Bosses facing £500k tax bills take the fight to their accountants
A thousand entrepreneurs who relied on a “crude” tax avoidance scheme are suing their accountants after being handed bills by HM Revenue & Customs for around £500,000 each.
The six-figure sums are part of a far-reaching crackdown on “disguised remuneration” tax avoidance. Campaigners are in a bitter fight with HMRC over the rules. Individuals have until April 5 to settle with the Revenue or face a penalty on top of the tax owed.
Hundreds of small business owners who bought into the “E-shares” or “partly paid shares” scheme blame their accountants for the unexpected bills. They say they were advised it was a legitimate way to pay less tax, so are suing for professional negligence.
Bosses facing GBP500k tax bills take the fight to their accountants
