UK COVID-19 Developments
HMRC updates its trading activities guidance
United Kingdom, Insolvency & Restructuring, Litigation, Tax, Proskauer Rose LLP, Coronavirus, European Commission, HM Revenue and Customs (UK), UK House of Commons, Court of Justice of the European Union
This article was first published in the Australian Financial Review on Thursday, 22 February.
In the five years to November 2017, AUD1.8 billion of GST revenue was written-off due to phoenixing – where companies are stripped of assets and liquidated, then restarted under a different name leaving creditors out of pocket.