HMRC now have the power to name tax avoidance schemes for the first time – this is part of a campaign to warn the public not to get involved with such organisations.
HMRC is advising that anyone involved with the following schemes will need to withdraw from them as soon as possible to prevent building up a large tax bill:
- Absolute Outsourcing, of Foerster Chambers, Todd Street, Bury, Greater Manchester; and
- Equity Participation Scheme (EPS), promoted by Purple Pay Limited (PPL), of Gracechurch Street, London.
Mary Aiston, Director of Counter Avoidance, HMRC, commented, “These schemes are cynically marketed as clever ways to pay less tax. The truth is they rarely work in the way the promoters claim and it’s the users that end up with big tax bills.
Thinking of appointing Dolan Accountancy?
Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
Email Jaime“New legal powers allow us to name promoters and the schemes they peddle much faster, and this announcement is just the first step. But we need the public to be vigilant, and that’s why we’re also helping people identify, and steer clear, of these schemes through our Tax Avoidance – Don’t Get Caught Out campaign.”
HMRC will regularly update the list by publishing the details of other tax avoidance schemes and their promoters. It’s worth noting that if a tax avoidance scheme is not shown in the list, this does not mean that the scheme works or is in any way approved by HMRC.
To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.