Advisers see growing evidence of tax worries among clients

Cost-of-living crisis sees clients struggling to pay tax bills

Sahar Nazir
clock • 1 min read

Financial advisers expect to see a rise in clients using the HMRC’s Time to Pay (TTP) scheme, and in HMRC’s use of bailiffs, according to Premium Credit.

More than half (54%) of advisers cite the cost-of-living crisis as one of the main three reasons why clients are struggling to pay their tax bills. This was followed by 50% who said clients have seen their revenue fall, and 49% who cited personal circumstances of clients such as divorce. Just over half (55%) of advisers said HMRC sent a bailiff or enforcement officer to their clients' firm's premises to identify goods for seizure because a corporation tax bill was overdue. At least 73% expect this to continue over the next five years. The TTP scheme allows eligible businesses extra...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Considering client emotions: Dealing with post-Budget anxiety

Considering client emotions: Dealing with post-Budget anxiety

Advisers need to understand client emotions during 'turbulent times'

Isabel Baxter
clock 01 November 2024 • 4 min read
Well-trailed Autumn Budget 'not as dramatic as expected'

Well-trailed Autumn Budget 'not as dramatic as expected'

Although speculation around pensions tax-free cash was ‘unhelpful’

Isabel Baxter
clock 01 November 2024 • 4 min read
Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Wealth firm hosts its annual charity golf tournament

Professional Adviser
clock 01 November 2024 • 1 min read