Category: Tax Avoidance

Tax Avoidance by Umbrella Companies
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Tax Avoidance by Umbrella Companies

Understanding the risks of these schemes is essential as your name, assets, credit and personal money could be on the line should the organisation be targeted or subject to a tax investigation by the HMRC.

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Everything You Need to Know About the April 2019 Loan Charge

As seen in the dispute between HMRC and Rangers football team in 2017, the former can argue that all loans are subject to the rules of PAYE being made upfront, supplementary to the charge itself. Essentially, HMRC will always prefer taxpayers to avoid dispute and follow the course settlement, as this is the easiest and requires the least resources from government.

April 2019 Loan Charge
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April 2019 Loan Charge Tax Avoidance

If you have an EBT Loan and it is not paid back by 5th April 2019, then you may be liable for PAYE on the outstanding amount. This applies to any EBTs implemented from April 6th 1999.

HMRC Tax Disclosure Schemes Digital Disclosure Service
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HMRC Tax Disclosure Schemes | How to Make most of them

The Digital Disclosure Service (DDS) is a service by HMRC that assists companies and individuals in bringing their tax affairs up to date in a straightforward way. If you owe tax, you will need to declare it straight away, after which you will be given time to explain exactly what it is that you owe, how did you arrived at this tax amount and pay the money.

Contractors EBT Tax Avoidance
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HMRC hunt for contractors EBT tax avoidance : Accountants Approach

For years the Government and HMRC have tried to curtail the actions and processes of EBTs only to create more complex legislation. In recent years attempts have been made to clarify and simplify procedures for the operation of EBTs culminating in elements of the 2016 Finance Bill.

HMRC Tax Disclosure Schemes Digital Disclosure Service
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Digital Disclosure Service | HMRC Tax Avoidance

HMRC computer system Connect cross-checks its database of companies against the taxes they have declared, and any discrepancies can lead to the tax office writing to you to chase up unpaid taxes. Once this happens, you will be looking at a fine of anywhere up to 200% of the tax you owe.

tax avoidance
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Contractors | Loan Schemes and Tax Avoidance

These loan schemes come in a number of shapes and sizes. Currency arbitrage is one of the riskier methods. The idea behind it is that through signing up with an off-shore company, and receiving exotic foreign currencies in exchange for loans, that your earnings can be turned into non-taxable foreign exchange gains.