HMRC has warned contractors to avoid dubious tax schemes offered to past participants of disguised remuneration schemes to undo the damage. They claim many of the schemes are even more dubious than the initial schemes that have landed 50,000 individuals in their current position, facing a potential 'loan charge' come April 2019.
It's understood that there at least five companies offering the new tax schemes and claiming that they present individuals with a way out of paying the pending loan charge, although there are no guarantees this won't result in even greater fines further down the line.
Advisory firm DSW Tax Resolution suggest that HMRC are targeting the wrong people and should have done more to crackdown on the firms offering the schemes, not the individual contractors who they say are 'easy targets' in the eyes of HMRC.
HMRC claim to have stopped several promoters of tax avoidance schemes over the past two years and has successfully reported three companies to the advertising watchdog for making misleading claims.
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