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APN & EBT

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Much   has   been   made   of   the   Government’s   clampdown   on   what   it   considers   to   be   corporate   tax   avoidance   in   recent   years   and   Accelerated   Payment Notices (APNs) are viewed as a key weapon in HMRC’s battle to deliver increased revenue to the Treasury via a ‘fairer’ taxation system. Accelerated   Payment   Notices   are   designed   to   inform   companies   that   they   owe   taxes   which   they   might   otherwise   have   believed   to   be   beyond   the reach   of   HMRC.   The   notices   amount   to   demands   for   payment   of   monies   owed   within   a   period   of   no   longer   than   90   days   and   they   do   not   include   any scope for negotiation or appeal on the part of the recipients. More   and   more   directors   and   sole   traders   right   across   the   UK   are   being   confronted   by   sizable   tax   demands   against   them   and   their   organisations   that they   haven’t   budgeted   for.   With   only   three   months   for   the   associated   payments   to   be   made   the   consequences   of   receiving   an   APN   can   mean   serious financial problems. One   area   where   the   use   of   APNs   is   steadily   increasing   pressure   on   taxpayers   is   against   those   who   still   have   outstanding   loans   from   Employee   Benefit Schemes   (EBTs).   A   series   of   recent   court   decisions,   most   notably   the   long   running   and   high-profile   Rangers   case,   have   all   gone   against   the   taxpayer. Indeed,   the   Rangers   case   was   ultimately   decided   by   the   Supreme   Court   who   agreed   with   HMRC   that   loans   made   to   employees   under   the   clubs   EBT Scheme were in fact remuneration and so subject to tax and NIC. Whilst   many   tax   professionals   continue   to   argue   that   the   Rangers   decision   was   ‘case   specific’   and   that   not   all   EBTs   would   be   covered   by   the   decision, this   hasn’t   stopped   HMRC   issuing   Follower   Notices,   the   prelude   to   them   issuing   an   APN,   to   companies   that   set   up   EBT’s   and   have   not   yet   settled   them. HMRC’s interpretation is that other tax payers are using the same “scheme.” The   key   to   successfully   dealing   with   issues   around   APNs   and   Follower   Notices   is   to   communicate   as   effectively   as   possible   with   HMRC   about   the details   of   the   situation.   The   sooner   the   recipient   of   a   Follower   Notice   or   an   APN   (they   can   sometimes   be   issued   concurrently)   open   dialogue   with   the relevant parties, the better their chances are of overcoming any problems. A   small   number   of   bridging   lenders   have   the   knowledge   and   experience   to   deal   directly   with   HMRC   and   provide   the   bespoke   financial   solutions, secured   on   UK   property   assets,   to   allow   APNs   to   be   settled.   If   an   APN   can   be   settled   quickly   it   often   avoids   litigation,   winding   up   and   bankruptcy proceedings. Still unsure and need to explore your options? Why not consult an expert? Central   Bridging   are   bridging   loan   specialists   with   a   great   track   record.   We   are   a   principal   lender   offering   a   range   of   loan   facilities   for   business   use from £250K to £2.5M over periods from 3 to 24 months. Our loans are secured on freehold property across England and Wales. Crucially   you   will   always   speak   to   a   decision   maker   who   will   take   time   to   understand   you   and   your   situation   and   unlike   some   of   the   bigger   banks   will then tailor a solution that best suits your needs rather than their own. For a confidential discussion in the first instance contact us on:   Tel 03332 400 506   Email enquiry@centralbridging.co.uk Online
Central Bridging, Granary Wharf, Wharf Road, Burton on Trent, Staffordshire, DE14 1DU Tel: 03332 400 506   Email: enquiry@centralbridging.co.uk   Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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BESPOKE BRIDGING LOAN

