June 13, 2018
Tens of thousands of contractors and self employed freelancers are currently facing bankruptcy in order to settle their tax affairs. This is the result of them using what HMRC consider to be ‘disguised remuneration’ schemes that were popular back in the early 2000’s. Many arrangements involved complex tax avoidance strategies and included the use of employee loans and offshore trusts. Many were marketed as being ‘HMRC compliant’ or ‘HMRC approved’ but the reality was that such statements were a fallacy.