Umbrella companies offered EBT amnesty by HMRC
Umbrella companies that have been using Employee Benefit Trusts have been offered an amnesty by HMRC. This comes just months after the Revenue said it would be closing EBT schemes down.
employee benefit trusts
Plumbers have just one month to disclose tax history to HMRC
Umbrella company contractors may be interested to learn that gas fitters, heating engineers and plumbers will shortly be receiving letters from HMRC informing them of the opportunity to put right their tax affairs.
The coalition’s “monster” will cause problems for employers
Employers could have problems getting to grips with the new overly complex regulations regarding employees’ tax avoidance schemes that have been detailed in the Finance Bill, according to tax advisers.
HMRC clamps down on employee benefit trust schemes
Umbrella company contractors need to be aware that HMRC is going to clamp down hard on employment benefit trust schemes. EBTS’s are now considered by the government to be a form of disguised remuneration.
HMRC amends wording of new tax avoidance regulations
The government has confirmed that deferred bonuses will not fall under its new tough tax avoidance regulations.
Finance Bill 2011 tackles disguised remuneration
Employee benefit trusts and employment finance retirement benefits schemes are the latest to be targeted in proposed Treasury regulations.
Will HMRC clampdown affect umbrella companies?
A fivefold increase in prosecutions against tax evaders could see HMRC bringing 800 people a year to court. In the year to September 30 2009, the Revenue brought 157 prosecutions against individuals.