Finally, we appear to have some "useful guidance" from HMRC advising contractors who are tempted by Contractor Loan Scheme's…
Published on 5th February 2016
As a contractor or freelancer you may see adverts on the internet which claim you can avoid paying tax on the vast majority of your income. These are tax avoidance schemes aimed at both employed and self-employed contractors. They involve you receiving income in the form of loans. However, if it looks too good to be true, it probably is. Here are ten reasons why you should steer clear of these schemes and, if you think you might be in one, why you should get out of it and settle your tax affairs straight away.
To find out more, please go to https://www.gov.uk/government/publications/ten-things-about-contractor-loan-schemes/ten-things-about-contractor-loan-schemes