HMRC clamp down on Tax Schemes

he tax landscape for users of packaged tax schemes has dramatically changed for the worse.

HMRC has recently introduced the Accelerated Payment Regime that allows them to issue notices requiring payment of the disputed tax within 30 days.  This regime also applies to schemes in place before this change in the rules.

Previously, the taxpayer could delay paying the disputed tax until they lost the dispute either in courts or by agreement. HMRC can now force taxpayers to pay the disputed tax upfront.   Taxpayers then have to wait until they win the dispute with HMRC for the tax to be repaid, which can take years.

Any company or individual who has used a scheme that is similar to one defeated in court or that was notifiable to HMRC under the Disclosure of Tax Avoidance Schemes (DOTAS), which generally cover marketed, packaged tax schemes, is at risk of receiving an accelerated payment notice.

HMRC also want powers to directly access bank accounts to remove cash to cover disputed tax payments without the taxpayer’s permission.

HMRC announced they will start sending notices regarding accelerated payments from October 1st and many taxpayers have already received a notice. If you or one of your contacts has already received a notice to pay or might potentially be exposed to an accelerated payment notice, we will be happy to help. Please contact our team on 01491 579740 or via email.

HMRC clamp down on Tax Schemes

he tax landscape for users of packaged tax schemes has dramatically changed for the worse.

HMRC has recently introduced the Accelerated Payment Regime that allows them to issue notices requiring payment of the disputed tax within 30 days.  This regime also applies to schemes in place before this change in the rules.

Previously, the taxpayer could delay paying the disputed tax until they lost the dispute either in courts or by agreement. HMRC can now force taxpayers to pay the disputed tax upfront.   Taxpayers then have to wait until they win the dispute with HMRC for the tax to be repaid, which can take years.

Any company or individual who has used a scheme that is similar to one defeated in court or that was notifiable to HMRC under the Disclosure of Tax Avoidance Schemes (DOTAS), which generally cover marketed, packaged tax schemes, is at risk of receiving an accelerated payment notice.

HMRC also want powers to directly access bank accounts to remove cash to cover disputed tax payments without the taxpayer’s permission.

HMRC announced they will start sending notices regarding accelerated payments from October 1st and many taxpayers have already received a notice. If you or one of your contacts has already received a notice to pay or might potentially be exposed to an accelerated payment notice, we will be happy to help. Please contact our team on 01491 579740 or via email.

HMT LLP joins ICAEW Corporate Finance Faculty

The corporate finance faculty is ICAEW’s centre of professional excellence in corporate finance. It contributes to policy development and many consultations by international organisations, governments, regulators and other professional bodies. Its membership is drawn from major professional services groups, specialist advisory firms, companies, banks, private equity, venture capital, law firms, brokers, consultants, policy-makers and academic experts. More than 40 per cent of the faculty’s membership is from beyond ICAEW.

The Corporate Finance Faculty’s professional network includes 6,000 members and more than 70 member organisations.

As a leading corporate finance adviser in the Thames Valley, HMT has just joined the Faculty as a corporate member which will enable us to stay connected to the largest network of professionals involved in corporate finance as well as attending forums and seminars organised by ICAEW.

HMT is an ICAEW accredited training office and since 1 January 2013 we have recruited five ICAEW students in training.

HMT commented:

“Having met with Michael Izza (Chief Executive of the ICAEW) and David Petrie (Head of Corporate Finance at ICAEW) in recent weeks it was great to hear more about the  active role of the Faculty and how HMT and its clients can both benefit and contribute to its further development.

As the leading adviser to entrepreneurial businesses in the Thames Valley we are proud to be part of our industry’s leading professional body and look forward to working with the Faculty and grow its presence in our local market”.

HMT LLP joins ICAEW Corporate Finance Faculty

The corporate finance faculty is ICAEW’s centre of professional excellence in corporate finance. It contributes to policy development and many consultations by international organisations, governments, regulators and other professional bodies. Its membership is drawn from major professional services groups, specialist advisory firms, companies, banks, private equity, venture capital, law firms, brokers, consultants, policy-makers and academic experts. More than 40 per cent of the faculty’s membership is from beyond ICAEW.

The Corporate Finance Faculty’s professional network includes 6,000 members and more than 70 member organisations.

As a leading corporate finance adviser in the Thames Valley, HMT has just joined the Faculty as a corporate member which will enable us to stay connected to the largest network of professionals involved in corporate finance as well as attending forums and seminars organised by ICAEW.

HMT is an ICAEW accredited training office and since 1 January 2013 we have recruited five ICAEW students in training.

HMT commented:

“Having met with Michael Izza (Chief Executive of the ICAEW) and David Petrie (Head of Corporate Finance at ICAEW) in recent weeks it was great to hear more about the  active role of the Faculty and how HMT and its clients can both benefit and contribute to its further development.

As the leading adviser to entrepreneurial businesses in the Thames Valley we are proud to be part of our industry’s leading professional body and look forward to working with the Faculty and grow its presence in our local market”.