How would you feel if a single decision you made about your finances could lose you your home? Your family? Or worse still drive you to suicide? This is no exaggeration… Using a tax avoidance scheme could leave contractors up the creek with no paddles!
All Umbrella Companies Are Equal have been speaking with some contractors who have ended up in these situations. These contractors have been caught up with Tax Avoidance Schemes that HMRC have subsequently caught up with. The quotes detailed below are from contractors who have been part of the “No Retro Tax” campaign.
No Retro Tax Campaign
It is common for users of tax avoidance schemes, subsequently targeted by HMRC to face penalties and fines on top of their outstanding tax bill. With BN66 however, the tax owed was to be calculated as if the scheme had always been illegal. Therefore, if a contractor has used a scheme for 10 years, he would owe tax and interest to cover that period. This leaves the contractor up the creek and having to pay back substantial amounts of money. This practice has been widely condemned by many Retrospective legislation is an offence to justice.
Think twice, do your homework on these companies and consider is it really worth the risk? Better to be safe now, rather than sorry later!
We will keep you up to date with the progress that is made by the “No Retro Tax” campaign group. If you are one of those contractors up the creek who has been affected by BN66, then please let us know and we will put you in touch with the group.