EdgeNews l et t er I s s ue9 J anuar y-F ebr uar y2016
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L ea di ngupt oChr i s t ma sa ndt heendof2015, wes a ws ome r a t hera s s er t i v ebeha v i ourf r om HMRC.Onei ndi v i dua l wa s i nt er v i ewedunderc a ut i on, a l t houghwa snotgi v ena n oppor t uni t yt or egul a r i s ehi st a xa ffa i r s ; a not her , whodi d notqui t ema k et heE mpl oy eeBenetT r us tS et t l ement Oppor t uni t y( “ E BT S O” ) ,na l l yr ec ei v edapr opos edc ont r a c t s et t l ement . Ha v i ngs pok ent ooneI ns pec t orwhoi nt er v i ewedt het a x pa y er , t heyi ndi c a t edt ha tt her ewa snoopt i onot hert ha n pr os ec ut i on.
- HMRC’ sl as tc hanc e di s c l os ur ef ac i l i t y - HMRCoffer sl m par t ner s hi psanoppor t uni t yt o s et t l eongoi ngdi s put es Ant onL ane , Managi ngP ar t ne r
Ourqui c ka ndr a t he rr oughc a l c ul a t i onss howe dat a xl i a bi l i t yl e s st ha n£30, 000a ndt he mi s de me a nordi dn’ ta ppe a rt obet ooba d–nof a l s ea c c ount i ngorc r e a t i v ei nv oi c i ng, t he y j us tdi dn’ tpa yt a x ! I si tc omme r c i a l l ys e ns i bl et opr os e c ut ei nt hi ss c e na r i o?E v i de nt l y , HMRC be l i e v es o.T hepr os e c ut i onpol i c yi si nt e nde dt ode mons t r a t et ot hege ne r a l publ i ct ha t t he ya r enots a f ef r om pr os e c ut i ons houl dt he ye v a det a x . L a s twe e kwer e por t e dona na c c ount a nt , De nni sChr i s t ophe rCa r t e rL unn, whowa sf ound gui l t yof e v a di ng£6m i nt a xa ndha sbe e ns e nt e nc e dt ov ey e a r si nj a i l . L unn’ sc l i e nt s i nc l ude danumbe rof c e l e br i t i e s .Appa r e nt l y , L unnunde r t ooka c t i v i t i e st os a v ehi ma ndhi s c l i e nt ’ st a xwi t houtt he mk nowi ng. T her a ngeof s e r i ousoffe nc e si nc l ude dt hei na t i ngof a c c ount a nc yf e e sa ndt hef r a udul e ntus eof t r a di ngl os s e st ohe l phi ma ndhi sc l i e nt se v a de pa y i ngt he i rf a i rs ha r eof t a x( s e et hef ul l s t or yhe r e ) .AnI ns pe c t oronc ema deac omme ntt o mea boutac l i e ntwhoc l a i me dhi sa c c ount a ntha df a i l e dhi ma ndc i t e dt ha tt a x pa y e r swi s hi ngt oe v a det a xs e e me dt obea t t r a c t e dt oa c c ount a nt st ha twoul da s s i s t .T hea c c ount a nt be i ngr e f e r r e dt oi nt ha tc a s edi da l s ot ur nupa tt hec l i e nt s ’ hous ewi t hpe t r ol a ndama t c h s os l i ght l ymor es i ni s t e r .Howe v e r , t he r ea r et hr e ema i npoi nt st obea wa r eof : 1. Pr of e s s i ona l snota c t i nga ppr opr i a t e l ya r ea tr i s kof pr os e c ut i on; 2. AHMRCoffic e r ’ spe r c e pt i onof a na dv i s e rc a nbe c omet a i nt e da ndt hi sc oul dha v ea n a dv e r s ei mpa c tof r i s k sf ore i t he rt he m orac l i e nt ; 3. T hepr os e c ut i onpol i c yi st a r ge t e da ts c a r i ngt hehe l l outof pe opl e ! T ur ni ngt ot heunf or t una t ec l i e ntde s pe r a t et os e t t l et het a xduea r i s i ngf r om a nE BT a r r a nge me nta ndI wi l l nott r umpona boutmov i nggoa l pos t s , hi s t or i cc a s el a w, a ndt he s pur i ousRa nge r sc a s ede c i s i on, i ns t e a dI t ur nt oHMRC’ se ffic i e nc y .Al otof E BTus e r st r i e d t obewi t hi nt heE BT S Oa l t hought he yc ont e ndt ha tHMRCf a i l e dt or e s pondt ot he mi nor de r t ope r mi tas e t t l e me ntwi t hi nt het i me s c a l e .Di dHMRCt a k eont oomuc ha ndi f t he ydi df a i l at a x pa y e r , s houl dt ha tt a xpa y e rha v et opa ymor et ha nt ha tunde rt heE BT S O?I tt ook v e mont hsf orapos tE BT S Opol i c yf ors e t t l e me ntt owor ki t swa yt ot a x pa y e r s .T ha ti sv e mont hsof a ddi t i ona l i nt e r e s t , unc e r t a i nt ya ndt a x pa y e ra nx i e t y .HMRC’ sa ppr oa c hhe r ewa s wi t houtr e mor s ea ga i ni l l us t r a t i ngt her a t he rt oughs t a nc ebe i nga dopt e d. Aswes t umbl ei nt o2016a ndde s pi t eL i nHome rde pa r t i nga tt hee ndof t het a xy e a r , i ti sour be l i e f t ha t2016i sgoi ngt obeat ur bul e nty e a rf ora dv i s e r sa ndt a x pa y e r s .T he r ewi l l be mor epr os e c ut i ons , mor ee nqui r i e sa ndmor ec ont r ov e r s i a l a t t a c k sonhi s t or i ct a xpl a nni ng ( i npa r t i c ul a rt hos eoffs hor et hi ngs ) …
-Ac c ount antj ai l edf or£6m t axev as i on - Wha ts houl dadvi s er sdo whent hei rc l i ent sar eenqui r ed i nt obyHMRC? - Thewor s tex c us esf or mi s s i ngt hes el f as s es s ment deadl i ne - Keyda t esf ory ourdi ar y - Empl oy ees har es c hemes -I nc or por a t i on - EdgeNews -
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Ne ws l e t t e r T axRi s kUpdat e
HMRC’ s“ l as tc hanc e” di s c l os ur ef ac i l i t y Atmi dni ghton31Dec ember2015bot ht heL i ec ht ens t ei nOffs hor eDi s c l os ur eF a c i l i t y( L DF ) a ndt heCr ownDependenc i es ’ ( J er s ey , Guer ns ey , I s l eofMa n) f a c i l i t i es( CDF ) wer ec l os edt o newa ppl i c a t i ons . T hes ef a c i l i t i esa l l owedi ndi v i dua l st odec l a r et hei rwor l dwi de i nc omea ndbr i ngt hei rUKt a xa ffa i r supt oda t epot ent i a l l y wi t houtt heneedt ounder goa ni ndept hi nv es t i ga t i on.Cr uc i a l l y , t heus eoft hes ef a c i l i t i esa l s ooffer edanumberofa ddi t i ona l i nc ent i v esi nt hef or m ofr educ edpena l t i es , na mel y :
T hec l os i ngof t heL i e c ht e ns t e i nDi s c l os ur eF a c i l i t ya ndOffs hor e Di s c l os ur eF a c i l i t i e son31De c e mbe r2015c ur r ent l ydomi nat es t hewor l doft axr i s ks .Why ?We l l s ur e l yi t ’ sbe c a us eHMRCwi l l ne e dt odos ome t hi nga f t e rt hec l os ur et opr ov et he ya r es e r i ous a boutt a c k l i ngt hos et ha tdi dn’ te nt e rt hef a c i l i t i e s !Al l ot he rf a c i l i t i e sov e rt hepa s tf e wy e a r si nc l udi ngt hel e tpr ope r t yc a mpa i gn, e l e c t r i c i a nsa ndpl umbe r st a xs a f epl a ns , E BT S Oa ndCL S O we r ea l l qui c k l yf ol l owe dwi t ht a r ge t e dl e t t e r sa nde nqui r i e ss ugge s t i ngHMRCha dr e a s ona bl ee v i de nc eof t hos enotde c l a r i ng t her i ghta mountof t a x .Whywoul di tbeanydi ffer entf or t hos ewi t hoffs hor ei nt er es t s ? Ane wt oughe roffs hor edi s c l os ur ef a c i l i t ywi l l bel a unc he d gi v i ngal as tc hanc eoppor t uni t yt ot i dyupt a xi r r e gul a r i t i e s . T hei nt r oduc t i onof t heCommonRe por t i ngS t a nda r d( “ CRS ” ) unde rwhi c hover90c ount r i eswi l l s t a r tt os har et axr el at ed i nf or mat i onwi l l gr e a t l ya s s i s tHMRCwi t hi de nt i f y i ngt a r ge t s . T hei nt r oduc t i onof t heoffs hor ec r i mi na l offe nc es houl da l s o he l pa s s i s tt a x pa y e r st oc omef or wa r d.Asweha v epr e v i ous l y me nt i one d, wedon’ tbe l i e v et hos ewi t hoffs hor ea ffa i r sa r ef ul l y a ppr a i s e dof t het a xr i s k sa ndma y ndt he ms e l v e se mbr oi l e di n i nv e s t i ga t i on de s pi t eha v i ngs oughtt a xa dv i c ea ndi mpl e me nt e d“ l e gi t i mat e t axs t r uc t ur i ng” . Gui da nc eont hene wdi s c l os ur ef a c i l i t ywi l l bepr ov i de di nJ a nua r y , wi t hav i e wt oa nApr i l s t a r tda t e . Wea wa i tde t a i l sa l t hough HMRCha sa l r e a dyc on r me dt hemi ni mum pe na l t yf ort hos e c omi ngf or wa r dwi l l be30pe rc e nta ndt he r ewi l l benoi mmuni t yf r om c r i mi na l i nv e s t i ga t i on. Doc a l l usf ora nope nc onv e r s a t i onont a xr i s k s , whe t he rr e l a t e d t ooffs hor eors ome t hi ngne a r e rt ohome .
