click here to down load a pdf of the full Press Release.