Please forgive if I am posting in the wrong place.
I have just received a letter from HMRC asking for details of our EBT.
I sold my business in 2009 and had cash assets of £1,000,000. A local accountant advised I could extract the cash using an EBT. We ( my wife and I) took 2 payments of £500k, last one early 2010. My company was dissolved early 2012.
On receiving letter, I spoke to accountant who set up scheme. He initially said as my company was dead, HMRC would have to revive the country so they could then charge tax due, first to the company and then ultimately us.
He advised waiting on HMRC hitting us with April 2019 charge as asking to settle would involve paying Income Tax and PAYE whereas we could pay 32% dividend tax as Directors with no interest due if we waited. He also said asking for Time To Pay would mean giving HMRC a full list of our assets.
Does all that make sense? Has anyone any advice on this.
I have just received a letter from HMRC asking for details of our EBT.
I sold my business in 2009 and had cash assets of £1,000,000. A local accountant advised I could extract the cash using an EBT. We ( my wife and I) took 2 payments of £500k, last one early 2010. My company was dissolved early 2012.
On receiving letter, I spoke to accountant who set up scheme. He initially said as my company was dead, HMRC would have to revive the country so they could then charge tax due, first to the company and then ultimately us.
He advised waiting on HMRC hitting us with April 2019 charge as asking to settle would involve paying Income Tax and PAYE whereas we could pay 32% dividend tax as Directors with no interest due if we waited. He also said asking for Time To Pay would mean giving HMRC a full list of our assets.
Does all that make sense? Has anyone any advice on this.
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