•I ndi v i dua l swoul dnotbepr os ec ut edi ft heyma k eaf ul l di s c l os ur e; •T hepena l t yi snor ma l l yr es t r i c t edt o10%; •I ndi v i dua l sdi dnotha v et opa ya nyt a xduef ory ea r s bef or e1999. T hi sdoesnotmea na nendt odi s c l os ur esa ndf ol l owi ngt he ea r l yc l os ur eoft heL DFa ndCDf a c i l i t i es , i tha sbeena nnounc edt ha tanewl a s tc ha nc edi s c l os ur ef a c i l i t ywi l l be openedi n2016a ndwi l l r ununt i l mi d2017.Howev er , i ti s a nt i c i pa t edt ha tt henewf a c i l i t ywi l l bef a rl es ss y mpa t het i c a ndwi l l c a r r yt ougherpena l t i esi nc l udi ng: •Noi mmuni t yf r om c r i mi na l pr os ec ut i on; •Apena l t yofa tl ea s t30%oft het a xowed; •I nt er es twi l l bec ha r gedont het a xowed. Bel owwea l s ohi ghl i ghtt henewc r i mi na l offenc ef ort hos e ev a di ngt a x est hr oughoffs hor ea c c ount sa nds t r uc t ur esa nd t her ef or es us pec ta ni nc r ea s ei npr os ec ut i onsov ert hene x t f ewy ea r s ! I ts houl dbenot edt ha tt hee x pec t edc l os ur eda t eoft hel a s t c ha nc ef a c i l i t yc oi nc i deswi t ht he r s te x c ha ngeofi nf or ma t i on undert heS t a nda r df orAut oma t i cE x c ha ngeofF i na nc i a l Ac c ountI nf or ma t i on, gener a l l yk nowna st heCommonRepor t i ngS t a nda r d( CRS ) . Cl ea r l yt hi si snotac oi nc i denc e .Undert heCRSr egul a t i ons na nc i a l i ns t i t ut i onswi l l ber equi r edt oi dent i f ya c c ount s ma i nt a i nedf ori ndi v i dua l swhoa r et a xr es i denti nj ur i s di c t i ons wi t hwhi c ht heUKha sent er edi nt oa na gr eementt oe x c ha nge i nf or ma t i on.T hee x c ha ngewi l l c ov erawi der a ngeofna nc i a l a c c ount sa ndi nv es t ment s . Onc ei ti si npos s es s i onoft her equi r edi nf or ma t i ont heRev enuewi l l t hent r a ns mi ti tt oot herc ount r i esundert hea gr eementa ndwi l l i nt ur nr ec ei v ei nf or ma t i onf r om t hos ec ount r i es . T oda t eov erni net yc ount r i esha v ec ommi t t edt ot hee x c ha nge ofi nf or ma t i onundert heCRS . 2
Ne ws l e t t e r Aneas ywayoutf or l m par t ner s hi pi nves t or sand f orHMRC? •HMRCoffer sl m par t ner s hi pi nves t or st os et t l e ongoi ngdi s put es •Thi sc oul dbeaneas ywayoutf ori nves t or swi t houtt he has s l eoff ur t heri nves t i gat i onandc our tc os t s •Thi sc oul dbeaqui c kandeas yr out ef orHMRCt oc ol l ec t l ar geamount soft ax •Wi l ll m par t ner s hi pi nves t or sgof ori t ? T het r e a s ur ye x pe c t st hene wme a s ur e st oge ne r a t e£565m of a ddi t i ona l r e v e nue .T a k e nt oge t he rwi t ht hi sf or e c a s t , t hee a r l y c l os ur eof t heL DFa ndCDFa ndi mpl e me nt a t i onof t oughe rpe na l t i e sunde rt hel a s tc ha nc edi s c l os ur ef a c i l i t ys e r v e st ounde r l i ne t hel e v e l of opt i mi s m wi t hi nt heRe v e nue . I nt a nde m wi t ht hei nt r oduc t i onof t hene wf a c i l i t y , t a xpa y e r s whodonotde c l a r eoffs hor ea s s e t sa ndi nc omewi l l f a c et oughe r s a nc t i ons , whi c hwe r ea nnounc e di nt heMa r c h2015budge t , i nc l udi ng: • Ane wc r i mi na l offe nc ef orc or por a t i onswhi c hf a i l t ot a k e a de qua t es t e pst opr e v e ntt hef a c i l i t a t i onof t a xe v a s i onby t he i ra ge nt s ; •T oughe r na nc i a l pe na l t i e sf oroffs hor ee v a de r s , i nc l udi ng t hepos s i bi l i t yof ape na l t yba s e dont hev a l ueof t hea s s e ton whi c ht a xwa se v a de d; • Ane wpe na l t yr e gi mef ort hos ewhoe na bl et a xe v a s i on, ba s e dont het a xt he yha v ehe l pe dt a x pa y e r st oe v a dea nd na mi ngof e na bl e r s ; • As i mpl e rc r i mi na l offe nc et oma k epr os e c ut i onof offs hor e e v a de r se a s i e r ; • Publ i c a l l yna mi nga nds ha mi ngt hos ewhoe na bl ea nd e nga gei ne v a s i on. I nv i e wof t hef or t hc omi ngc ha nge st or e por t i nga ndpe na l t i e s wewoul de nc our a get hos ewi t ht a xi r r e gul a r i t i e st os e e ka dv i c e a ss oona spos s i bl e .I f y ouha v ea nyc onc e r nsa boutt het a xpl a nni ngy ouha v eunde r t a k e n, pl e a s ec ont a c tusf ora ni nde pe nde nt r e v i e wof t hepl a nni ng.
HMRCi shopi ngt os ec ur ehundr edsofmi l l i onsofpoundsby c ha ngi ngt hei ra ppr oa c ht owa r dsBr i t i s hl m pa r t ner s hi ps( or t a xa v oi da nc es c hemesi nHMRC’ sv i ew) offer i ngi nv es t or st he oppor t uni t yt os et t l et hei rt a xa ffa i r s . T henewsemer gedt hi sweekwhent heF i na nc i a l T i mesr epor t edt ha tHMRC’ sc ount era v oi da nc euni ta r es endi ngl et t er si nv i t i ngi nv es t or st os et t l eongoi ngdi s put es . T heoppor t uni t ymea ns i nv es t or swi l l bea bl et os et t l ei nawa yt ha t ’ sf a v our a bl et ot hem wi t houtmor ec our tc os t sa ndt heha s s l eoff ur t heri nv es t i ga t i on. T hi sc ha ngeofa ppr oa c ht a k enbyHMRCs houl dnotonl y bea na ppea l i ngopt i ont oi nv es t or sbuti sa l s of a v our a bl et o HMRCa st henewoppor t uni t y( i fi tgoesa swel l a spl a nned) c oul dbeac l ev er , qui c k , ea s ya ndc os teffec t i v ewa yofc ol l ec t i ngdi s put edt a xa ndc l os i ngt het a xga p. Offer i ngt hi soppor t uni t yt ol m pa r t ner s hi pi nv es t or smea ns wec oul ds eema nymor ec hoos i ngt os et t l ea s“ a nea s ywa yout ” , a l l owi ngt hem t oes c a penotonl yf ur t heri nv es t i ga t i ona nd c our tf eesbutpubl i chumi l i a t i on-apopul a rt a c t i cf r om HMRC i npa s ta v oi da nc ec a s es ! Weha v es eenanumberofc el ebr i t i es wi t hunwa nt edmedi aa t t ent i oni nr ec enty ea r sf ori nv es t i ng i nt o“ t a xa v oi da nc es c hemes ” a l t houghma nyi nv es t or sc l a i mt o beuna wa r eoft her i s k sa tt het i meofi nv es t mentori ns i s tt hey ha v ebeen“ ma s k ed” byt hepr omot er soft hes c hemes . I ti sunc l ea rwhet heri nv es t or swi l l ha v ea nys a yt owa r dswhet hert hepa r t ner s hi pss houl ds et t l et het a xwi t hHMRCori ft he per s onwhos etupt hepa r t ner s hi pswi l l dec i de . HMRCbel i ev esma ny l m pa r t ner s hi psha v ebeens etuppur el y f ort a xa v oi da nc epur pos esa nds obega nc ha l l engi ng l m pa r t ner s hi psba c ki n2009/ 10. T hedec i s i ont ooffert hi ss et t l ementoppor t uni t yi sl i k el ya r es ul toft henumberofHMRCv i c t or i esi nt hec our t sa ga i ns tl m s c hemesov ert hel a s tf ewy ea r s . Vi c t or i esi nc l udet r i buna l r ul i ngsa ga i ns tl m pa r t ner s hi ps c hemesPr ot eus1a ndS a ma r k a nd 3l a s ty ea r . T hes c hemeswer ec ha l l engedf ori na t i ngt hei r l os s est oma x i mi s et hei rt a xr el i ef . F i l ms c hemesbec a mea v a i l a bl ei nt heea r l y2000’ sa nda t t r a c t ed ma nyhi gher r a t et a x pa y er si nc l udi ngc el ebr i t i ess uc ha ss por t s t a r s , t el ev i s i onpr es ent er s , a c t or sa ndmus i c i a ns .
