{"id":19812,"date":"2022-11-17T09:41:57","date_gmt":"2022-11-17T09:41:57","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=19812"},"modified":"2022-11-17T09:42:58","modified_gmt":"2022-11-17T09:42:58","slug":"the-significance-of-one-to-many-letters-from-hmrc","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/","title":{"rendered":"The significance of \u2018One To Many\u2019 letters from HMRC"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2-1024x576.png\" alt=\"\" class=\"wp-image-19814\" srcset=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2-1024x576.png 1024w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2-300x169.png 300w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2-768x432.png 768w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Letters have been sent out to individuals listed as \u2018Persons of Significant Control\u2019 (PSC), urging them to check and, where necessary, correct their tax returns.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>HM Revenue &amp; Customs (HMRC) Wealthy External Forum has been posting the \u2018One To Many\u2019 letters to PSCs listed at Companies House.<\/p>\n\n\n\n<p>A PSC is someone who owns or controls your company \u2013 sometimes referred to as &#8216;beneficial owners&#8217;.<\/p>\n\n\n\n<p>Before 2016 UK companies only needed to record the immediate, legal owners of their shares and submit these details to Companies House.<\/p>\n\n\n\n<p>Since 6 April of that year under the PSC regime, companies have had to look through multiple layers of ownership where appropriate, to identify relevant persons who have significant control of the company.<\/p>\n\n\n\n<p>HMRC say most PSCs are those who hold:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>More than 25 per cent of shares in the company<\/li><li>More than 25 per cent of voting rights in the company<\/li><li>The right to appoint or remove the majority of the board of directors<\/li><\/ul>\n\n\n\n<p>HMRC\u2019s \u2018One To Many\u2019 approach&nbsp;allows them to reach many taxpayers about a specific issue where the data suggests there may be a reason for non-compliance \u2013 but they are not always accurately targeted.&nbsp;<\/p>\n\n\n\n<p>One of these so-called nudge letters in particular is targeting PSCs whose income in 2020\/21 was lower than \u00a3100,000.<\/p>\n\n\n\n<p>It asks them to check that their 2020\/21 return was correct and, where it isn\u2019t, adjust their tax position in their 2021\/22 returns if amongst other things:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>They have utilised company assets for personal use<\/li><li>Received a loan from their company<\/li><li>They have personal costs paid by their company.<\/li><\/ul>\n\n\n\n<p>Another set of letters has been sent to those who are PSC but do not appear to have filed tax returns at all.<\/p>\n\n\n\n<p>Where additional sources of income or gains are identified, taxpayers who have already filed are asked by the taxman to amend their 2020\/21 tax return and to include anything relevant on their 2021\/22 tax return.<\/p>\n\n\n\n<p>The letters were sent out in late October and taxpayers are advised not to ignore these communications from HMRC.<\/p>\n\n\n\n<p><strong>Need help with taxation and tax returns? Contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Letters have been sent out to individuals listed as \u2018Persons of Significant Control\u2019 (PSC), urging them to check and, where necessary, correct their tax returns.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,3],"tags":[],"class_list":["post-19812","post","type-post","status-publish","format-standard","hentry","category-blog","category-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The significance of \u2018One To Many\u2019 letters from HMRC - Moore Thompson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The significance of \u2018One To Many\u2019 letters from HMRC\" \/>\n<meta property=\"og:description\" content=\"Letters have been sent out to individuals listed as \u2018Persons of Significant Control\u2019 (PSC), urging them to check and, where necessary, correct their tax returns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\" \/>\n<meta property=\"og:site_name\" content=\"Moore Thompson\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-17T09:41:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-17T09:42:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The significance of \u2018One To Many\u2019 letters from HMRC\" \/>\n<meta name=\"twitter:description\" content=\"Letters have been sent out to individuals listed as \u2018Persons of Significant Control\u2019 (PSC), urging them to check and, where necessary, correct their tax returns.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-1.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/#\/schema\/person\/0d9cc808e7eb5eb75ce773e69c3d97fb\"},\"headline\":\"The significance of \u2018One To Many\u2019 letters from HMRC\",\"datePublished\":\"2022-11-17T09:41:57+00:00\",\"dateModified\":\"2022-11-17T09:42:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\"},\"wordCount\":351,\"image\":{\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2022\/11\/M.T.-Blog-Graphic-12.10.2022-3-2-1024x576.png\",\"articleSection\":[\"Blog\",\"Tax\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\",\"url\":\"https:\/\/www.moorethompson.co.uk\/blogs\/the-significance-of-one-to-many-letters-from-hmrc\/\",\"name\":\"The significance of \u2018One To Many\u2019 letters from HMRC - 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