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EBT – Employee Benefit Trust – Were you a client of Premier Strategies Limited, the former subsidiary of RSM Tenon? If so, you may be experiencing a rough time, now that Tenon has gone into Administration, and Baker Tilly has acquired the firm. The constantly changing situation is creating headaches for clients who are beneficiaries of an Employee Benefit Trust (EBT) or who are using any other tax avoidance scheme that Premier promoted. The clients’ EBTs, which originally appeared to be a blessing, have now become a curse.
We have heard from many of Premier’s former EBT clients, and they are feeling insecure and exposed, not sure which steps would be best for them to take next.
Should they defend their EBTs? Should they settle with HM Revenue & Customs? At Pareto Lawrence, we believe the answer in many cases would be “no.” The best solution for many former Premier clients would be to extricate themselves completely from their Employee Benefit Trust.
For one thing, we don’t recommend that they put their trust in Baker Tilly or in the former RSM Tenon tax team to defend them. But even if they were able to successfully defend their EBTs, in most circumstances that would not be the best solution.
People in this situation should ask themselves what will happen next if they do mount a defense. Their EBT problems, unfortunately, will not simply go away. They will still have to pay trustee fees and benefit-in-kind charges. In many cases, making a clean break and getting free of the EBTs entirely would be the wisest move for the long term.
At Pareto Lawrence, we offer expert, independent, and unbiased advice to people with Employee Benefit Trust problems, to guide them through the process of dealing with the fallout from tax avoidance schemes. Whenever possible we work with the clients’ professional advisors. Once we solve the EBT problems, we can continue to work with the clients on plans to protect their financial future.
Off-the-shelf EBT exit strategies are likely to fail. Your financial future is too important to leave to chance and luck. If you would like to find out more about how our bespoke solutions can help you solve your problems with EBTs and other Premier-provided tax schemes, please call us on 0845 2410207 or click on the “contact” link in the banner. We would be glad to set up a free no-obligation meeting to learn more about your individual needs and to discuss how we can provide specific advice and plans to meet your unique situation.