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Finally tackling disguised remuneration arrangements

Question

I am the owner of a successful family business which has made significant profits for many years. In early 2001 it was suggested by my accountant at the time that I could avoid paying PAYE and NICs by using an employee benefit trust (EBT) and loan arrangement. I subsequently extracted £500 000 in the form of a loan and used this money to buy my existing house. I have never repaid anything. Despite HMRC having asked at times I haven’t settled anything yet. I understand new charging rules are being introduced in 2019. What should I do?

Answer

You and many others…

Despite HMRC’s activity over the last few years there still seems to be a large number of smaller companies or one man bands who still have not settled under various voluntary disclosure routes with HMRC in respect of these...

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