Up to 90%

[LisaContractorUmbrella]

Or at least on their very last legs.

There can't be many contractors now who aren't aware that schemes are a recipe for disaster.

For a scheme to be economically viable, you need a fair few mugs to sign up just to cover legal/admin costs.

I just can't see the numbers being out there for anyone to make any money out of them.

You wouldn't think but new ones keep cropping up

[DonkeyRhubarb]

You wouldn't think but new ones keep cropping up

Yes but they're flogging a dead horse.

Tens of thousands of contractors have already been burned and it will be nigh impossible to sell with this backdrop.

Eventually these firms will realise they've missed the boat (or should that be the yacht!).

[TykeMerc]

Yes but they're flogging a dead horse.

Tens of thousands of contractors have already been burned and it will be nigh impossible to sell with this backdrop.

Eventually these firms will realise they've missed the boat (or should that be the yacht!).

You can only hope, but one thing that people in the business of dodgy schemes know is that the pool of greedy mugs who are potential "clients" is pretty near to infinite and always has been.

Even though those of us that read the Accounting/Legal section of CUK are aware that HMRC are turning a lot of the clients from mug into persecuted victim, that awareness isn't necessarily spread much wider so there's no shortage of new mugs out there.

[DonkeyRhubarb]

The more established tax planners, like Montpelier, have pulled out of this market altogether.

Yes a few real cowboys may persist but it won't be on the scale of the last few years.

[LisaContractorUmbrella]

The more established tax planners, like Montpelier, have pulled out of this market altogether.

Yes a few real cowboys may persist but it won't be on the scale of the last few years.

I hope you're right DR but some of the other big players are trying new tactics - I know of umbrella companies who have been contacted by IOM 'tax planners' who want to use them as a front - for a hefty back hander obviously

[cojak]

Yes, and who are the entities buying up accountancies, I wonder?

http://forums.contractoruk.com/accou...ml#post2029930

I don't think that they will give up without a serious fight.

[LisaContractorUmbrella]

Yes, and who are the entities buying up accountancies, I wonder?

http://forums.contractoruk.com/accou...ml#post2029930

I don't think that they will give up without a serious fight.

I don't think so either - there's just too much money involved - maybe a serious hammering from HMRC for one of the operators (personally) would help?

[cojak]

I don't think so either - there's just too much money involved - maybe a serious hammering from HMRC for one of the operators (personally) would help?

Yes, I think that personal liability would make them pull their horns in, nothing else will - there are no sanctions to stop them from dropping one scheme and starting up another.

And as the OP shows, there's one born every minute to take up the slack.

[DonkeyRhubarb]

HMRC now have new powers to designate promoters as "high risk", which comes with a massive compliance burden and £1M fines for failure.

It's really down to HMRC to get their flaming finger out and crack down on them.

After all it's not hard to find these companies is it?

[LisaContractorUmbrella]

HMRC now have new powers to designate promoters as "high risk", which comes with a massive compliance burden and £1M fines for failure.

It's really down to HMRC to get their flaming finger out and crack down on them.

After all it's not hard to find these companies is it?

Well let's hope it's not too long before we see some action - a really high profile case may be enough to deter these guys