EBT settlement no longer an option
Employee Benefit Trusts (EBT’s) have been high on HMRC’s radar in the past decade, specifically since 2010 where legislation was introduced to deter taxpayers using this as a mechanism to reduce their tax bill.
The legislation has hindered the interest in EBT’s but those who are using one, despite the bad press, were given an opportunity HMRC to “settle” their tax investigation outside of a tribunal.
The deadline for this EBT Settlement Opportunity (EBTSO) passed on 31 March 2015 with a second deadline for actual settlement by 31 July 2015.
Those who did not register for the EBTSO will now have their cases prepared for further action.
Unfortunately, for the taxpayer, HMRC win 80% of their cases taken to tribunal!
Effective long-term tax planning
Figurit work hard with our clients to minimise tax but by using long-term tax planning strategies that are approved by HMRC.
This could include:
- Use of tax efficient pension planning to reduce higher rate tax whilst building funds for you to enjoy during retirement
- Incorporation to take advantage of lower rates of tax and for personal income withdrawal through dividends
- Ensuring all possible business expenses are claimed back for tax relief, reducing profits
- Forward planning for IHT and CGT
Figurit are focused on saving tax for commercial business owners through careful and robust tax planning strategies. Call to discuss how we can help you.
T: 020 7376 9333
E: info@figurit.com
