Personal Service Companies

posted on August 14, 2013in the Blog Category

Personal Service Companies

HMRC are stepping up their interest in attacking Personal Service Companies and trying to apply IR35.  This means that extraction of income from a PSC as dividends is prevented and the alternative of extraction by PAYE produces a much higher tax and NIC cost.  Of course the big risk is that HMRC go back in time and try to enforce PAYE in earlier years, re-classifying dividends as pay, together with interest and penalties.  An increase in tax and NIC cost of say £5,000 pa when multiplied by 6 years and penalties and interest are added, potentially produces a massive cost. We offer a range of solutions to negate the IR35 risk and, any businesses that might have exposure should contact us ASAP in order to avoid HMRC attack. Tony Collier, Managing Director

Written By: MBL

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