From the 1st of April this year, Section 94 of the Finance Act 2009 will come into force. This will mean that HM Revenue & Customs will have the power to name and shame both companies and individuals who have intentionally avoided paying the correct taxes. Tax evaders will find their personal details published on the HMRC website. The law is deemed to apply to those who have deliberately evaded tax of more than £25,000, but those individuals who admit to their actions can avoid having their name published.
This measure is another step taken by the government to ensure that people pay their proper taxes and is clearly targeted at those who are purposely avoiding paying tax. Tax avoidance is clearly illegal and recent retrospective tax measures have shown the governments new stronger stance on the matter.
If you are planning on carrying out a company formation or are already running a company and are worried about fulfilling your tax payment duties then we are here to help. We can provide you with guidance on correctly paying your taxes and registering with the HMRC for the payment of VAT, PAYE and Corporation Tax and more. Beyond that, we can help you with the right tools to make your company tax efficient, where rather than avoiding tax, you can minimise the amount you pay, while still staying within the boundaries of the law.
Carry out a tax efficient company formation with The Company Warehouse today. Take advantage of our low cost formation and business services and you may even be able to reclaim 100% tax on them.
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