HMRC crunch time for tax avoidance schemes

Following a Supreme Court ruling regarding the Rangers Football club employee benefits scheme HMRC issued an invitation to taxpayers to register an interest in settling any tax liabilities arising from disguised remuneration schemes.  The ruling suggests that many common tax avoidance schemes whereby income is diverted away from an employee will no longer work.  This may include Employee Benefit Trusts, Employer-Funded Retirement Benefit Schemes, Contractor Loans Schemes and Self-Employed Benefit Schemes.  Settling with HMRC may prevent further immediate action by HMRC, reduce interest charges and give access to extended payment terms.

Contact David Dees or call 01908-662277 for assistance