Are You on the List?
HMRC have just published details of the latest to be publicly named and shamed as deliberate tax defaulters.
What struck me (other than the presence of an accountant) about this list was that around half of those caught were limited companies. That means that the other half are personally liable for their new-found tax debts.
Now, some of the amounts these people are being done for are very substantial – you don’t get to the list for anything less than £25k, and often it refers to past trading statuses.
It is a worry that they will be losing their houses with no limited liability status to separate their personal assets from their businesses.
That is an important consideration when you are deciding between incorporated and unincorporated trading structures.