Contractors must start double-checking the badges that umbrella companies display on their website, experts are appealing to readers of ContractorUK.The advice to check that the provider’s badge is a stamp of approval from a genuine, verifiable accreditation body featured in a new umbrella company checklist for contractors.Dolan Accountancy But an avoidance scheme blacklisted by HMRC – Peak PAYE Ltd -- has since been observed using a badge emblazoned with ‘The Institute of Freelancing & … [Read more...]
HMRC fails to convince Lords on legal justification for Loan Charge
In a widely anticipated follow-up session on the Loan Charge by the Lords Economic Affairs Committee, HMRC failed to convince the Committees members on the legal justification for it’s highly controversial retrospective tax that has resulted in thousands of freelancers being pushed to the brink of bankruptcy. The members also poured scorn on HMRC’s poor record of cracking down on rogue umbrella companies which are, according to the BBC, still promoting schemes.The Committee directed … [Read more...]
Umbrella Payroll Provider owner receives 11 year ban for involvement in Tax Avoidance Scheme
Magnetic Push limited operated for just 11 months before it went into liquidation revealing a multi-million pound tax avoidance scheme while failing to justify £37 million expenditure. Scott Ian Rooney (40), of Leicester, was appointed sole director of Magnetic Push Limited in February 2017. Trading from a serviced office in Liverpool, the company was formerly known as ‘The Knowledgeshares Limited’ and ‘My PSU Subcontractors Limited.’After 11 months trading as Magnetic Push … [Read more...]
What the disguised remuneration operators wont tell you
Many contractors we have spoken to over the years have not realised just how much information HMRC holds that would make it easy for them to identify ‘dodgy’ schemes operating in the market. The issue that comes up again and again is why HMRC is not more proactive in its approach and working to close such schemes down faster. Whilst we too take steps to continuously challenge HMRC, there has been little headway. Despite this, contractors need to be alert to the fact that nowadays it is more … [Read more...]
HMRC, are the gloves off? Is there a storm brewing?
Offshore scheme users face requirement to notify HMRC. Contractors can have their say on their incoming requirement to notify the taxman if they use an offshore structure with evasion “characteristics” which its creator failed to declare.Under proposals published last week, the parties behind such “complex offshore arrangements” structures must inform them to HMRC and provide a list of clients using it.But if the creator (or promoter) fails to declare the arrangements -- which the … [Read more...]