New rules are soon to come in to effect for all registered qualified accountants and tax advisers to reduce aggressive tax avoidance. The rules are summarised as:
“Members must not create, encourage or promote tax planning arrangements or structures that i) set out to achieve results that are contrary to the clear intention of Parliament in enacting relevant legislation and/or ii) are highly artificial or highly contrived and seek to exploit shortcomings within the relevant legislation.”
We hugely welcome these new rules. Green Accountancy have always sought to not just play by the rules but to play fairly by the rules. Our ethos on tax has always been that we want our clients to pay the correct minimum tax using tax rules and tax relief as intended by parliament.
For example, if a client operates a theatrical business then a claim for theatre tax relief may be appropriate. If they operate a consultancy, then such a claim isn’t appropriate. That may sound obvious by some tax advisers have sought to match any relief with any business, with explicit disregard to the intentions of the tax rules.
If you have been caught up in any way with any “tax avoidance scheme” and want help extracting yourself from it. Or you simply want to work with accountants that champion fair play and ethical business, please get in touch for a free chat.