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Ne ws l e t t e r T hebi ga t t r a c t i onwa sdownt obe i ngpr ov i de dwi t hupf r ontt a x r e l i e f a ndf ut ur ei nc omef r om l mr i ght s . I f i nv e s t or sc hoos et os e t t l e , t hede c i s i ont ooffe rt hi soppor t uni t y wi l l pr ov ea ni mpr e s s i v emov ef r om HMRC, a l l owi ngt he mt oc ol l e c t l a r ges umsof mone yi nas hor tpe r i odof t i mewi t hl i t t l er e s our c e s , c os ta ndt i mec ons ume di nc ompa r i s ont oc a r r y i ngoutf ur t he ri nv e s t i ga t i onsa ndt a k i ngmor es c he me st oc our t . E v e ni f pa r t ne r s hi ps donotbe l i e v et he ya r et a xa v oi da nc es c he me sbutt he yha v ebe e n t a r ge t e dbyHMRC, t hi soppor t uni t yc oul dma k et he m mor el i k e l y t os e t t l ej us tt oa v oi df ur t he rha s s l ea ndmone ybe i ngl os t , whi c h c oul dpr ov et obeawi n, wi ns i t ua t i onf orHMRC! Ma nyi nv e s t or s ma ybe“ s c a r e d” i nt os e t t l i ngbe c a us eof HMRC’ sv i c t or i e si ns i mi l a r c a s e si nt hepa s t . I f s uc c e s s f ul t hi sne woppor t uni t ywi l l he l pHMRC ma s s i v e l yi nt he i r ghta ga i ns tt a xa v oi da nc ea ndt oc l os et het a x ga p. Oneof t hemos t ‘ f a mous ’l m pa r t ne r s hi pswhi c hweha v es e e nal ot of pr e s sa r oundi sI nge ni ousMe di awhi c hf unde dl msAv a t a ra nd L i f eof Pi . I nge ni ousMe di aha sa l wa y sr e ma i ne da da ma ntt ha tt he i r pa r t ne r s hi psa r enott a xa v oi da nc es c he me sa ndi nl i ghtof t hi ss e t t l e me ntoffe r i nga nnounc e me nt , s a i d“ HMRCha spe r s i s t e nt l yf a i l e d t odi s t i ngui s hbe t we e nc omme r c i a l bus i ne s s e sa ndt a xa v oi da nc e s c he me s , a ndwi t houtpr ope rdi ffe r e nt i a t i onha sde e me da l ll m pa r t ne r s hi pst obet a xs c he me s . ” Asweha v er e por t e dpr e v i ous l y , i nAugus t2014HMRCbe ga ni s s ui nga c c e l e r a t e dpa y me ntnot i c e s( “ APN’ s ” ) t ous e r sof t a xa v oi da nc e s c he me sa l l owi ngHMRCt oc ol l e c tdi s put e dt a xupf r onta ndc l os e t het a xga pa taf a s t e rpa c e . Wi t hi nj us t12mont hs( a sr e por t e di n S e pt e mbe r2015) mor et ha n25, 000not i c e swe r ei s s ue dc ol l e c t i ng £1bi l l i oni nt a x ! I f t hi si snote noughHMRCpl a nt oc ont i nuei s s ui ng t he s enot i c e s , wi t hat ot a l of 64, 000e x pe c t e dt obei s s ue dbyt he e ndof t hi sy e a r( de s pi t ema nya r gui ngt ha tt he s ea r eunf a i r ) a nda t ot a l of £5. 5bnt obec ol l e c t e d. I f y ouorac l i e ntha sa nyt a xc onc e r ns , pl e a s ec ont a c tusf ora dv i c e .
Ac c ount antj ai l edf or£6m t axevas i on Ana c c ount a nt , Denni sChr i s t opherCa r t erL unn, k nowna sChr i s t opher , ha sbeenj a i l edbyHMRCf ort a xf r a ud. L unnwa sf oundgui l t y ofev a di ng£6m i nt a xa ndha sbeens ent enc edt ov ey ea r si nj a i l a s puni s hment . L unn, whos ec l i ent si nc l udedanumberofc el ebr i t i es , s l y l yunder t ooka c t i v i t i est os a v ehi ma ndhi sc l i ent ’ st a xwi t hout t hem k nowi ng. L unnr a nhi sowna c c ount a nc ypr a c t i c e‘ Chr i s t opherL unn&Co’ i n Cr owbor ough, S us s e x . Heha dov er7, 000c l i ent s , ma nyofwhom wer ei nt heent er t a i nmenti ndus t r yi nc l udi ngnews r ea derF i ona Br uc e , a c t r es sS a di eF r os ta ndGot ha ms t a rS ea nPer t wee . HMRCbega ni nv es t i ga t i ngt hebus i nes sba c ki n2010a nda r r es t ed L unna f t ers ea r c hi ngt hepr a c t i c ea nd ndi ngev i denc eofar a ngeof s er i ousoffenc es , i nc l udi ngt hei na t i ngofa c c ount a nc yf eesa nd
t hef r a udul entus eoft r a di ngl os s est ohel phi ma ndhi sc l i ent s ev a depa y i ngt hei rf a i rs ha r eoft a x . Af t era v ey ea ri nv es t i ga t i on, L unnwa s na l l yf oundgui l t yi n Dec ember2015off ourc ount sofc hea t i ngt her ev enue . Hewa s s ent enc edont he6t hJ a nua r y2016t ov ey ea r si nj a i l . I ti sbel i ev edt ha tnoneofL unn’ sc l i ent swer ea wa r eoft hei l l ega l a c t i v i t i esbei ngc a r r i edoutbyt hei ra c c ount a nta ndt her ef or eno c l i ent sa r ebei ngi nv es t i ga t edbyHMRC. T het a x ma ni shopi ngt o r ec ov er£40m i nev a dedt a xf r om t hi sc a s e . L unn’ sc l i ent sha v e beengi v ent heoppor t uni t yt ov ol unt a r i l ypa yba c ka nyt a xa ndi nt er es tdue . S of a r£20m ha sbeenr ec ov er edf r om L unn’ sc l i ent swho ha v ec omef or wa r dt os et t l et hei ra ffa i r swi t hHMRC. L unnhi ms el fi snotget t i ngoffa sl i ght l yt hough! Aswel l a ss endi ng L unnt oj a i l , HMRCha v ea l s os t a r t edc on s c a t i onpr oc eedi ngst o r emov ea ny na nc i a l ga i nL unnha sma dea sar es ul tofhi sc r i mi na l a c t i v i t y . L unn’ sl a wy erGeoffCoxQCdi dt r yhi sbes tt onegot i a t eabet t er dea l f orhi sc l i ent r s tt houghs t a t i ngt ha tL unnhi ms el fs houl donl y pa yba c k£65, 000oft het ot a l £6m ev a ded. Hi sa r gumentwa st ha t t hepr os ec ut i onpi c k edout15e x a mpl esoff r a udul enta c c ount i ng t ha ti nv ol v edc el ebr i t i est o‘ pr ov eac our s eofc onduc t ' . Coxa dded t ha tL unnha dbeen" adec ent , l a wa bi di ngma n' ( r ea l l y ? ! ) of' good c ha r a c t er "whos ehea l t ha nd na nc esha v edet er i or a t eds i gnic a nt l ya sar es ul toft hec a s ea ga i ns thi m. Wes omehow ndL unn bei nga“ l a wa bi di ngma n” ha r dt obel i ev e! J enni eGr a nger , HMRC' sdi r ec t orgener a l f orenf or c ementa ndc ompl i a nc e , s a i d" L unnbel i ev edhec oul dma k eupf r a udul entc l a i mst o benetbot hhi ms el fa ndhi sc l i ent s . T hi sl ongr unni ngi nv es t i ga t i onha sa l r ea dyr ec ov er ed£20m a sL unn' sf or merc l i ent ss et t l e t hei rt a xl i a bi l i t i es , wi t hmor et oc ome . " " I hopet hi sr es ul ts er v esa sar emi ndert ot hos ewhot r yt oc hea t t hepubl i cpur s e-pa r t i c ul a r l yt hos ei nt het a xpr of es s i on-t ha tno onei sa bov et hel a wa ndt ha tHMRCwi l l r el ent l es s l ypur s uet a x ev a der st obr i ngt hem bef or et hec our t s . " L unn’ ss on, Chr i s t opherJ ona t ha nL unn, whoa l s owor k eda tt he pr a c t i c et r i edt ohel phi sf a t heroutbys endi ngf a l s ei nv oi c est o HMRCt ot r yt oc ov erupt hef r a udi nt hepr a c t i c e . Hewa sc onv i c t ed i nDec ember2014ons i xc ount sundert heF r a udAc t ! I fy oua r ea na c c ount a ntwhoneedsa dv i c eonac l i ent ’ senqui r y pl ea s es eeourne x ta r t i c l eonhowa na dv i s erc a nma na get hei r ownr i s k sa ndac l i ent ’ sr i s k swhenHMRCopena nenqui r y .
