HMRC has announced a limited settlement opportunity for those that were company directors, shareholders, employees, self-employed or in a partnership which used a disguised remuneration scheme that relied on the use of a remuneration trust and/or creditor protection trust. A variety of tax treatments are on offer depending on the fact pattern of implementation. Clients or their advisers will be required to calculate the tax and national insurance due and submit them to HMRC by 31 July 2022. Interest and penalties may apply, and time to pay is available.
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HMRC has announced a limited settlement opportunity for those that were company directors, shareholders, employees, self-employed or in a partnership which used a disguised remuneration scheme that relied on the use of a remuneration trust and/or creditor protection trust. A variety of tax treatments are on offer depending on the fact pattern of implementation. Clients or their advisers will be required to calculate the tax and national insurance due and submit them to HMRC by 31 July 2022. Interest and penalties may apply, and time to pay is available.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
