ICAS joins with other insolvency professional bodies to write to HMRC about engagement with the insolvency profession
By Steven Wood, Practice Support Specialist (Insolvency)
17 July 2023
We have joined with the insolvency trade body R3 and the other Recognised Professional Bodies (‘RPBs’) to raise concerns about HMRC's engagement with the insolvency profession, highlighting the negative effects resource allocation is having on the profession and creditors.
HMRC service levels
We continue to hear from insolvency professionals about the delays, business disruption and frustration that has become a regular occurrence when dealing with HMRC. The issues experienced incur additional and unnecessary costs which impact on returns to creditors, result in regulatory burdens for the profession by prolonging the duration of insolvency cases and result in delays in returning funds to HMRC and other creditors.
Joint letter
ICAS, along with R3 and the other RPBs, has written a letter to Myrtle Lloyd, Director General of Customer Services at HMRC. The letter provides an overview of the problems and issues faced by insolvency professionals and illustrates that HMRC is not meeting its own charter standards when it comes to insolvency matters. Furthermore, it asks HMRC to commit to several actions that would assist insolvency professionals.