4
Ne ws l e t t e r Managi ngr i s kswhen HMRCopenanenqui r y T hi sa r t i c l ec ons i de r showa na dv i s e rc a nma na get he i rownr i s k s a ndac l i e nt ’ sr i s k swhe nHMRCope na ne nqui r y . KeyPoi nt s •HMRC’ sRi s ka ndi nt e l l i ge nc es e r v i c e sa r er e s pons i bl ef orwho i se nqui r e di nt o •Ac l i e ntwi t ha ne nqui r yi sar i s k •Ana dv i s e rma yha v euns e e nr i s k sa sar e s ul t •Ma na gi ngr i s k sr e qui r e sobj e c t i v er e v i e w, i nt e r na l pr oc e dur e s ( l ot spos s i bl yl ongf or got t e n) a ndpr oa c t i v ea ppr oa c ht o ma na gi nga ne nqui r y ; a nd •I nde pe nde ntpr a c t i c e sc a noffe ra dv i s e r sus e f ul r e v i e wa nd f e e dba c ks e r v i c e s Anadvi s er ’ sr i s ks Any r mr e ne wi ngt he i rpr of e s s i ona l i nde mni t yi ns ur a nc ewi l l k nowt ha t , whe r et a xa dv i c ei si ns ur e da ga i ns t , t hec os tha s i nc r e a s e d. T her e a s on: HMRCi sa c t i v e l yt a r ge t i ngma nya r e a sof t a xpl a nni nga ndpe r c e i v e da r e a sof t a xr i s k s , r e s ul t i ngi nahi ghe r pos s i bi l i t yof c ompl a i nt sa ndc l a i msonpr of e s s i ona l i ns ur a nc e . S ome r msma yc ons i de rt ha tt he yha v enotpr ov i de dac l i e nt wi t ht a xa dv i c ea ndi ns t e a dha v ec hos e nt os i mpl yi nt r oduc ea n e x pe r t . T hi si sof t e nt hes i t ua t i onwhe r ea na c c ount a ntha s be c omea wa r eof at a xpl a nni ngoppor t uni t y( at a xs c he meori nnov a t i v es t r uc t ur e ) t ha ts ui t sapa r t i c ul a rc l i e nt . Howe v e r , a dv i s e r s s houl dbewa r ne dt ha tc l e v e rl i t i ga t or sa r el i k e l yt oc ons i de rt he e x t e ntof a na dv i s e r ’ sdut yof c a r e . Apa r t i c ul a rr i s kt ha ts pr i ngst omi ndi swhe r ec or r e s ponde nc e s howst ha ta na dv i s e rha si nt r oduc e da ndr e c omme nde dt heus e of apa r t i c ul a rt a xs c he me . I nt hi ss i t ua t i on, t hec l i e ntma yc ons i de rt he i rt r us t e da dv i s e rha sgi v e nt hepl a nni ngt he i rs e a l of a ppr ov a l . Wha ti f a na dv i s e rha dnotc ons i de r e dorwa snota wa r eof wha ta l t e r na t i v e swe r ea v a i l a bl e ?T hea dv i s e rma ynotha v ea n obl i ga t i ont oc ons i de ra l l t hea l t e r na t i v e sbutt he yma yha v ea dut yt os ugge s tt ha te i t he rt he y , ort hec l i e nt s , dos o. Whe ni tc ome st oi nv e s t i ga t i ons , t hee x t e ntof t hea dv i s e r ’ s i nv ol v e me ntwi t hi nt r oduc i ngac l i e ntt oa noppor t uni t ywi l l i ne v i t a bl ya ffe c tt he i rr i s k s . F ore x a mpl e , t hea dv i s e rwi t hj us tonec l i e ntt ha tha sunde r t a k e n s c he ma t i cpl a nni ng( a soppos e dt oa na dv i s e rwi t hal a r gepe r c e nt a geof c l i e nt sus i ngs uc hpl a nni ngf orc ons e c ut i v ey e a r s ) ma y bea tl owe rr i s kf r om: •Cl a i msoni ns ur a nc e •Compl a i nt st opr of e s s i ona l bodi e s •I nc r e a s e di nf or ma t i onpa s s i ngt oHMRC •Pot e nt i a l da ma get or e put a t i on, a nd •Pot e nt i a l l os sof bus i ne s s .
T hes er i s k sa r enotl i mi t edt owher es c hemesha v ebeeni mpl ement ed. T hes a mer i s k sc a na r i s ewher eac l i entunderenqui r y f eel st ha ti dent ieder r or ss houl dha v ebeenma na gedbyt he a dv i s er . Al s o, c l i ent sof t enl ookt ot hei ra dv i s ert oma na gea nenqui r ya nd r es ol v ei s s ueswi t hHMRC. Wher et heenqui r yi snotha ndl ed a ppr opr i a t el yf r om t heout s et , ac l i entma yc ont endt ha tt he a dv i s erc a us edi nc r ea s edpr obl emsf ort hem byt hema nnert hey a dopt edwi t hHMRC. Wher epena l t i esa r ea r gua bl yhi ghera sar es ul t , t het hr ea toft he r i s k ss etouta bov ei smor epr ev a l ent . Managi ngr i s ks Att het i mea nenqui r yopens , wha tha sha ppenedc a n’ tbe c ha nged. I ti snec es s a r yt oc ons i derwha ti sdonenowt oma na ge r i s k s . 1.Revi ewt heenqui r y HMR M Cr a r el yopena nenqui r yf ort hej oyoft a k i nga nunc a l c ul a t edr ev i ewofat a x pa y er . Nowa da y s , enqui r i esor i gi na t ef r om HMRC’ sRi s ka ndI nt el l i genc eS er v i c e( “ RI S ” ) whos pendt hei rda y s pl a y i ngwi t ht hei ra wa r dwi nni ngs of t wa r e , Connec t . Att het i meal et t eropeni nga nenqui r yi sr ec ei v ed, i ti si mpor t a nt t oc ons i dert her eques tf ori nf or ma t i ona ndwha tpos s i bl et a x i r r egul a r i t yi tc oul dr el a t et o. Anopeni ngl et t erma ynota l wa y s i ndi c a t ewher et heenqui r i esa r egoi ng. I tma ys i mpl ybes t r uc t ur edt oa l er tt het a x pa y ert ha tHMRCa r eenqui r i ng, t her eby gi v i ngt hem t heoppor t uni t yt oc omef or wa r da ndma k eadi s c l os ur e . Mos ta dv i s er sc a nnotpl a c et hems el v esi nHMRC’ ss hoes , ha v i ng notha de x per i enc ei ni nv es t i ga t i v et ec hni ques . I ft heypot ent i a l l yha v ec on i c t sofi nt er es tt heyma ynotwa ntt o. 2.I nt er nal r evi ew Ha v i ngi dent iedt hepot ent i a l r ea s onsf ort hel i neofenqui r ya n a dv i s ers houl dc ons i dert hef ol l owi ngques t i ons : 5
Ne ws l e t t e r •Wha ta r et het e r msof y oure nga ge me nta ndi sy ourpos i t i on l i mi t e dwhe r ey oui nt r oduc e da ne x pe r t ? •Ar et hes e r v i c e sy ouha v epr ov i de di nc l ude dwi t hi nt he pa r a me t e r sof y oure nga ge me nt ? •Ha v ey oupr ov i de df ul l a dv i c et oi nc l udet hec ons i de r a t i onof opt i onsa v a i l a bl et ot hec l i e nt ? •Doy ouha v ea nyc on i c t sof i nt e r e s t ? •Doy ouha v et hee x pe r i e nc ea ndt e c hni c a l e x pe r t i s et o ma na get hee nqui r y ? •I st he r ear e qui r e me ntt onot i f yi ns ur e r s( bot hf e epr ot e c t i on a ndpr of e s s i ona l i nde mni t y ) ? •I st he r eamone yl a unde r i ngr e por t i ngobl i ga t i on? •S houl dat a xr i s ks pe c i a l i s tbea ppr oa c he d? •I nl i ghtof a l l f a c t s , i si ti nt hec l i e nt ’ sbe s ti nt e r e s tt ha tt he a dv i s e ra c t si nr e l a t i ont ot hee nqui r y ? •I st hee nga ge me ntl e t t e ri npl a c es uffic i e ntt oa c ti nr e l a t i on t ot hee nqui r y ? I twoul dbepr ude ntt of or ma l l ynot er s t l yt ha tt hea bov eha v e be e nc ons i de r e da nds e c ondl yt heout c omeof t hos ede l i be r a t i ons . Of t e ni ti swor t hhol di ngas e pa r a t er i s kme e t i ngt oobj e c t i v e l yc ons i de rt heque s t i ons . Whe r ea r mi sl a r gee noughi tma y bepr ude ntt of or m ar i s kc ommi t t e ewhoi nde pe nde nt l ya ppr oa c ht he s eque s t i onsa ndr e c or dt he i r ndi ngs . T hi sa ppr oa c h, whi l s ta ppe a r i ngbur e a uc r a t i c , de mons t r a t e st opr of e s s i ona l bodi e sa ndi ns ur e r st ha ts y s t e msa r ei npl a c et omoni t orr i s k sa nd ma na ges i t ua t i onswhe r ec l i e ntc ompl a i nt sma yoc c ur . T hea ppr oa c ha l s of or c e sa na dv i s e rt obeobj e c t i v ea ndhope f ul l y putc on i c t st oones i det oc ons i de rt hec l i e nt ’ sbe s ti nt e r e s t s . 3. Managi ngenqui r i es As s umi ngt hef ol l owi ng: •Noc on i c t sof i nt e r e s t •Re l e v a nte x pe r i e nc eof ma na gi nge nqui r i e sa ndde a l i ngwi t h HMRC •T e c hni c a l e x pe r t i s e •S a t i se da dv i c egi v e nwa sc ompl e t e ; a nd •Re s our c e sa r ea v a i l a bl et oma na gea ndde a l wi t ht hee nqui r i e s , i twoul dbepr ude ntt oc ons i de rt het i me s c a l ewi t hwhi c ht o r e s pondt oHMRC. Anot i c ei snor ma l l ya c c ompa ni e dwi t har e que s tt or e s pond wi t hi n30da y s . Howe v e r , t hi si st hemi ni mum pe r i odr e qui r e da nd i tma ynotbepr a c t i c a l t or e s pondwi t hi nt het i me f r a me . Gi v e nwe woul dge ne r a l l ys ugge s tt ha ta tt heout s e tof a ne nqui r yt hef ol l owi ngi sunde r t a k e n, i si tpr ude ntt or e que s tape r i odof 60or90 da y st or e s pond? T hef ol l owi nga c t i v i t i e swi l l ne e dt obeunde r t a k e n: •Re v i e wof c l i e nt l e st oe s t a bl i s ha nypot e nt i a l l yc ont e nt i ous a r e a s •Ana l y s i sof bus i ne s spe r f or ma nc eov e rape r i odof t i me •I de nt ic a t i onof t a xpl a nni ngunde r t a k e n •E s t a bl i s ha l l c or por a t ei nt e r e s t s
