What is Tax Avoidance?
Tax avoidance entails bending the rules of the tax system to gain a tax advantage which Parliament never intended. It frequently requires operating within the letter but not the spirit of the law. Your contractors should beware of ‘risk-free’ tax avoidance schemes promising to lower their tax bills for little cost, often by diverting some of the gross contract rate through a third-party company or trust in order to save tax. The simple rule of thumb is: “If it sounds too good to be true, then it isn’t true!”.
Want to know more? As a TEAM Member you have free access to the TEAM International Helpline for a complimentary consultation to support your business. Either email TEAM@itsinternational.ltd.uk or call 020 7477 2660. We’re here to help you.