Results of the Umbrella survey

[tim123]

Err, no, it's not right.

You cannot be fined for tax avoidance (yet!)

But you can be fined for being negligent in preparing your tax returns, which is what is happening here.

So the answer to the original question is:
Yes, you can be fined (it's called a tax penalty)
No, it won't be for Tax avoidance.

HTH

tim

[Bluebird]

I guess you achieve that by using either:-

a) A Ltd employing taper relief over more than 2 years.
b) An "umbrella" which (legally) uses exotic methods of payment and tax avoidance.


Unfortunately both are a dying breed and HMRC seem to be intent on reducing contractor post-tax earnings any way they can...

Still, I think 67% is about right.

neither.

[ChimpMaster]

neither.

c) Split Ltd ownership with low/nil earning partner and dividend allocation to both share owners?


Or otherwise please divulge and allow us to make use of the system too!

[Bluebird]

c) Split Ltd ownership with low/nil earning partner and dividend allocation to both share owners?


Or otherwise please divulge and allow us to make use of the system too!

c)

+ Expenses [with reciepts]
+ VAT FRS