•Cons i derwhet hert her eha v ebeenP AYE / VATa udi t sofbus i nes s i nt er es t sa swel l a swhet herenqui r i esunder t a k en( a ndr ev i ew) ; a nd •Meetwi t ht hec l i entt odi s c us spos s i bl ea r ea sofi r r egul a r i t i es . Weof t enunder t a k eaf or ens i cs t udyofapot ent i a l c l i enta hea d ofameet i ng. Y ouwi l l bea ma z eda twha ti nf or ma t i oni sa v a i l a bl e a nda l i gnedwi t he x per i enc e , ena bl esust opr eempta r ea soft a x i s s ues . T el ephoni ngt heHMRCoffic era hea doft hec l i entma ya l s obe benec i a l . I twi l l demons t r a t et hes er i ous nes sa na dv i s era nd c l i enta r et a k i ngt owa r dst heenqui r y . I twi l l a l s oe x pl a i nt her a t i ona l ef ore x t endi ngt her es pons et i me–f ore x a mpl ea v a i l a bi l i t yt o hol dt hemeet i ng. Ca r emus tbet a k endur i ngt hec a l l nott oma k ea nyi ndi c a t i ons r el a t i ngt ot a xe x pos ur eora r ea sbei ngc ons i der ed. Howev er , i ti s a l wa y sus ef ul t or eques toft heoffic era nys pec ici s s ueshe/ s he woul dl i k ey out oc ons i derwi t ht hea i m off ul l yc ooper a t i nga nd effic i ent l yr epor t i ngba c k . T heoffic erwi l l nor ma l l ya s s er tt ha ti ti s f ort het a x pa y ert oma k eadi s c l os ur eofa nyi r r egul a r i t i es a l t hought heyma yl etoutoneort wobr oa da r ea sofi nt er es t . T her i s ka r ea sc a nt henbedi s c us s edwi t ht hec l i ent( pr ef er a bl ya t ameet i ng) . Of t ent hec l i entwi l l br i ngt oy oura t t ent i ona r ea s wher et her ec oul dbet a xi r r egul a r i t i es . I ti swor t hnot i ngt ha t r a r el ya r ea l l r el ea s edi mmedi a t el y . I ti si mpor t a ntt odoc umentwha ti sdi s c us s eda tc l i entmeet i ngs a ndt oc on r mt hef ol l owi ngt ot hem a tt hemeet i nga ndi n s ubs equentwr i t t enc or r es pondenc e: •T hei mpl i c a t i onsofnotdi s c l os i ngt a xi r r egul a r i t i est oHMRC t oi nc l udei nc r ea s edpena l t i esa ndi nt heev entofs us pec t ed f r a ud; t hepos s i bi l i t yofc r i mi na l i nv es t i ga t i ona nd pr os ec ut i on •I ti sof t enus ef ul t odi s c us showHMRCc a na c c es s i nf or ma t i onwi t houtat a x pa y er ’ sk nowl edge •T hei ni t i a l a r ea st hec l i entha ss etout , whi c hma yha v et a x i r r egul a r i t i es •Ar ea swher et hea dv i s erha sc onc er nsa ndr eques t st hec l i ent t oc ons i deri nmor edept h; a nd •Whet hergi v ent hei ni t i a l r ev i ew, wha tc odeofpr a c t i c et he enqui r i es / di s c l os ur es houl dbeunder . I twi l l t henbec omea ppa r entt ha tt hea dv i s erha spl a c edt hems el v esi namor ec omf or t a bl epos i t i ont oent eri nt oc ommuni c a t i onswi t hHMRCa nd/ orma k eadi s c l os ur e . Wher et her ea r et a xi r r egul a r i t i es , wewoul ds ugges tt ha tt heya r e a l l pr es ent edt oHMRCa soppos edt oa ns wer i ngt hei rques t i ons a ndt heoffic era r r i v i nga tac onc l us i on. Adi s c l os ur er epor t a dopt edbyac l i entwoul dbepr epa r edbyt hea dv i s era ndt he c a s epr es ent edf ort hef ol l owi ngr ea s ons : •I tma na gest i mebet t err a t hert ha nr ea c t i ngt oHMRC’ squer i es •T ec hni c a l a r gument sc a nbepr es ent ed •Pena l t ymi t i ga t i oni sl i k el yt obegr ea t era sar es ul t ; a nd 6
Ne ws l e t t e r •T hr ought hepr oc e s sot he ri r r e gul a r i t i e sma yc omet ol i ght– i t sbe t t e rt hec l i e nta nda dv i s e rbr i ngt he s et oHMRC’ sa t t e nt i on a soppos e dt ot he m di s c ov e r i ngt he mf ort hec l i e nt ! Ma nye nqui r i e sa ppe a rs i mpl ea tt heout s e ta ndt he nune x pe c t e dl yde v e l op, of t e nc ons umi ngt hea dv i s e ra ndc l i e nt . T hea ppr oa c hweout l i nes houl da s s i s tt opr e v e ntunk nowne s c a l a t i on. Adv i s e r sc a nt a k ea dv a nt a geof ournoobl i ga t i onr e v i e wof e nqui r i e s . Whe r er e qui r e d, wec a nbei ns t r uc t e dbya na dv i s e rt oa s s i s t t he m. I nt hee v e ntof s e r i ousi nv e s t i ga t i onsi ti sl i k e l ywewoul d ne e dt obea ppoi nt e ddi r e c t l ybyt hec l i e nt .
Al t houghHMRCma ynota c c epta nyoft hes ee x c us es , t heydo r ec ogni z es omepeopl ema yha v edi ffic ul t ys ubmi t t i ngt hei r r et ur na nda r et a k i ngi nt oa c c ountt hes ev er ewea t herc ondi t i onsa nd oodi nga c r os st heUKt hi sy ea r . T heyha v eopeneda hel pl i neoffer i ngpr a c t i c a l a dv i c et ot hos ea ffec t ed. I fy ouneeda dv i c eons el f a s s es s mentorwoul dl i k ea s s i s t a nc e s ubmi t t i ngf ut ur er et ur ns , pl ea s ec ont a c tus .
I f y ouwi s ht odi s c us st hea bov ei nf ur t he rde t a i l pl e a s ec ont a c tus on01454777831orc on de nt i a l @e dget a x . c om.
Sel f as s es s ment : t hebes t “ wor s t ”ex c us esf or mi s s i ngt hedeadl i ne T hedea dl i nef or l i ngs el f a s s es s mentt a xr et ur nsi sa l mos t her e! Bymi dni ghton31J a nua r yy ouwi l l needt oha v es ubmi t t edy ourel ec t r oni ct a xr et ur n( i ti st ool a t ef orpa pers ubmi s s i ons–t hes ewer edueon31Oc t ober2015) , t oget herwi t hpa y mentf ora nyt a xy ouowef ort het a xy ea r , a nda nypa y menton a c c ountduef ort he15/ 16t a xy ea r . Ana ut oma t i c neof£100wi l l bebec omeduei fy oudon’ t s ubmi ty ourr et ur nont i me , ev eni fnot a xi sdue . I ti si mpor t a ntt ha ty ouk nowwhet hery ouneedt or egi s t erf or s el f a s s es s ment .Cont a c tusi fy oua r euns ur e . I fy ouha v e“ f or got t en” orwer euna bl et os ubmi ty ourt a xr et ur n ont i mea ndwi s ht oa ppea l t hea ut oma t i cpena l t y , r emember NOTt ot r ya nyoft hes ee x c us eswhi c hha v ea l r ea dyf a i l edwi t h HMRCa ndbeenbr a ndeda st het opt en“ wor s te x c us es ” f or mi s s i ngt hedea dl i ne: 1. Myt a xpa per swer el ef ti nt hes heda ndt her a ta t et hem. 2. I ' m notapa per wor k or i ent a t edper s on-I a l wa y sr el i ed onmys i s t ert oc ompl et emyr et ur nsbutweha v enow f a l l enout . 3. Mya c c ount a ntha sbeeni l l . 4. Mydoga t emyt a xr et ur n. 5. I wi l l bea br oa dondea dl i neda ywi t hnoi nt er neta c c es s s owi l l beuna bl et ol e . 6. Myl a pt opbr ok e , s odi dmywa s hi ngma c hi ne . 7. Myni ec eha dmov edi n-s hema det hehous es ount i dyI c oul dnot ndmyl ogi ndet a i l st oc ompl et emyr et ur n onl i ne . 8. Myhus ba ndr a nov ermyl a pt op. 9. I ha da na r gumentwi t hmywi f ea ndwentt oI t a l yf or v e y ea r s . 10.I ha dac ol dwhi c ht ookal ongt i met ogo.
