Tax avoidance involves bending the rules to try and gain a tax advantage that was never intended, and usually involves transactions that serve no real purpose other than to artificially reduce the amount of tax someone has to pay. While they can be sold as a benefit by some, those who use these schemes often end up paying not only the tax they owe, but also interest and potentially a penalty.

 

As the number of tax avoidance schemes continues to rise, HMRC has published advice and guidance for those who are concerned about being caught up in a scheme: https://www.gov.uk/government/publications/tax-avoidance-facts/spot-the-signs-of-tax-avoidance

 

Don’t get caught out

 

As a warning to others, HMRC has shared personal stories from people who have been caught up in tax avoidance schemes. From higher take-home pay and lower tax bills to less paperwork, these workers were promised additional benefits when they were drawn into the scheme – instead, it cost them money and stress. Find out more at https://www.gov.uk/government/case-studies/tax-avoidance-dont-get-caught-out

 

If you’re concerned about tax avoidance, speak to our expert team on info@chuhanandsingh.co.uk or 01642 244090.