Persons with significant control targeted by HMRC

HMRC is writing to persons with significant control (PSC) who have not filed a tax return or may not have declared all their income reports the ICAEW. These are individuals who hold more than 25% of the shares or voting rights have the right to appoint or remove a majority of directors or otherwise have the right to exercise significant influence or control.

Companies have to identify all of the people who can control it and to report this information to Companies House. HMRC has reviewed this information and is writing to the PSC where it believes that they may need to act.

HMRC states that about 2 000 letters have been sent to PSC who have previously completed self assessment to ask them to check the return is correct. They are advised that they can amend their return for...