Putting family on your payroll can be tax efficient if HMRC allow it, but what happens if they challenge it? For an expense to be tax deductible it has to be incurred wholly and exclusively for business purposes. If you employ your family members, this may gain HMRC’s interest. HMRC will want to establish that… Read more »
Posts Tagged: tax fraud
Directors’s Loans and the importance of proper paper work !
As a director who is borrowing money from your company, it is imperative that you fully understanding how to treat the interest charged on the loans. Loaning money from the company can be a useful bonus, but there are two tax charges which can apply when you lend money to a director (if they… Read more »
Transferring Assets to your Spouse – Is it tax avoidance?
Tax rules have changed considerably over the years. In 1936 the House of Lords famously ruled that “Every man is entitled, if he can, to order his affairs so that the tax is less than it otherwise would be”. But in 2013 the General Anti-abuse rule was introduced. This has given HMRC the power to… Read more »
Can you spare three months for HMRC?
How much of a tax investigation could you take? With the ensuing costs, intrusion, time and stress involved, there is no underestimating the impact this can have; which makes this week’s news very unwelcome. It’s just come to light through a Freedom of Information request, that HMRCÂ is taking 20%Â longer with tax investigations. According to tax… Read more »