HWB, one of the largest independent accountancy practices in the region is urging Hampshire firms to make sure they don't fall foul of tough new rules on tax avoidance.

The Treasury has unveiled a raft of tax avoidance measures which are expected to raise more than £2 billion and protect a further £5 billion by 2015.

In a written statement to MPs, Exchequer Secretary David Gauke has outlined a series of moves aimed at closing loopholes in income and corporate tax and VAT.

Among the measures is a move to ban groups of companies using intra-group loans or derivatives to reduce their corporation tax bill. Meanwhile, there is also a clear intention to clamp down on "disguised remuneration" - company schemes used to reward employees that seek to avoid or defer the payment of income tax or National Insurance Contributions.

Inheritance tax is another area that has not escaped the crackdown, with ministers looking to close down avoidance schemes involving the use of trusts.

Tax experts from HWB are recommending business owners seek specialist advice now, before they find themselves on the wrong side of the law.

 "There are some big changes ahead that might mean businesses in Hampshire having problems with HMRC," cautions Tracy Jenkins, Tax Director for HWB.

"While it is important that there is fairness for the taxpayer, these changes are potentially very significant and have serious implications

"Forewarned is forearmed and business owners taking advice today will undoubtedly be grateful they did in the long run."

For more of HWB's market leading advice, contact Tracy Jenkins, Tax Director on 023 80461200

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