Keydat esf oryourdi ar yt hi syear : 31s tJ anuar y2016 •T hedea dl i nef oronl i nes ubmi s s i onsof2014/ 15s el f a s s es s mentt a xr et ur nst oHMRC. I fy oumi s st hi sdea dl i ne y ouf a c ea£100 ne . T hepa perr et ur ndea dl i newa s31s t Oc t ober2015. •T heba l a nc eofa nyt a x , na t i ona l i ns ur a nc ea nds t udent l oa nowedt oHMRCf or2014/ 15mus tbepa i dbyt hi sda t e . 16t hMar c h2016 •Cha nc el l orGeor geOs bor ne ’ sBudgets peec h! Wha twi l l he a nnounc et hi st i me? ! 5t hApr i l •L a s tda yoft he2015/ 16t a xy ea r . 6t hApr i l •T he r s tda yoft he2016/ 17t a xy ea r . 5t hOc t ober2016 •Dea dl i net oa dv i s eHMRCt ha ty ouneedt or egi s t erf or S el f As s es s mentf ort he2015/ 16T a xY ea r . 31s tOc t ober2016 •Dea dl i nef or l i ngpa pers el f a s s es s mentt a xr et ur nwi t h HMRC. •Dea dl i nef ors ubmi t t i ngt a xr et ur ni fy ouwa ntHMRCt o c a l c ul a t ey ourt a xl i a bi l i t y 30t hDec ember2016 •Dea dl i nef or l i ngy ourt a xr et ur nonl i nei fy ouwa ntHMRC t oc ol l ec tt a xt hr oughy ourt a xc ode . 7
Ne ws l e t t e r Empl oyees har es c hemeswhati savai l abl e? T heF i na nc eAc t2014i nt r oduc e danumbe rof ne wr ul e sr e l a t i ng t oE mpl oy e eS ha r eS c he me s( E S S ) pr e domi na nt l ya i me da ts i mpl i f y i ngt hea dmi ni s t r a t i v ebur de nf orc ompa ni e s .F r om 6Apr i l 2014 s ha r es c he me snol onge rne e dt obea ppr ov e dbyHMRCi na dv a nc e , butt het a x pa y e rmus ts e l f c e r t i f yt ha tas c he meme e t st he c r i t e r i at oqua l i f yf ort het a xa dv a nt a ge s . Al l of f ol l owi ngs c he me sc a r r ys t r i c tqua l i f y i ngr e qui r e me nt sf or t hec ompa ny , t hee mpl oy e ea ndt hes ha r e s . Y ous houl ddi s c us s opt i onswi t hat a xa dv i s orbe f or ee s t a bl i s hi nga nyE mpl oy e e S ha r eS c he me , pa r t i c ul a r l ya st he r ea r ea l s oanumbe rof ‘ una ppr ov e d’ ornont a x a dv a nt a ge ds c he me s . T he r ea r ef ourt a xa dv a nt a ge d( a ppr ov e d) s c he me sa v a i l a bl e :
SI Ps T heS ha r eI nc e nt i v ePl a n( S I P) i st y pi c a l l yope r a t e dbyquot e dUK c ompa ni e swhoe s t a bl i s haT r us tt ha twi l l a c qui r es ha r e sa nda l l oc a t et he mt oe mpl oy e e si na c c or da nc ewi t ht her ul e sof t hePl a n. Al l of t hee mpl oy e e sof t hec ompa nymus tbei nv i t e dt opa r t i c i pa t ei nt hepl a na ndmus tbeoffe r e ds ha r e sons i mi l a rt e r ms . I ni t i a l l ya ne mpl oy e ec a nr e c e i v e“ F r e eS ha r e s ” wi t hnoI nc omeT a x ( “ I T” ) orNa t i ona l I ns ur a nc eCont r i but i on( “ NI C” ) c ons e que nc e s a ndc a na l s obes ol dwi t houtt hee mpl oy e eha v i ngt opa yc a pi t a l ga i nst a x .I f a ne mpl oy e epur c ha s e spa r t ne r s hi ps ha r e sunde ra S I P , hema ybee nt i t l e dt or e c e i v ea ddi t i ona l f r e eor ‘ ma t c hi ng’ s ha r e s .Al t e r na t i v e l yt hee mpl oy e ema yc hoos et or ei nv e s tt he i r di v i de ndsi nor de rt opur c ha s ea ddi t i ona l s ha r e si nt hec ompa ny . I f a ne mpl oy e ehol dst he i rs ha r e si nt heS I Pf ormor et ha n5y e a r s t he r ei snoI nc omeT a xorNI Cst opa ya ndi f t he ys e l l t he mi mme di a t e l ya f t e rt her e mov a l t he r ei snoCa pi t a l Ga i nsT a x( “ CGT” ) due ona nyga i nse i t he r .Howe v e r , i f t he ya r et a k e noutof t hepl a n a nddi s pos e dof a tal a t e rda t e , CGTi sc ha r ge dba s e dont he ma r k e tv a l uea tt heda t et he ywe r er e mov e df r om t hepl a n.I f t he e mpl oy e ehol dst he mf orbe t we e n35y e a r st he ywi l l ha v et opa y I Ta ndNI Csont hel owe rof t hema r k e tv a l uea tt heda t eof t he a wa r dort hema r k e tv a l uea tt heda t et he ya r er e mov e df r om t he S I P .I f t hee mpl oy e eonl yma na ge st ohol dt he mf or13y e a r sI T a ndNI Csa r ec ha r ge da tt hema r k e tv a l uea tt heda t et he ya r e r e mov e df r om t heS I P .
SAYE Cr e a t e di n1980a nds t i l l oneof t hemos twi de l yus e dopt i ons , S a v eAsY ouE a r n( S AYE ) a r ec ont r a c t ua l s a v i ngsa r r a nge me nt st o whi c hdi r e c t or sa nde mpl oy e e sc a nc ont r i but eama x i mum of £500f r om t he i rt a x e ds a l a r ya tr e gul a ri nt e r v a l sov e re i t he ra t hr e eor v ey e a rpe r i od.Att hee ndof t hepe r i odt hee mpl oy e e i se nt i t l e dt owi t hdr a wt he i rc ont r i but i ons( pl usat a xf r e ebonus ) , whi c hma yt he nbeus e dt obuyanumbe rof s ha r e si nt hec ompa nya ta na gr e e dpr i c e .
T hebonusa ddedt oaS AYEc ont r a c ti sa l wa y st a xf r ee , a l t hough i ft heempl oy eel ea v est hec ompa nyl es st ha nay ea ra f t ert he r s t pa y ment , c ont r i but i onsc a nbec a s hedoutbutwi t hnoi nt er es tor bonusa wa r ded.I ft heempl oy eel ea v est hec ompa nybet ween onea nd v ey ea r sa f t ert he r s tpa y mentt henc ont r i but i onsa nd i nt er es tc a nbec a s hedouta ndnoI nc omeT a xi sc ha r gedoni nt er es t .Ca pi t a l Ga i nsT a xi sc ha r gea bl eont hes a l eoft hes ha r es unl es st heya r et r a ns f er r edt oei t herapens i onorI S Awi t hi n ni net yda y sofe x er c i s e .I na ddi t i on, ac or por a t i ont a xdeduc t i on ma ybea v a i l a bl ef ort hec os toft hes ha r eopt i ona wa r dsgr a nt ed. S AYEa c c ount sus edt obewi del ya v a i l a bl ebutt heyc a nonl ynow bet a k enouti nc onj unc t i onwi t has a v i ngsr el a t eds ha r eopt i on s c heme .
CompanyShar eOpt i onPl an Opt i onsi s s uedunderaCompa nyS ha r eOpt i onPl a n( CS OP) pr ov i deempl oy eeswi t har i ghtt oa c qui r es ha r esa ta x edpr i c e wi t hi nas pec iedper i odoft i me . Pr ov i dedt ha tc er t a i nqua l i f y i ng c r i t er i aa r emett hr oughoutt hemi ni mum t hr eey ea rper i odf r om gr a ntt oe x er c i s e , noI nc omeT a xorNI Ca r i s eont hee x er c i s eof t heopt i onsa ndi ns t ea da nyga i nsons a l eoft hes ha r esa r e c ha r gea bl et oCGT . T hi sa r r a ngementi ss i mi l a ri nc er t a i nwa y st oas a v i ngsr el a t ed s c heme . T hema i ndi ffer enc ei st ha tt heempl oy eewi l l pa yf ort he s ha r esi nonegowhent heye x er c i s et heopt i on. Or i gi na l l yc onc ei v edt opr ov i deapl a t f or m onwhi c ht ot i es eni or s t a ffa nddi r ec t or st ot hec ompa ny , a f t er3y ea r sempl oy mentt he c ompa nyc a ngr a ntt a xa dv a nt a gedopt i onss ubj ec tt oama x i mum v a l ueof£30, 000.
EMI s T heE nt er pr i s eMa na gementI nc ent i v e( E MI ) ha v ebec omeoneof t hemos tpopul a rE S Sa nda r ea i meda ts ma l l ent r epr eneur i a l c ompa ni es , a l l owi ngempl oy eest heopt i ont opur c ha s eas t a t ed numberofs ha r esi nt hec ompa ny . S i mi l a r l yt oCS OPsempl oy ees a r egr a nt edt hes eopt i onsunders epa r a t eopt i ona gr eement s , butt het ot a l mus te x c eed£3mi l l i onf ort hec ompa ny .T her ea r e e x c l us i onsont hequa l i f y i ngt r a desf orac ompa nyi s s ui ngE MI s ha r esa swel l a sr es t r i c t i onsr el a t i ngt ot hes i z eoft hec ompa ny i nt er msoft ur nov era ndnumberofempl oy ees . Noi nc omet a xorNI Cl i a bi l i t yi sdueont hegr a ntofa nE MI opt i ona ndgener a l l yone x er c i s eoft heopt i ona l s o, pr ov i dedt he opt i oni se x er c i s edwi t hi n10y ea r soft hegr a nta ndnodi s c ount wa soffer ed.I ft heopt i oni se x er c i s eda f t er10y ea r st hes c heme i st r ea t eda sanont a xa dv a nt a geds c heme .CGTwi l l bec ha r ged onga i nsma de .
8
Ne ws l e t t e r I nc or por at i on
Ma nybus i ne s s e ss t a r touti na nuni nc or por a t e df or ma sas ol e t r a deoror di na r ypa r t ne r s hi p. At r s tt hi smi ghtbet os a v eon a dmi ni s t r a t i ona ndpr of e s s i ona l f e e s , t ot e s ti f t hebus i ne s si s v i a bl eort oma i nt a i ne x i bi l i t yf ort hi ngss uc ha sobt a i ni ng na nc ea ndl os sr e l i e f pr ov i s i onswhi c ha r ef a rmor ef a v our a bl e f oruni nc or por a t e dbus i ne s s e s . T hedr a wba c k sf orope r a t i ngabus i ne s sa sas ol et r a de rori na n or di na r ypa r t ne r s hi pc a ni nc l udeha v i ngpot e nt i a l l yunl i mi t e dl i a bi l i t y( a ndbe i ngj oi nta nds e v e r e l yl i a bl ef oror di na r ypa r t ne r s hi ps ) , pe r c e i v e dl a c kof c r e di bi l i t yc ompa r e dt oc or por a t es t r uc t ur e sa ndpot e nt i a l l i mi t a t i onsf ora t t r a c t i ngi nv e s t me nta nd a c hi e v i nggr owt h.
T hef ol l owi ngs ec t i onsc ons i dert hemos tc ommont a xi s s ues bus i nes sowner sf a c ewheni nc or por a t i ng.
T axi mpl i c at i ons I nc omeT ax Cl os i ngY earRul es Whenapa r t ner s hi pors ol et r a dei nc or por a t es , t hee x i s t i ngt r a de i sdeemedt oc ea s ea ndt hec l os i ngy ea rt a xr ul eswi l l a ppl y . Any ov er l a ppr ot swi l l ber el ea s eda ndma yc r ea t eal os s . Anyl os s c a nus ua l l ybet r ea t edundert het er mi na l l os sr el i efr ul es , r el i ev eda ga i ns tneti nc omeorga i nsoft hei ndi v i dua l ( s ) orc a r r i ed f or wa r dt ous ea ga i ns tt hec or por a t es ’ f ut ur epr ot s . T her ei s a l wa y sar i s kt ha tl os s eswi l l bel os ts ot i mi ngi spa r a mount .
