Two Avoidance Schemes Named by HMRC
HMRC has today used new powers for the first time to name two tax avoidance schemes that target contractors, and anyone using these schemes could end up with a large tax bill. The two named schemes are: Absolute Outsourcing, of Foerster Chambers, Todd Street, Bury, Greater Manchester Equity Participation Scheme (EPS), promoted by Purple Pay […]
Umbrella Workers – Check Your HMRC Record!
Important guidance released from HMRC – anyone working through an umbrella should check both their payslip and personal tax account to ensure that HMRC is receiving appropriate tax and NICs. This advice in itself is not new news (we have recommended these steps for years), but it is the first time HMRC has issued such […]
HMRC Warns Some Umbrellas Are Actually Tax Avoidance Schemes
According to an announcement issued by HMRC, some umbrellas are non-compliant and operate tax avoidance schemes; workers engaged by such firms risk huge future tax bills (e.g. the Loan Charge), whilst recruitment businesses engaging such umbrellas risk reputational as well as financial damage. According to HMRC, these schemes involve untaxed payments being made to workers […]
006: How to identify tax avoidance schemes that pose as compliant “umbrellas”
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 […]