No safe havens 2019 – offshore compliance matters

    Since 2010, HMRC have raised an additional £2.9 billion through its focus on offshore non-compliance, through initiatives including 6 separate disclosure facilities, a deal with Switzerland and the introduction of a series of legislative measures, giving HMRC increased powers to assess older liabilities, charge higher behaviour-related penalties and also to mount criminal prosecutions for the facilitation of tax evasion.
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    Directors providing services to their own company: can it work?

    Rebecca Walker considers the recent Tribunal case of Petrol Services Ltd which saw HMRC successfully argue that the split contract arrangement did not work; all income was a result of the directors’ office holding, with none attributable to the separate consultancy contracts in place.
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    Goodwill valuation successfully defended

    HMRC’s stance on the valuation of goodwill in trade-related properties has become much stricter. Therefore advisors need to be prepared for their original valuations to be robustly challenged. Plan for the worst and hope for the best!
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