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HMRC have recently published details of the promoters of two tax avoidance schemes that purport to allow workers to maximise their take home pay.
HMRC have recently published details of the promoters of two tax avoidance schemes that purport to allow workers to maximise their take home pay. HMRC wants employers and employees to understand that these schemes (involving individuals agreeing an employment contract and working as a contractor) do not work and is warning potential users to steer clear of the schemes or exit them. Use of the published schemes could leave users with big tax bills.
This is part of a general crackdown by HMRC on the use of “umbrella” companies and managed service companies to sidestep the IR35 (personal service company) and ‘off-payroll working’ rules.
For further details see: HMRC names avoidance scheme promoters for first time - GOV.UK (www.gov.uk)
08 Jul 2024
The UK's business groups have pledged to work in partnership with the new Labour government to revitalise the nation's economy.
The UK's tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC's data.
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