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Corporate Debt Strategies for Distressed Companies

Speaker: Peter Rayney – Peter Rayney Tax Consulting

Time: 10:00 – 11:40

The macro economic outlook is looking increasingly ominous and many businesses have been ravaged by the Covid disruption. 

This session provides a practical guide to various financial and tax strategies that should be considered by directors, owner-managers, and professional advisers of distressed companies.

In this session, Peter Rayney will discuss the following:

• Directors duties in distress businesses and potential personal risks 
• Tax-savvy ways to improve cash flow
• The use of hive-downs and selling a distressed business
• Voluntary arrangements and release of debts
• Debt for equity swaps

This session will provide constructive and beneficial advice for companies in distress - for both directors of and professional advisers to such businesses. 

Speaker: Peter Rayney – Peter Rayney Tax Consulting

HMRC in a Post-COVID Landscape

Speaker: Andrew Walker, Matt Taylor & Paul Marcroft – RSM UK

Time: 12:00 – 13:40

In this session, Andrew Walker, Matt Taylor and Paul Marcroft will cover the following topics:

• Update on HMRC and recent performance

This section of the webinar will provide a high-level summary of HMRC’s performance during its last financial year and provide more insight into what the following areas mean for the delegates and their clients: 

• Headline results of HMRC’s compliance activities during the last 12 months, including their recovery from the impact of the Coronavirus Pandemic.
• Proposed compliance activities for the next 12 months and beyond.
• The change in approach to the management of taxpayers’ debts post pandemic.
• Taxpayer service level performances.
• Current and future resourcing plans.

• HMRC’s changing approach to compliance activity

We will explain why HMRC is changing the way it enforces taxpayer compliance and what it means for us as advisors and our clients by covering the following topics:

• An explanation of the tax gap, how it is measured and the biggest risks to the Exchequer.
• HMRC shifting the onus of compliance to the taxpayer and their advisor.
• Voluntary compliance and proactive taxpayer engagement.
• HMRC’s increasing reliance on data analytics and artificial intelligence.
• Joint initiatives and working with other tax authorities to prevent and detect fraud.

• Insight into the Corporate Criminal Offence (CCO)

The introduction of the Corporate Criminal Offence in September 2017 effectively introduced an obligation for incorporated bodies to police the activities of their employees and, by association, the tax affairs of third parties they engage with. The CCO is a perfect example of HMRC shifting the compliance burden onto the taxpayer, and we will discuss what this provision means for corporate clients and what advisors should be advocating in that respect. Following this session you will understand the broad nature of the CCO and be able to talk to your clients about the proactive steps they need to take in order to protect their companies from a strict liability criminal prosecution.

• Focus on Cross-taxes enquiries

A significant tool in its approach to the compliance of mid-sized companies is HMRC’s use of cross-taxes enquiries. We will explain what this type of enquiry entails and the procedures that will be followed. This session will provide you with the awareness of the considerations that should be made by you as the advisor to ensure the process runs as smoothly and efficiently as possible, but with your client gaining the most appropriate protection from HMRC and yet cooperating fully with HMRC in seeking a resolution. 

• Enhanced Powers and Offshore Matters

HMRC’s recent contribution to the withdrawal of the banking licence of the Euro Pacific Bank is clear evidence of its continue focus on offshore tax evasion, as are the associated civil and criminal investigations currently underway.  We will discuss HMRC’s interests in this respect, as well as other current initiatives intend to drive a culture of offshore tax compliance in the UK.

The session will provide you with an awareness of HMRC’s current initiatives and be in a position to understand the consequences for clients who fail to appropriately report their offshore income and gains.