Sep
27
2010
Contractors urged to come forward 'if they have concealed funds'
Posted by John Crawley
Contractors with an umbrella company have been warned that they could face scrutiny it they are avoiding paying all the tax that they should be.
This is according to Ronnie Ludwig, a partner in the private wealth group of Saffery Champness, who has told Spear's Wealth Management Survey that contractors would be wise to come forward themselves if they have been dodging paying tax, deliberately or accidental.
He said: "HMRC is getting ever-increasing access to information on individuals' financial affairs and taxpayers who have been concealing funds … would do well to come forward voluntarily and regularise their tax affairs now."
Mr Ludwig's advice follows on from the chief executive of the Treasury, Danny Alexander's announcement of plans on how to tackle non-compliance in the tax system of the UK.
A total of £900 million will be made available over the spending review period, in a tactic to raise additional revenues from anyone who are not paying their fair share in the current tax system, which will also reach out to any contractors that are attempting to do the same method.
Contractors with an umbrella company have been warned that they could face scrutiny it they are avoiding paying all the tax that they should be.
This is according to Ronnie Ludwig, a partner in the private wealth group of Saffery Champness, who has told Spear's Wealth Management Survey that contractors would be wise to come forward themselves if they have been dodging paying tax, deliberately or accidental.
He said: "HMRC is getting ever-increasing access to information on individuals' financial affairs and taxpayers who have been concealing funds … would do well to come forward voluntarily and regularise their tax affairs now."
Mr Ludwig's advice follows on from the chief executive of the Treasury, Danny Alexander's announcement of plans on how to tackle non-compliance in the tax system of the UK.
A total of £900 million will be made available over the spending review period, in a tactic to raise additional revenues from anyone who are not paying their fair share in the current tax system, which will also reach out to any contractors that are attempting to do the same method.