Repayment agency banned from trading

(1 minute to read)

HMRC: ‘We will not allow a small number of bad actors to tarnish the reputation of the whole tax agent sector’.

A repayment agency that charged taxpayers significant amounts to make claims for tax refunds, has been banned from operating by HMRC.

It is now a criminal offence for Tax Credits Ltd (TCL) to trade as a tax repayment agent after it was revealed that the company had committed serious anti-money laundering breaches.

Approximately 11,000 TCL clients will now receive their tax refund directly from HMRC after their claims were put on hold during the investigation.

The TCL clients affected will be contacted by HMRC by the end of the month.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Email Jaime

Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said, “TCL have ignored their responsibilities under the anti-money laundering measures designed to protect us all from financial crime.

“We will not allow a small number of bad actors to tarnish the reputation of the whole tax agent sector.

“It is crucial taxpayers understand the entitlements they can claim directly from HMRC and are properly protected from the misleading tactics used by some repayment agents. The greater protections we’re bringing in will help to stop people unwittingly losing their hard-earned money to misleading agents.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Jaime Thorpe

By Published on 20th March 2023

limited, Contractors

You may also like to read

New legislation helps taxpayers to stay in control of repayments

The way in which taxpayers who use a repayment agent receive overpaid tax is being changed in order to better ...

Read More

HMRC urged to review repayment interest rates

With data showing that taxpayers face late payment bills that are up to 17 times higher than what is returned ...

Read More

Second SEISS claim now available for application

HMRC have started contacting the millions of contractors who may be eligible for the government’s second SEISS application. The first Self-Employment ...

Read More

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

dav1