HMRC issues warning re Contractor Loan Scheme
HMRC have issued a warning to contractors or freelancers who took part in a tax avoidance scheme called– The Contractor Loan Scheme.
The scheme was designed to pay contractors a loan rather than a salary from a non UK employer with the aim that the loan payment would be tax free (in place of a taxable salary). HMRC are now warning that income tax may still be liable on these types of arrangements.
Contractors have until 30th June 2015 to bring their accounts up to date for periods up to 5th April 2011.
The full article is available at: https://www.gov.uk/government/publications/tax-on-contractor-loans/tax-on-contractor-loans
If you are a contractor or freelancer and are looking for a compliant way to be paid then Umbrella can advise on being paid through an Umbrella Company or the benefits ofm working through your own limited company.
Please call Umbrella on 0800 121 6513 for a free discussion.