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9am Lowdown: HMRC debt recovery and the Magna Carta

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13th Jul 2015
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Monday morning! Here’s the news.

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Direct debt recovery undermines Magna Carta

New powers for HMRC to raid bank accounts and cash ISAs undermine the rights enshrined in the Magna Carta, the 13th century charter of rights, legal experts have claimed.

The direct debt recovery power which could see the tax authorities seize payments from employees and business bank accounts would cut out the legal process, a Taxpayers’ Alliance report alleges.

DDR will give HMRC the power to freeze all but £5,000 of an individual’s or firm’s assets even if the authorities simply believe someone ‘appears’ to owe tax.

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Welsh directors get banned for false accounts

Two directors of a Swansea company, including the owner of the famous Neath RFC, have been disqualified for submitting annual financial accounts with false information and providing false VAT returns to HMRC.

Frederick Geraint Hawkes, the owner of the rugby club, along with his mother Janis Hawkes, were the directors of FG Hawkes.

They have each been banned from becoming directly or indirectly involved in the promotion, formation or management of a company for 10 years from 22 July 2015.

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Greece finally strikes a deal

The Greek government and its Eurozone creditors have reached an agreement on a Greek bailout after marathon talks.

Donald Tusk, the head of the European Council, announced that the 19 leaders of the Eurozone had unanimously reached agreement.

He said they were “all ready to go” on a new programme for Greece under the Eurozone bailout fund, the European Stability Mechanism, adding that Athens had signed up to “serious reforms”.

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