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Business bosses have been warned of a new power with which the taxman will be granted next year.
From 6 April 2012, HMRC will be able to obtain a security from an employer the department believes presents a serious risk of non-payment of tax via PAYE or National Insurance (NI) contributions.
The firm will be able to appeal against the amount of security demanded, which is likely to take the form of a cash deposit held by the Revenue, or paid into a joint taxman/taxpayer interest-bearing bank account. It also could be a performance bond, and there will be a criminal sanction for not providing a security when one has been demanded, with a fine of up to £5,000.
The alert features in the newly published Employer Bulletin 39, which contains a reminder that large employers, those with 250 or more employees on 31 October, will be required to pay their monthly PAYE and NI deductions electronically for the next tax year.
