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As part of the clampdown, the government is also giving HMRC a new set of powers to issue sanctions against ‘cowboy’ tax advisers that promote aggressive tax avoidance schemes.

 

The initiative will also include a groundbreaking agreement with the US, the first of its kind anywhere, that will significantly increase the amount of information on potentially taxable income automatically exchanged between both countries and further enhance HMRC’s ability to tackle offshore evasion.

 

 

Around 100 extra staff will be recruited with the additional funding and, according to the Treasury, the investment is expected to bring in an additional £2bn per year in tax that would have otherwise gone unpaid.

 

 

Chancellor Osborne said: ‘The Government is clear that while most taxpayers are doing their bit to help us balance the books, it is unacceptable for a minority to avoid paying their fair share, sometimes by breaking the law.  We are determined to tackle this problem and HMRC are making good progress, but we are giving them additional tools to bring in more.  The action we are announcing today will help HMRC close in not only on those who seek to avoid or evade tax, but on the dubious ‘cowboy’ advisers who sell them the schemes and dodges they use to cheat the law-abiding majority.’

 

If you are a temporary contractor, the importance of receiving tax advice you can trust cannot be overstated. At Foremans LLP, we strive to provide safe, compliant and effective contracting solutions and advice. Foremans LLP is a regulated professional service firm that always has the best interests of its clients at the heart of its services. Our umbrella payroll company, Foremans (UK) Ltd, is in the unique position of having full support from, and access to, all of Foremans LLP’s knowledge, systems and expertise.