IFAs should review tax for husband and wife teams

That case involved tax claims by HMRC on an IT consultancy business co-owned by a husband and wife team who relied on income through dividends to reduce their income tax bill. Paula Tallon, head of direct tax at Chiltern says although many such businesses will already have submitted tax returns on the basis of previous advice from accountants derived from a previous High Court ruling that found in favour of HMRC, it may be the case that such returns can be resubmitted, although including new disclosure to take advantage of the new ruling. Those who have not submitted returns will now be...