HMRC has announced that it will no longer provide pre- and post-tax clearances in members voluntary liquidation (MVL) cases. This decision, effective immediately, has significant implications for insolvency practitioners and businesses alike.
In a statement on December 6, 2023, HMRC revealed the cessation of tax clearance services for MVLs.
The decision was based on the absence of a statutory or best practice framework for HMRC to provide tax clearance. Instead, insolvency practitioners (IPs) must now close cases without tax clearance, relying on their professional judgement.
Insolvency practitioners have expressed frustration with HMRCs service levels, particularly concerning the delays in tax clearance for MVLs.
Shifting the burden
An…
Read the full article at: https://www.accountancyage.com/2023/12/12/hmrc-shifts-greater-responsibility-to-insolvency-practitioners-following-cessation-tax-clearance-services/