As reported in LondonLovesBisiness.com on wednesday 11 September, HMRC has added four more tax avoidance schemes to its list of known avoidance promoters. The update, issued on 5 September, should be welcomed – but instead, it raises questions about HMRC’s anti-avoidance strategy.
This is according to Qdos, a tax compliance expert and insurance provider. While a growing number of avoidance schemes are identified, thousands of contractors and freelancers remain exposed to non-compliance risks.
The explosion in tax avoidance schemes identified in recent years – HMRC’s list began in 2022, and there are around 100 identified schemes – which indicates a growing issue, driven by the introduction of the off-payroll working rules (‘IR35 reform’) and a lack of umbrella regulation.
While previous governments have attempted to recover tax revenues lost to avoidance schemes through controversial methods, such as the Loan Charge, Qdos believes an urgent change in strategy is needed.
This includes introducing regulation of the umbrella sector, and holding scheme operators to account, as well as ensuring that flexible workers and other vulnerable self-employed workers are better protected against exploitative practices.
The Spanish Ministry of Finance aims to enhance its authority to seize crypto and non-fungible tokens (NFTs) as part of a new tax reform. The Ministry of Finance of Spain is gearing up to push a new
Malaysia’s extensive network of Double Taxation Agreements (DTAs) is a central feature of its attractiveness as an investment destination. These treaties provide certainty in the treatment of cross-border
Hong Kong’s government outlined its first guidelines on the “responsible” use of artificial intelligence (AI) and embraced blockchain, as regulators strive to get ahead of the technological revolution
Britain’s government should refrain from making further tax cuts given the long-term strains on the country’s public finances, the chief economist of the International Monetary Fund (IMF)