Like many other businesses, the government also faces the problem of uncollected debts. Their current amount of uncollected debts is an estimated £22.6 billion and they have announced plans to reduce this with the help of the private sector.
‘Integrated Debt Services Limited’ (IDSL) is a company which is jointly owned by the government and TDX group. It has been set up to provide a single point of access for debt management and collection services across government departments. The service will initially launch with: HM Revenue & Customs, the Department for Work and Pensions, the Student Loan Company, Legal Aid Agency and the Driver and Vehicle Licencing Agency.
In the past, the use of private sector organisations to assist in the collection of government debts has helped to improve debt recovery rates for government departments. With this cross departmental approach and access to private sector knowledge and expertise, it is hoped that this will improve recovery rates.
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Tax Protection
With HMRC becoming more spontaneous with tax investigations we strongly suggest that every business is insured against the cost of investigation. So strongly in fact, that we automatically build it in to our fixed fee agreements. Many of our clients have been very grateful for this insurance when HMRC have come knocking.
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Company Year End
The legal and compliance burden put on businesses through the need to submit tax returns and other such documents to strict deadlines is often one of the most stressful elements of running a business.
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