Mark Collins (Synergy Tax Ltd) explains why it’s now time to settle.
Question
I am the owner of a successful family business which has made significant profits for many years. In early 2001 it was suggested by my accountant at the time that I could avoid paying PAYE and NICs by using an employee benefit trust (EBT) and loan arrangement. I subsequently extracted £500 000 in the form of a loan and used this money to buy my existing house. I have never repaid anything. Despite HMRC having asked at times I haven’t settled anything yet. I understand new charging rules are being introduced in 2019. What should I do?
Answer
You and many others…
Despite HMRC’s activity over the last few years there still seems to be a large number of smaller companies or one man bands who still have not...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Mark Collins (Synergy Tax Ltd) explains why it’s now time to settle.
Question
I am the owner of a successful family business which has made significant profits for many years. In early 2001 it was suggested by my accountant at the time that I could avoid paying PAYE and NICs by using an employee benefit trust (EBT) and loan arrangement. I subsequently extracted £500 000 in the form of a loan and used this money to buy my existing house. I have never repaid anything. Despite HMRC having asked at times I haven’t settled anything yet. I understand new charging rules are being introduced in 2019. What should I do?
Answer
You and many others…
Despite HMRC’s activity over the last few years there still seems to be a large number of smaller companies or one man bands who still have not...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
