Umbrella companies can and do, get caught up in tax avoidance schemes, plots or plans which can have grave consequences for employees, and the organisation. Umbrella companies, by definition, are merely a form of employee management as there is no national standard or definition of umbrella company under Her Majesty’s Revenue and Customs (HMRC) governance. […]
HM Revenue & Customs (HMRC) is expecting to raise some £3.2 billion in taxes as part of its crackdown on “disguised” remuneration schemes. It said it will take a closer look at the arrangements in place for businesses which offer loans instead of ordinary income to avoid income tax and National Insurance Contributions (NICs). The […]
In recent years, HMRC has been actively engaged in hunting down and plugging the “loopholes” on many tax avoidance schemes. They are particularly interested in Employee Benefit Trusts (EBTs) because there appear to be trusts, which have either not been set up properly, in accordance with regulations and guidelines, and some that are being used […]