S ol et r a de r sa ndme mbe r sof or di na r ypa r t ne r s hi psa r el i a bl et o i nc omet a xona l l t hebus i ne s spr ot s , whe t he rdr a wnornot . I nc omet a xr a t e sa ppl i c a bl et oi ndi v i dua l sa r eupt omor et ha n doubl et ha tof ac ompa ny . T he r ea r ea l s oNa t i ona l I ns ur a nc e Cont r i but i ons( “ NI C” ) , Ca pi t a l Ga i nsT a x( “ CGT” ) a ndI nhe r i t a nc e T a xi mpl i c a t i onst ha tma yma k ea nuni nc or por a t e dbus i ne s sl e s s a t t r a c t i v ef r om at a xpe r s pe c t i v ea ndt he s ea r ede t a i l e df ur t he r be l ow.
Capi t al Al l owanc es Ba l a nc i nga dj us t ment sma ya r i s eonpl a nta ndma c hi ner yt r a ns f er r eda l t hought r a der sc a nel ec tt ot r a ns f era s s et sa tt a xwr i t t en downv a l ues .
T hedi r e c t or sorme mbe rof aCompa nyorPa r t ne r s hi pwi t hL i mi t e dL i a bi l i t ya r eus ua l l yonl yl i a bl et ot a x e sonpr ot sa c t ua l l y e x t r a c t e d. Me mbe r sof L i mi t e dL i a bi l i t yPa r t ne r s hi ps( “ L L P’ s ” ) ha v et obeal i t t l emor ec a r e f ul f orr e a s onss e toutbe l ow.
Bene t si nki ndandgoodsus edf orpr i v at eus e Af t eri nc or por a t i on, t hes ha r ehol derdi r ec t or sbec omel i a bl et o i nc omet a xa ndNI Cont hepr i v a t eus eofa nybus i nes sa s s et s ( c a r sf ore x a mpl e) t r a ns f er r edt oac ompa nya soppos edt ot he a s s oc i a t edc os t sbei ngs i mpl ydi s a l l owedi nt hea c c ount s .
Al i mi t e dc ompa nypa y sc or por a t i ont a xoni nc omea ndga i nsa t 20%, whi c hi smuc hl owe rt ha nt hehi ghe s tr a t e sof i nc omet a x ( 45%) a ndc a pi t a l ga i nst a x( 28%) f ori ndi v i dua l s . S ha r e hol de r s , e s pe c i a l l yi nowne rma na ge dc ompa ni e s , a r ea bl et oe x t r a c tonl y t hei nc omet he yr e qui r ea l l owi ngt hebus i ne s st or e t a i nwor k i ng c a pi t a l . Conv e r s e l y , i tma ynotbec os te ffe c t i v et oi nc or por a t e whe nt hes ha r e hol de r sne e dt oe x t r a c ta l l a v a i l a bl ei nc omet o me e tt he i rc os tof l i v i ng, e s pe c i a l l ywhe nac ompa nyma ybel os s ma k i ngi ni t si ni t i a l pe r i ods .
Conv er s el y , benet snotot her wi s ea v a i l a bl es uc ha sc hi l dc a r e v ouc her sc oul dbet a k ena dv a nt a geof . Howev er , t hee x i s t i ng c hi l dc a r ev ouc hers c hemei sonl ya v a i l a bl eunt i l ea r l y2017when empl oy eesnota l r ea dyus i nga ne x i s t i ngs c hemewi l l ha v et ous e t henewT a xF r eeChi l dc a r e( “ T F C” ) s c heme . T heT F Cs c hemea nnounc edi n2014wa sl ega l l yc ha l l engedbye x i s t i ngv ouc herpr ov i der sa ndha sbeenhea v i l yc r i t i c i s ed.
T hede c i s i ont oi nc or por a t es houl dnotbet a k e nl i ght l ya ndi t ma ynotbes ui t a bl ei ne v e r yc a s e . Ani nc or por a t e de nt i t yha s pot e nt i a l l yhi ghe rope r a t i nge x pe ns e s , i nc r e a s e dc ompl i a nc e r e s pons i bi l i t i e s , r e c or dsa r epubl i c l ya v a i l a bl eonCompa ni e s Hous ea nddi r e c t or sorde s i gna t e dme mbe r sha v ei nc r e a s e dl e ga l obl i ga t i ons . Pr ope r t ybus i ne s s e sc a n ndi tpa r t i c ul a r l ydi ffic ul ts i nc eobt a i ni ng na nc ef orane wc or por a t ei nv e s t i ngi npr ope r t ywi t houta t r a c kr e c or di sac ha l l e nge . I nc or por a t i nga ne s t a bl i s he dpr ope r t y bus i ne s swi t he x i s t i ng na nc ea r r a nge me nt sc a nbev e r yt r i c k y whe ni tc ome st omov i ng na nc ea r r a nge me nt s , s i nc ema ny ba nk swi l l s e e kwi der e a c hi ngpe r s ona l gua r a nt e e sa ss e c ur i t y . T hei nc or por a t i onof pr ope r t ybus i ne s s e sc a na l s obec os t l yf r om aCGTa ndS t a mpDut yL a ndT a x( “ S DL T” ) pe r s pe c t i v eduet ot he l a c kof r e l i e f sa v a i l a bl ewhe nt r a ns f e r r i ngi nv e s t me ntpr ope r t i e s .
St oc k As i mi l a rel ec t i ont ot ha tf orc a pi t a l a l l owa nc esc a nbema det o t r a ns f ers t oc ka tt hehi gherofc os torpr i c epa i d.
T henews c hemeoffer st hes el fempl oy edpr ev i ous l yuna v a i l a bl e s uppor twi t hc hi l dc a r e . Nat i onal i ns ur anc eCont r i but i ons( NI C) S ol et r a der sa ndpa r t ner swoul dnol ongerbel i a bl et oCl a s s2 a ndCl a s s4NI Ca f t eri nc or por a t i on. I ns t ea d, t heywoul dbel i a bl e t oempl oy eesNI Cona nys a l a r ya ndt a x a bl ebenet s . T hec ompa nywoul da l s obel i a bl et oempl oy er sNI C. Wher eas ol et r a derorpa r t ner s hi pi nc or por a t esdur i ngat a xy ea r , t hea nnua l ma x i mar ul esf orNI Cpur pos ess houl dbec ons i der ed i fi ndi v i dua l pr ot sa ndea r ni ngst oget here x c eedt heupperNI C l i mi t . Capi t al Gai nsT ax( CGT) ACGTl i a bi l i t yc a na r i s eont het r a ns f erofc ha r gea bl ea s s et st o t hec ompa ny . T hi sc a ni nc l udegoodwi l l a ndl a ndorbui l di ngs . I nc or por a t i onr el i efma ybea v a i l a bl et odef ert hega i na ga i ns tt he ba s ec os tofs ha r esr ec ei v ed. 9
Ne ws l e t t e r I nc or por a t i onr e l i e f i sgi v e na ut oma t i c a l l ya ndac l a i m doe snot ne e dt obema de . I nc or por a t i onr e l i e f i sonl ya v a i l a bl ei f a l l of t he bus i ne s sa s s e t s , e x c e ptc a s h, a r et r a ns f e r r e dt ot hec ompa nya sa goi ngc onc e r ni ne x c ha ngewhol l yorpa r t l yf ors ha r e s . I f i nc or por a t i onr e l i e f i snota v a i l a bl ei nf ul l , t he ne nt r e pr e ne ur s ’ r e l i e f s houl da ppl yt oa nyc ha r ge a bl ega i n. I ti sc ommonf ort he bus i ne s sowne r ( s ) t ot a k ea na mountof l oa ns t oc k , orc r e di tt he i r di r e c t or sl oa na c c ount , a tl e a s te qua l t ot he i rCGTa nnua l e x e mpt i on. E nt r e pr e ne ur sr e l i e f wi l l us ua l l ya ppl yt oa nyc ha r ge a bl e ga i ns ot hema x i mum e ffe c t i v er a t eof CGTuponi nc or por a t i oni s 10%. I f t het r a ns f e r ori snotgoi ngt obea ne mpl oy e eoroffic ehol de r , t he yma ys e l l t hec ompa nywi t hi nay e a rori f t he ya r eami nor i t y ( be l ow5%) s ha r e hol de r , t he ywi l l notqua l i f yf ore nt r e pr e ne ur s r e l i e f i nf ut ur e , s oma ye l e c tt onota ppl yi nc or por a t i onr e l i e f t o s e c ur et hemor ef a v our a bl e10%CGTr a t ewhe r ee nt r e pr e ne ur s r e l i e f a ppl i e s . Anot he rc ons i de r a t i onwi t ht her e c e ntc ha nge si n gov e r nme nta ndi f y oul i s t e nt ot he“ gos s i p” i st ha te nt r e pr e ne ur s r e l i e f m ybea ma bol i s he dorr e s t r i c t e di ns omeot he rwa ys oat a x pa y e rma ywi s ht os e c ur er e l i e f now, a l t houghwewon’ tdwe l l on t hei s s ue swi t ht r y i ngt opr e di c tt hef ut ur e ! I f i nc or por a t i onr e l i e f i snota v a i l a bl ea ndt het r a ns f e r ors t i l l wi s he st ode f e rt a xl i a bi l i t i e s , t he ngi f tr e l i e f ma ybea v a i l a bl e . T hi s c a nbeus e f ul i nc i r c ums t a nc e ss uc ha swhe npr ope r t ywi t hahi gh v a l uea nda s s oc i a t e dS DL Tl i a bi l i t yi she l d. T heowne rma ywi s ht o r e t a i nt hepr ope r t yf orf ut ur er e nt a l i nc ome( whe nr e t i r e d) ort o a v oi dS DL T . Gi f tr e l i e f r e qui r e saj oi nte l e c t i on( e a s yf oras ol et r a de ri nc or por a t i ng) a nda s s e t st r a ns f e r r e da r er e c e i v e dbyt hec ompa nya t t he i rwr i t t e ndownv a l uewi t hnode c r e a s ei nt heba s ec os tof t he s ha r e si nt heha ndsof t het r a ns f e r or . Howe v e r , c a r ei sne e de da sadoubl ec ha r get ot a xc oul da r i s e whe nt heowne rwi ndsupt hec ompa nys i nc et hec ompa nywi l l s uffe rc or por a t i ont a xont hede e me dga i nonc e s s a t i onof t he bus i ne s sa ndt heowne rwi l l s uffe rCGTont hedi s pos a l of s ha r e s wi t hapot e nt i a l l yl owv a l ue . T r ans f e rofGoodwi l l Pr i ort o3De c e mbe r2014, f r e egoodwi l l c oul dbet r a ns f e r r e d uponi nc or por a t i onof ac ompa ny . S ha r e hol de r swoul dus ua l l y s uffe rCGTa t10%( duet oe nt r e pr e ne ur s ’ r e l i e f ) ont hev a l ue t r a ns f e r r e di ne x c e s sof t heCGTa nnua l e x e mpta mount . T he s ha r e hol de r sl oa na c c ountwoul dbei nc r e di t , a l l owi nge x t r a c t i on of f ut ur epr ot swi t hnoa ddi t i ona l t a xl i a bi l i t y . HMRCf r e que nt l y c ha l l e nge dt hev a l ua t i onsus e d. S i nc e3De c e mbe r2014, goodwi l l a ndot he ri nt a ngi bl e sha v e be e nde ni e de nt r e pr e ne ur s ’ r e l i e f upont hei nc or por a t i onof a bus i ne s sa ndc ompa ni e sha v ebe e nde ni e dat r a di ngde duc t i on f ort hea c qui s i t i onof r e l a t e dpa r t ygoodwi l l a ndot he ri nt a ngi bl e s . Ar e t i r i ngpa r t ne rma ys t i l l qua l i f yf ore nt r e pr e ne ur s ’ r e l i e f .
