Have Control Over a Company? HMRC May Be Contacting You, JSB Accountants Can Help!
Review Your 2023/24 Income and Gains
HMRC is writing to individuals listed as having significant control over companies, asking them to check whether all income and gains for the 2023/24 tax year have been properly declared.
Who Is a Person with Significant Control (PSC)?
Under UK regulations, companies must report to Companies House anyone with significant control. A person is considered a PSC if they:
Directly or indirectly own more than 25% of the company’s shares or voting rights;
Have the power to appoint or remove most of the company’s directors; or
Can otherwise exert significant influence or control over the company.
(You can find more guidance on PSCs via Companies House.)
Why It Matters
As a PSC, you may be liable for tax on income or gains linked to your relationship with the company. Common examples include:
The company covering personal expenses
Personal use of company assets
Asset transfers between yourself and the company
Receiving company loans
Exercising share options or selling shares
What Is HMRC Doing?
HMRC is sending two types of letters to PSCs:
For those who submitted a 2023/24 tax return: You’ll be asked to review your return and correct any errors by 25 July 2025. You’re also encouraged to ensure your 2024/25 return is accurate.
For those who haven’t filed a return: You’ll be asked to assess whether a return is required and, if so, to file it by 25 July 2025. If you believe you don’t need to file, you should contact HMRC using the details provided.
These letters are not formal compliance checks, but failing to act could lead to penalties.
JSB Accountants Can Help
If you’ve received a letter from HMRC, or think you may be affected, JSB Accountants can support you in reviewing your tax position, correcting errors, and filing any necessary returns. We’re here to make sure everything is handled correctly and on time.
Contact us today to ensure you're fully compliant and protected from potential penalties.
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