One of the main immediate impacts of the application of this Legislation is the issue by H M Revenue & Customs of Accelerated Payment Notices (APNs) to people who have used Loan Contractor Schemes.
The recipients of these Demands for Payment must be under no illusion that payment is the end of the matter. Payment does not bring closure to the year to which the Notice relates.
H M Revenue & Customs view such Schemes as involving Disguised Remuneration which attract a tax liability and tax, interest and penalties will be pursued over and above what has been charged/paid on APNs.
If you have received an APN and have paid or are thinking about paying the amount demanded, why not contact Cobham Murphy Limited for a free appraisal of your position?