Cor por at i onT ax Anewl yi nc or por a t edc ompa nyi sl i a bl et oc or por a t i ont a xa ti t s ma r gi na l r a t es( nowas i ngl er a t eof20%) . Di r ec t or s ’ s a l a r i esa nd a s s oc i a t edNI Cc os t sa r ea l l owa bl ee x pens es . Di v i dendsdec l a r ed a r enota l l owa bl ee x pens esf orc or por a t i ont a xpur pos esa nd mus tbepa i df r om di s t r i but a bl er es er v es . Di r ec t orL oanAc c ount s / Over dr awnCapi t al Ac c ount s Ov er dr a wndi r ec t orl oa normember sc a pi t a l a c c ount s( wher ea pa r t ner s hi pi nc l udesc or por a t emember s ) wi l l a t t r a c ta ns 455 CT A2010“ l oa nt opa r t i c i pa t or ” c ha r gei fi ti snotr epa i dbyt he t i met hec ompa nyi sl i a bl et opa yi t sc or por a t i ont a xf ort her el ev a nta c c ount i ngper i od. T hec ha r gei sc a l c ul a t eda tar a t eof25% oft heov er dr a wna mounta ndi spa i dbyt hec ompa nywi t hi t s c or por a t i ont a xl i a bi l i t y . T hec ha r gei sr epa i da f t ert hec or por a t i ont a xr et ur na ndpa y ment l i ngda t ef ort heper i odt hel oa ni s r epa i di n. T hi spot ent i a l l yc r ea t esc a s h owi s s uesa ndc a nc a t c houts ha r ehol der swhent hebus i nes s espr ot sdonotma i nt a i nas i mi l a r l ev el t ot ha tbef or ei twa si nc or por a t eda ndpr ot sa r edr a wni n a nt i c i pa t i onofbei nga bl et odec l a r eadi v i dend. I ti spos s i bl et o wr i t eoffal oa na ndf ori tt obes t i l l t a x edont hes ha r ehol dera t di v i dendr a t es , a l t hought her ei sar i s kt ha ti nc omet a xa ndNI C c oul da ppl ywher et hes ha r ehol deri sa l s oadi r ec t ora nd/ orempl oy ee . VAT T het r a ns f erofabus i nes si sout s i det hes c opeof VATpr ov i ded: -I ti st r a ns f er r eda sagoi ngc onc er n( i tdoesnotha v et obe pr ot a bl et ober ega r deda ss uc h) ; -I ti st r a ns f er r eda sa noper a t i ona l bus i nes sa c t i v i t y ; -t hebus i nes sa c t i v i t yunder t a k enbyt het r a ns f er ori s c ont i nuedbyt het r a ns f er ee; a nd -t her ei ss os i gnic a ntbr ea ki noper a t i onsc ont i nui ng. T het r a ns f er eema yneedt or egi s t erf orVATf r om t heout s eti fi t doesnott r a ns f ert hee x i s t i ngr egi s t r a t i on. SDL T Pr oper t yt r a ns f er r edt ot hec ompa nyuponi nc or por a t i onwi l l be s ubj ec tt oS DL Ta ti t sma r k etv a l ue . I tma ybepos s i bl et or et a i npr oper t yout s i det hec ompa nyt o a v oi daS DL Tc ha r ge . Dependi ngont hec i r c ums t a nc es , noS DL T ma ya r i s ewhenapa r t ner s hi pi nc or por a t esa nds pec ica dv i c e s houl dbes ought . Conc l us i on T her ea r ema nyl ega l a ndt a xc ons i der a t i onst oma k ewheni nc or por a t i ngabus i nes sa nds pec i a l i s ta dv i c es houl dbes ought . I f y ouorac l i entr equi r ea nya s s i s t a nc e , pl ea s ec ont a c tus .
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Ne ws l e t t e r EdgeNews Ac hangeofc ar eer : Ant ont heaut hor ? Doy ouenj oyr ea di ngourweek l yt a xupda t esorha v ey our ea da nyofAnt on’ st a xdi ges t sf or T ol l ey’ s ?I fy est heny ouwi l l beha ppyt ok nowAnt onwi l l bedoi ngal otmor ewr i t i ngt hi sy ea ra s heha sbeena s k edt owr i t ef ora ndf ea t ur ei nmor el ea di ngpubl i c a t i ons ! Ant onwi l l bewr i t i ngs pec i a l i s tt a xi nv es t i ga t i onsupda t esf orCCH’ sonl i nes er v i c ea swel l a sbei ng i nv i t edt ot a k epa r ti n“ onemi nut ewi t h” , whi c hi sa ni nt er v i ewf ea t ur ei noneoft hepr of es s i ons l ea di ngpubl i c a t i ons“ t a xj our na l ” whi c hdoes“ onemi nut ewi t h” i nt er v i ewswi t hl ea di ngt a x e x per t s ! Wi t ha l l t hes uc c es sAnt onha sha dwi t hhi swr i t i ngi nt hel a s ty ea ra ndwi t hwha theha sl i nedup t hi sy ea r , ma y beAnt ons houl dt hi nka boutbec omi ngaf ul l t i mea ut hor ! S t a ypos t edt os eet hes epubl i c a t i onst hi sy ea r , ort or ea dpa s ta r t i c l eswr i t t enbyAnt on, pl ea s e s eeourweek l yebul l et i nsher e . Congr a t ul a t i onsAnt onony ourwr i t i ngs uc c es s !
Wel c omet ot het eam J ames ! Att hebegi nni ngofJ a nua r y , wewel c omedanewmembert oourt ea m; J a mesMi ddl edi t c h. J a mes i st a k i ngonanewr ol ea saT a xMa na gerher ea tE dge .Pr ev i ous l yJ a meswor k edf orapr i v a t e ba nk , wher ehema na gedt het ea mr es pons i bl ef ors c r ut i ni s i ngt het r ea t mentofv a r i ousi nc ome a ndc a pi t a l t r a ns a c t i ons . Hepr ov i dedt ec hni c a l s uppor ta nddea l twi t hc ompl e xenqui r i esf r om c l i ent sa ndt hei rt a xr epr es ent a t i v es . AtE dge , J a mesi snowr es pons i bl ef ora na l y s i ngc ompl e x na nc i a l t r a ns a c t i onsa ndpr epa r i ngt a x c a l c ul a t i onsba s edon ndi ngs . I na ddi t i on, J a mesc onduc t st ec hni c a l r es ea r c h( l egi s l a t i ona nd c a s el a w) , a s s i s t i ngt hepa r t ner sAnt onL a nea ndJ er omeL a ne , wi t hpr epa r i ngdet a i l eda na l y s i s a ndi dent i f y i ngf unda ment a l a r gument st oa s s i s ti npr epa r i ngr obus tdef enc esf orc l i ent sf a c i nga t a xdi s c l os ur e . I fl i k eJ a mesy ouwa ntt oj oi nourt ea m, pl ea s es eemor ea boutourc a r eeroppor t uni t i esbel ow!
Wear er ec r ui t i ng Wea r el ook i ngf ormor ea ma z i ngpeopl et oj oi nourt ea m a ndha v ema nynewa nde x c i t i ngoppor t uni t i esa v a i l a bl e! Wea r ec ur r ent l yl ook i ngf ora na c c ount a nt , at a xma na ger a nda noffic ea dmi ni s t r a t or . I fy oua r ei nt er es t edi na nyof t hes epos i t i onspl ea s es eev i s i tourc a r eer spa gef ort hef ul l j obs pec ic a t i ons . T oa ppl yf ora nyoft hes epos i t i onspl ea s e s endy ourCVt oi nf o@edget a x . c om. I fy oua r enoti nt er es t ed i na nyoft hes eoppor t uni t i esbutk nows omeonewhoma y be , pl ea s ef eel f r eet opa s sont hi si nf or ma t i on!
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