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Covid-19: Your questions answered
For a free consultation call: 0114 251 8850 or email: firstname.lastname@example.org
“I was very impressed with the professional support I received from Hart Shaw throughout. They dealt with HMRC on my behalf, gathering all the information required and went through every aspect of the tax investigation process with me. I had complete trust in them.”
Mr D, Director, South Yorkshire
“Steve Vickers assisted me on a difficult case concerning EBTs. He was an excellent expert witness who was able to withstand leading tax counsel instructed by the other side in the end he brokered a sensible compromise which avoided expense for both parties.”
Mrs Cowell, Partner, North West
Business and Share Valuations can be needed for tax purposes for a number of reasons. Some of these are explained below:
Normally, such transactions are between connected parties, usually family and business partners and their connected parties. Tax law dictates that the donor is taxed on the open market value of the asset given away.
The two parties to the gift have three choices when making the gift:
If the asset given away is difficult to value, we do not suggest option 1. All UK tax returns include a box which must be checked if gifts or sales of assets are between connected parties making these transactions a prime candidate for examination by HM Revenue and Customs. If HMRC successfully challenge the values used, then there may be unexpected additional tax to pay and possibly interest and penalties.
Whether an individual chooses options 2 or 3 is up to them. By having a proper valuation report prepared by an independent expert such as Hart Shaw will give you a robust and defendable valuation figure in the event HMRC look at the transaction.
By seeking a Post Transaction Valuation Check you will have the further comfort that your valuation has been pre-agreed thereby giving you certainty about the amount of tax you will have to pay.
However the need for a taxation valuation has arisen, we can help you produce a valuation which will stand up to scrutiny by HMRC. We know how to deal with their staff quickly and efficiently, allowing the matter to be resolved with minimum fuss so that you can move on.
Contact Steve Vickers on 0114 251 8850 or email him email@example.com to discuss this Valuation Service
For more general information about how we can help you through HMRC tax and VAT investigations and enquiries please visit our Tax Investigation.
Hart Shaw LLP are currently applying COVID-19 working protocols and our staff are working from home. Our switchboard will be answering calls but you can contact our partners on the following numbers:
Further contact details can be found here: https://www.hartshaw.co.uk/about-us/key-contacts
We apologise if this is inconvenient but we are doing our best to follow government working directions whilst continuing to service our clients to the best of our ability in these difficult times for all and appreciate your patience.