From the payment condoc:
"There may however be instances, for example where tax has been withheld
from a payment, when an overpayment position is sufficiently certain at the
point an update is submitted for a repayment to be reasonably claimed. This
may relate to unused personal allowances, or other claims or allowances that
could crystallise at an earlier point. We believe that once digital record
keeping and updating is firmly embedded, there will be opportunities for
implementing some earlier repayments, and we seek your views on this. The
government will, of course, need to consider the affordability of any
suggestions received."
(Bolding is mine)
Surely this can't be right. It's suggesting that no repayment of money to a taxpayer can be made if the Treasury can't afford it. Surely if the Treasury can't afford to repay money that it is not entitled to have in the first place, then the country is insolvent?
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Replies (2)
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With the probably several hundred million pounds being paid to outside contracting firms for the design and implementation of MTD it is to be expected that HMRC cashflow will need smoothing:
1. Repayments to taxpayers may need to be held back
2 Following the mandation of quarterly reporting, quarterly payments on account is the next logical step to improve HMRC cashflow
I expect that HMRC's outside contractors will benefit from very positive cashflow - funded by taxpayers and their advisors. "The project [and its contract] is a scandal that warrants very detailed publc scrutiny."
Several hundred million pounds being invested by taxpayers so that they can pay their tax earlier.
David Dauke's a madman. No two ways about it.
