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Tax pitfalls for owner managed companies in 2008

Published on May 9, 2008 |

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An interesting article has been published which looks at the mounting tax pitfalls which exist for owner managed companies.

Following HMRC's loss of the "Arctic Systems" Section 660 case at the House of Lords last year, it seems ever keen to introduce some form of "income shifting" legislation to target family-owned businesses.

Despite the postponement of income shifting legislation, AccountingWeb suggests that the Government may, in fact, be hatching up even more potent legislation for the future.

Over the past few years, the Government has drafted a wide range of legislative measures which limited companies have to be aware of - IR35 (of course), the Managed Service Company (MSC) legislation, and several other less headline-grabbing measures.

The article is aimed at limited company owners and their financial advisers and how they should proceed this year given the amount of uncertainty which has been caused by broadly drafted and confusing tax measures in recent years.