We’re grateful to have some friends within the umbrella company marketplace who are well-positioned to share valuable experiences with our readers. We’re surprised to hear the number of contractors who complain to umbrella companies about their take-home pay and how other umbrella companies are quoting them more. Some temporary workers …
Greedy contractors could be fueling tax avoidance schemes » Read the full story
Using an umbrella company is a simple, hassle-free way to get paid as a contractor, and the majority of umbrella companies operate in a compliant fashion. Unfortunately, there are a few unscrupulous tax avoidance schemes that disguise themselves as umbrella companies, and using one of these could land you in …
The warning signs of a tax avoidance scheme » Read the full story
A report published on the 26th November 2020 by HMRC discusses marketed tax avoidance schemes, and it makes for some fascinating reading. Entitled ‘Use of marketed tax avoidance schemes in the UK’, HMRC cover the size of the UK’s tax avoidance market, promoters of tax avoidance schemes, and what HMRC …
To put it bluntly – tax avoidance schemes are evil. They trick you into thinking paying less tax is fine and they’ll help you retain more of your hard-earned money. But what they fail to mention is the fact that if you engage with one, you’ll more than likely face …
How to spot a tax avoidance scheme, and why you should never use one » Read the full story
Her Majesty’s Revenue & Customs has positively plundered the construction contractor industry this year with a record £122 million in collected extra tax.
After it was discovered that he neglected to declare nearly £2 million in earnings, one IT contractor now faces jail time for income tax fraud, it was recently revealed.
IT contractors should be aware that HMRC will track down anybody it believes could be guilty of tax evasion as a Scottish consultant found to his cost recently.
It’s Budget Day tomorrow; the weeks of speculation will be over and UK taxpayers, including umbrella company contractors, will discover what is in store for them over the next 12 months.
Under new proposals published last week, individuals, including umbrella contractors, who are suspected of committing a tax fraud will no longer be immune from prosecution.
Contractors with HSBC bank accounts in Switzerland could be receiving a letter from the taxman in the near future.
Umbrella company contractors may be interested to learn that HMRC only yielded slightly over £200,000 last year from their enquiries into the IR35 status of self-employed workers.
Contractors who have not chosen to invoice through a reputable umbrella company may need to know that the long-awaited tax treaty between the UK and Switzerland should be signed at the end of this month.
Umbrella contractors might be interested to learn that leading accounting bodies are calling into question the ‘tax gap’.
HMRC is to offer a disclosure facility to taxpayers, including umbrella company contractors, it suspects of fraud.
Umbrella company contractors may want to ensure that they are not living beyond their declared means after HMRC announces it is going to get tough on tax evaders.
HMRC is continuing its quest to catch umbrella company contractors with undeclared earnings in offshore savings accounts and this could spell bad news for hundreds of thousands of British residents.
