Tax avoidance scheme exposed by HMRC

(2 minutes to read)

HMRC: ‘Naming tax avoidance promoters is one of the many steps we are taking to disrupt and drive scheme promoters out of business. We want to help ensure customers do not get caught out by tax avoidance’.

HMRC has exposed a tax avoidance scheme which is being promoted by London-based firm Peak PAYE Ltd.

Those using this tax avoidance scheme, perhaps unwittingly, are being urged to withdraw from it and contact HMRC as soon as possible to ensure that they don’t end up with large tax bills.

This promotor promised its users that they can avoid paying NI and income tax – they do this by paying the contractor National Minimum Wage, and then paying the remainder of the contractor’s wage disguised as a financial option or as a salary advance.

HMRC has now published the details of three tax avoidance schemes and their promoters and will continue to add to this list in the coming months – it’s worth noting that this is not a complete list of all tax avoidance schemes currently being marketed.

Considering becoming an employee of Contractor Umbrella?

Give us a call on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.

Email Jaime

Mary Aiston, Director of Counter Avoidance, HMRC, said, “Tax avoidance schemes are advertised as clever ways to pay less tax when in reality, they rarely work as the promoters promise, and it is the users that end up with big tax bills.

“Naming tax avoidance promoters is one of the many steps we are taking to disrupt and drive scheme promoters out of business. We want to help ensure customers do not get caught out by tax avoidance.”

To find out more about contracting please contact Jaime on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.

You may also like to read

Tax avoidance scheme promoter given £1m fine

A tax avoidance promoter has been charged with an almost-maximum penalty of £1 million after a legal challenge by HMRC. HMRC ...

Read More

Call for evidence on umbrella sector to help end disguised remuneration

There has been a cross departmental call for evidence on the umbrella company sector with the aim to put an ...

Read More

HMRC to contact those who may be eligible for Self-Employment Income Support Scheme

For the self-employed workers who have been hit hard financially during this pandemic, they will be pleased to hear that ...

Read More

Still thinking about if you should join Dolan Accountancy?

Give us a call on 01206 591 000 or email jaime.thorpe@dolanaccountancy.com

BLACK FRIDAY DEAL

One week margin free when you sign up with Contractor Umbrella today!
Hurry - Deal ends at midnight tonight.
CLAIM NOW
      Terms and Conditions: 
1 week margin free or £25 reduction on monthly margin. Online registration form must be completed by midnight 6th December 2019. Payment must be processed and margin redeemed by 31st December 2019.
      
close-link

dav1