Another nine dodgy tax avoidance promoter schemes have been named by HM Revenue and Customs (8th August 2024 and 22nd August 2024).
A similar pattern of pay close to National Minimum Wage and National Living Wage are made with the application of tax and National Insurance with a further disguised payment made without correct deductions of tax and NI.
New additions:
- Acquda Limited
- Balance Bay Limited
- Fast Payroll UK Ltd
- On the Box Pay Ltd
- Rosewood WM IO Services Ltd
- RW Operations Ltd
- Whitebridge Management Ltd
- Your Pay Ltd
- Your PAYE Limited
HMRC’s view is that both elements of the payment should be treated as ‘normal income/as the user’s salary’, and therefore subject to Income Tax and NICs. HMRC have previously published Spotlight 60 on Disguised remuneration schemes involving agency workers and contractors employed by umbrella companies. HMRC are aware that some Umbrella Companies operate more than one scheme, such as a standard compliant scheme and a non-compliant scheme.
HMRC advise employees to familiarise themselves with the guidance and to satisfy themselves that the correct amount of tax is being deducted on their income.
PAYadvice,UK 23/8/2024