January 21st 2021
The recently introduced provisions detailed in the Finance Act 2020 allow HMRC to make directors, shadow directors, and other connected individuals, jointly and severally liable for the tax liabilities of insolvent companies or LLPs in certain situations.
March 31st 2020
As part of the government’s anti-avoidance measures, for the last few years HMRC can collect the tax they believe is due from tax avoidance schemes previously assumed to be compliant by their users.…
March 30th 2020
HMRC applies a systemised process of penalties and surcharges when your company defaults on its VAT liabilities. This includes the late filing of your VAT return as well as the payment of tax. The dea…
March 9th 2020
There has been much made of the Government’s clampdown on what it considers to be corporate tax avoidance in recent years and Accelerated Payment Notices (APNs) are viewed as being a key weapon in …
March 3rd 2020
By issuing VAT security bonds, HM Revenue and Customs reduce their risk of revenue loss from non-payment. In certain instances, such as when an insolvent company is bought out of administration by the…
February 25th 2020
Tax havens are big business; they are also big news. The release of the ‘Panama Papers’ earlier this year, which saw the leak of 11.5m files from the database of the fourth biggest offshore law fi…
February 24th 2020
A corporation tax liability refers to the legal obligation for a limited company to pay tax on its annual profits. As a director you must register your company with HMRC for corporation tax, and pay t…
February 19th 2020
Time to Pay arrangements (TTPs) enable businesses to pay off arrears of tax and National Insurance over an extended period of time, limiting HMRC penalties and allowing for recovery of commercial momentum.
February 18th 2020
The issue of tax avoidance schemes has become widely publicised, particularly over the last 18 months, in part fuelled by the media microscope fixing firmly on the finances of celebrities and multinat…
February 12th 2020
Changes in the rate of Entrepreneurs’ Tax Relief, due to come into effect in April 2016, are causing a rush to extract profits via Members’ Voluntary Liquidations (MVLs), the solvent liquidation p…
January 23rd 2020
ESC C16 was an extra-statutory concession widely used by company directors when closing down their business. Prior to legislative changes in 2012, ESC C16 allowed directors to follow a closure process…
January 13th 2020
In its 2014 Budget, the Treasury announced that it would give HM Revenue & Customs (HMRC) power to recover taxes owed by corporate and individual debtors directly from their bank accounts. Issues …
January 6th 2020
The new IR35 rules that come into effect from April 2020 will change the way in which contractor status is determined when working with medium and large organisations in the private sector. New legisl…
January 5th 2020
Tax avoidance can be described as bending the tax rules rather than breaking them, or exploiting loopholes in the tax laws. HMRC has been instrumental in recent years in bringing about significant cha…
