HMRC’s Wealthy team are issuing one to many letters to individuals registered as being a Person of Significant Control of a limited company. These are individuals who hold more than 25% of the shares or voting rights in a company, have the right to appoint or remove a majority of directors or otherwise have the right to exercise significant influence or control.
One letter is aimed at those who failed to submit a personal tax return for 2022/23, another for those whose 2022/23 and/or 2023/24 personal tax returns recorded lower income levels than HMRC would have expected. Those in receipt of the first letter have until 23 August 2024 to submit a 2022/23 return; those in receipt of the second letter have until the same day to ensure those years’ tax returns are complete and accurate.
2,000 letters have been sent to PSC who have previously completed self-assessment, while a further 340 letters have been sent to PSC who have not completed self-assessments.
HMRC’s Wealthy team are issuing one to many letters to individuals registered as being a Person of Significant Control of a limited company. These are individuals who hold more than 25% of the shares or voting rights in a company, have the right to appoint or remove a majority of directors or otherwise have the right to exercise significant influence or control.
One letter is aimed at those who failed to submit a personal tax return for 2022/23, another for those whose 2022/23 and/or 2023/24 personal tax returns recorded lower income levels than HMRC would have expected. Those in receipt of the first letter have until 23 August 2024 to submit a 2022/23 return; those in receipt of the second letter have until the same day to ensure those years’ tax returns are complete and accurate.
2,000 letters have been sent to PSC who have previously completed self-assessment, while a further 340 letters have been sent to PSC who have not completed self-assessments.
