Time to save tax by Moving to Lloyds Bank?
Date: September 21, 2009
The global financial services provider Lloyds TSB Group appears in this week’s headlines for allegations of facilitating tax evasion on behalf of its’ wealthiest customers.
An undercover Panorama program filmed a banker at Jersey branch that showed how the global financial firm take advantage of its 130 companies in tax haven countries, outside of the EU, utilised to pay income to clients and avoid tax payments from the European Saving Directive. To retain a note of shock was the fact that the banker felt he was not responsible in anyway for client’s tax avoidance. What is more, it was only in April when The G20 met and concluded that tax havens would be phased out in order to comply with the standards of the Economic Cooperation and Development (OECD) guidelines.
The Revenue and Customs department (HMCR) is seriously investigating the matter as Stephen Timms, financial secretary to the Treasury, has recently said “avoiding tax robs our publics services of valuable resources” Tax avoidance has not only financial implications but is also a moral issue and he adds “values of responsibility, morality and integrity are essential in tax fairness”. Read more here.
As individuals we have the responsibility to pay our share of tax and be compliant with HMRC regulations. It is also our own responsibility to investigate which regulations are more tax efficient within the system. However, independent contractors, temporary workers, and freelancers can choose to utilise the services of a professional umbrella company like OrangeGenie who will provide our clients with a contract of employment under the Employment rights Act 1996. This allows the freelancer or contractor to pay taxes as a company employee, therefore potentially saving money in taxes while enjoying the statutory benefits protection, not to mention the hassle free paper administration procedure. For further professional advice contact our fully trained staff for a comprehensive discussion and quotation.
Using OrangeGenie is a lot safer than simply investing your money outside of the UK!
