Throughout lockdown, the Government has made significant financial contributions to UK businesses to help mitigate the economic impact of the pandemic by way of a £330bn war chest. Now that Britain is re-opening and adjusting to a new normal, HMRC will want to recoup as much of that initial outlay as possible through taxation.
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A shareholder has the right to receive dividends. When the company has retained profit available, they may declare a dividend. A dividend is a share of profit paid out of the company which is proportionate to the number of shares held.
Small business owners often make the mistake of believing HMRC only investigate the tax records of big players. Wrong. Last year HMRC were seen to be cracking down on tax avoidance and increased its investigations into smaller firms.
HMRC are tackling tax avoidance among businesses, and they have set their sights on small businesses in particular because they are seen as the easier target. Small businesses do avoid tax, this could be unknowingly or knowingly, but there are steps you can take to avoid falling foul of HMRC’s tax crackdown.
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Having been granted an increase in specialist funding, HMRC is offering the participants of certain tax avoidance schemes the chance to settle their tax liabilities via agreement, rather than facing litigation.
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The Government has announced a range of new measures aimed at clamping down on ‘tax dodgers’ including ‘aggressive tax avoidance’ schemes which are often marketed to contractors and consultants.
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As an influential report criticises the taxman’s track record of tackling aggressive tax avoidance schemes, HMRC has stepped up its game by sending letters to 1,500 users of one particular scheme, in a ‘pre-emptive strike’.
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The Treasury’s much-hyped clampdown on ‘tax avoidance’ might not end up being as effective as officials originally planned, with so many experienced HMRC investigators likely to retire over the next five years.
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The Treasury has published a consultation document on the introduction of a General Anti-Abuse Rule (GAAR) which will target specific tax avoidance schemes, some of which may be used by professional contractors.
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