Beware – Loan Charge discovery letters are on the way!

HMRC are issuing Loan Charge discovery letters to a number of taxpayers still directly affected by the Loan Charge and who received remuneration by way of loans. If you or your clients receive one of these letters, read on to find out more and how you should deal with them. Who is caught? HMRC estimatesContinue reading “Beware – Loan Charge discovery letters are on the way!”

Has a tax scheme promoter left you high and dry? 

Saving tax for clients has always been a major objective for many accountants and other trusted advisors.  And, for many years, accountants and other advisors introduced their clients to a tax scheme promoter who sold various structures both offshore and onshore.

HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains

According to City AM, HMRC continue to pursue non compliant UK taxpayers by issuing nudge letters.  As previously covered,  HMRC’s use of nudge letters is a cost efficient way of recouping tax for the Exchequer without the need to launch a tax investigation into a taxpayer’s past tax compliance.  But beware, there are risks forContinue reading “HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains”

Exiting Remuneration Trusts can be tricky

Exiting Remuneration Trusts raise a number of issues that need to be addressed.  Finding a tax solution (particularly one that is acceptable!) may have become easier for some with HMRC’s new Settlement Terms recently announced.  Applications to HMRC have to be with HMRC by 31 July 2022, with all computations.  Even then there may stillContinue reading “Exiting Remuneration Trusts can be tricky”

HMRC offer a new Settlement Opportunity for Remuneration Trusts

There is no doubt that tax avoidance evolved over the years.  I first came across tax schemes in the 1990’s when there were more “simple” schemes such as investments in platinum sponge and alike.  Then they progressed to Employee Benefit Trusts and Remuneration Trusts through which owners of businesses were given interest free loans.  CertainContinue reading “HMRC offer a new Settlement Opportunity for Remuneration Trusts”

What will HMRC be sending you for Christmas this year?

For many taxpayers, a brown envelope from HMRC will not be well received at any time of the year.  Odds on it will contain bad news.  It may be the start of an investigation.  It may be a “nudge letter” or a “Check on tax position“.  It almost certainly won’t be a Christmas card! IsContinue reading “What will HMRC be sending you for Christmas this year?”