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    Illegal dividends prompts tax investigations

    Illegal dividends prompts tax investigations

    Insolvencies reveal concern for taxman

    Author Date published August 2, 2010 Categories

    A warning has been issued that many company insolvency are sparking
    investigations because of suspicions of illegal dividend payments being made.

    According to
    Contractor
    accountancy firm Wilkins Kennedy that HM Revenue & Customs is aware of
    a sharp increase in in potentially unlawful loans and distributions.

    The firm said that the last eight out 10 insolvency cases taken on have led
    to investigations because of alleged illegitimate actions by directors.

    Wilkins Kennedy partner Keith Stevens is reported saying some owner managers
    view taking an illegal loan from their companies as easier than curbing their
    spending.

    Read more:

    Taxman
    reveals avoidance schemes

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