HMRC has announced another tax amnesty – for employers using employer-financed retirement benefit schemes (EFRBS).
An EFRBS is a type of pension scheme designed to avoid corporation tax. HMRC is targeting employers who have used the schemes to cut their CT bills.
The Revenue has written to employers using the “unapproved” pension schemes, giving them a chance to pay tax owed before facing legal action.
Employers that take advantage of the amnesty have two options...