End of the line for landlords embracing hybrid schemes
HMRC's warning landlords about a tax scheme they should be wary of. This scheme, known as the 'hybrid business model', uses partnerships and companies to cut taxes. This avoidance scheme was highlighted in HMRC’s Spotlight 63. But HMRC says it might not work and could lead to problems. They're urging people involved to take action before January 31, 2024, or they could face inquiries, extra taxes, and penalties. It's a heads-up to think twice about these tax plans to avoid future trouble with the taxman."
This simplified version aims to communicate HMRC's cautionary advice about a specific tax scheme targeted at landlords.
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