& SHORT TERM LENDER

Much    has    been    made    of    the    Government’s    clampdown    on    what    it considers     to     be     corporate     tax     avoidance     in     recent     years     and Accelerated   Payment   Notices   (APNs)   are   viewed   as   a   key   weapon   in HMRC’s    battle    to    deliver    increased    revenue    to    the    Treasury    via    a ‘fairer’ taxation system. Accelerated   Payment   Notices   are   designed   to   inform   companies   that they    owe    taxes    which    they    might    otherwise    have    believed    to    be beyond    the    reach    of    HMRC.    The    notices    amount    to    demands    for payment   of   monies   owed   within   a   period   of   no   longer   than   90   days and   they   do   not   include   any   scope   for   negotiation   or   appeal   on   the part of the recipients. More   and   more   directors   and   sole   traders   right   across   the   UK   are being    confronted    by    sizable    tax    demands    against    them    and    their organisations   that   they   haven’t   budgeted   for.   With   only   three   months for    the    associated    payments    to    be    made    the    consequences    of receiving an APN can mean serious financial problems. One   area   where   the   use   of   APNs   is   steadily   increasing   pressure   on taxpayers    is    against    those    who    still    have    outstanding    loans    from Employee   Benefit   Schemes   (EBTs).   A   series   of   recent   court   decisions, most   notably   the   long   running   and   high-profile   Rangers   case,   have   all gone   against   the   taxpayer.   Indeed,   the   Rangers   case   was   ultimately decided    by    the    Supreme    Court    who    agreed    with    HMRC    that    loans made    to    employees    under    the    clubs    EBT    Scheme    were    in    fact remuneration and so subject to tax and NIC. Whilst    many    tax    professionals    continue    to    argue    that    the    Rangers decision   was   ‘case   specific’   and   that   not   all   EBTs   would   be   covered   by the   decision,   this   hasn’t   stopped   HMRC   issuing   Follower   Notices,   the prelude   to   them   issuing   an   APN,   to   companies   that   set   up   EBT’s   and have   not   yet   settled   them.   HMRC’s   interpretation   is   that   other   tax payers are using the same “scheme.” The   key   to   successfully   dealing   with   issues   around   APNs   and   Follower Notices   is   to   communicate   as   effectively   as   possible   with   HMRC   about the   details   of   the   situation.   The   sooner   the   recipient   of   a   Follower Notice   or   an   APN   (they   can   sometimes   be   issued   concurrently)   open dialogue    with    the    relevant    parties,    the    better    their    chances    are    of overcoming any problems. A     small     number     of     bridging     lenders     have     the     knowledge     and experience    to    deal    directly    with    HMRC    and    provide    the    bespoke financial   solutions,   secured   on   UK   property   assets,   to   allow   APNs   to be   settled.   If   an   APN   can   be   settled   quickly   it   often   avoids   litigation, winding up and bankruptcy proceedings. Still   unsure   and   need   to   explore   your   options?   Why   not   consult   an expert? Central   Bridging   are   bridging   loan   specialists   with   a   great   track   record. We    are    a    principal    lender    offering    a    range    of    loan    facilities    for business   use   from   £250K   to   £2.5M   over   periods   from   3   to   24   months. Our    loans    are    secured    on    freehold    property    across    England    and Wales. Crucially   you   will   always   speak   to   a   decision   maker   who   will   take   time to   understand   you   and   your   situation   and   unlike   some   of   the   bigger banks   will   then   tailor   a   solution   that   best   suits   your   needs   rather   than their own. For a confidential discussion in the first instance contact us on:   Tel 03332 400 506   Email enquiry@centralbridging.co.uk Online
Central Bridging, Granary Wharf, Wharf Road, Burton on Trent, Staffordshire, DE14 1DU Tel: 03332 400 506  Email: enquiry@centralbridging.co.uk Web: www.centralbridging.co.uk Central Bridging is a trading style of Central Bridging Loans Ltd. Registered in England & Wales | Company Registration Number 07728274. Central Bridging is not regulated by the Financial Conduct Authority (FCA). All loans arranged by Central Bridging are non regulated contracts as defined under The Financial Services and Markets (Regulated Activities) Order 2001 and the Financial Service and Markets Mortgage Credit Directive Order 2015. © Copyright Central Bridging Loans Limited Privacy Policy
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APN & EBT

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KNOWLEDGE BASE

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