Today we’re talking to specialist tax advisor, Tom Wallace of WTT Consulting about tax avoidance schemes which specifically target temporary agency workers and contractors. These schemes all operate in a similar way to disguise your remuneration as something else which they allege is not taxable. Often they pose as compliant umbrella firms so it is all too easy to get caught out. For a refresher on how a compliant umbrella business operates, listen to our previous episode (005) which covers it in some detail.
Tom is Director of Tax Investigations and we chat today about how scheme providers market themselves and how they put you at serious personal financial risk of a large tax bill from HMRC. We cover how you can identify such a scheme and, importantly what you should do if you are concerned that you might be caught up in one. We also cover so-called “mini-umbrella company” tax avoidance which HMRC recently issued a formal Spotlight warning about.
Tax might seem boring, but this episode is essential listening as these scheme promoters are very clever and they are aggressively targeting innocent people – don’t let that be you.
About Tom Wallace
After many years as a HMRC tax inspector, Tom left to join WTT Consulting as Head of Tax. Tom has seen first hand the devastating impact of disguised remuneration schemes on innocent people. Now director of Tax Investigations at WTT Consulting, Tom uses his extensive specialist knowledge of HMRC process and complex tax disputes to support people who find themselves with an unexpected tax bill.
Website: WTT Consulting