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HMRC and Treasury owed over £22 billion in unpaid debt

Over £22 billion in unpaid debt is owed to the HMRC and Treasury.

The UK government departments, mainly the Treasure and the Cabinet Office are owed £22billion. A serious plan is now being called for in order to manage and collect the debt owed.

The majority of the debt is owed to HMRC through un paid taxes, around £15 billion.

Funds that were owed to HMRC has actually dropped by £5.5 billion over the pat 4 years, however some of this was due to tax credits that were written off.

The Treasure and the Cabinet Office are working on a plan that involved a cross government strategic plan for debt collection which will ultimately lead to increased debt collections. However this has taken a very long time and improvements are yet forthcoming. Some authorities are suggesting we now should seriously consider the effectiveness of hiring commercial debt collectors.

This informative economy and business blog post was brought to you by Your Virtual Office London leaders in Virtual Office, Company Formation and Business Services. Read our blog for more informative stories.

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