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\'Cowboy\' tax advisers to be named and shamed

13 - 08 - 2013

‘Cowboy’ financial firms which help companies avoid paying tax could be named and shamed under a government proposal announced earlier this week.

Tax advisers which deliberately lead clients into avoidance schemes which border on illegality would be publically named and firms which advise their clients to get involved in aggressive tax avoidance could also face fines up to £1m under the new plans.

 

 

Companies and individuals are well within their rights to avoid paying tax where they can, however avoidance schemes which take advantage of complex ownership structures, often involving overseas tax havens, are illegal.

 

Treasury Minister David Gauke said the new proposal is aimed at the ‘vast minority’ of tax advisers that persist on promoting aggressive avoidance schemes.

 

‘The vast majority of tax advisers are not high-risk and have moved away from selling aggressive avoidance schemes but there is still a minority that persists in promoting these schemes,’ he said.

The plan is part of a wider initiative to discourage companies and individuals from using complex tax avoidance schemes which can border on illegality, after a number of multi-national firms, such as Starbucks, Amazon and Google, admitted paying little or no corporation tax in the UK.

 

Tempted by tax avoidance?

 

 

If you are tempted by a tax avoidance scheme but think it may bend or break HMRC rules, you can visit HMRC’s website to find out how to recognise aggressive tax avoidance.

If you are have questions about the legality of your tax arrangements, Foremans would be delighted to assess your situation to ensure that you are complying with UK law.

 

All Foremans’ clients can count on us for safe, compliant and effective tax advice and contracting solutions. For more information, feel free to call us on 01244 625 500.

 

 

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• The user is over 21 and subject to tax in the UK
• The user wishes to minimise their tax liability
• The user is subject to national insurance i.e.he/she is not over retirement age
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