HMRC's latest list shows nearly 100 non-compliant umbrella companies, showing a significant rise and ongoing concerns regarding tax avoidance schemes affecting contractors.
'The remuneration for the scheme users' services is artificially separated into two elements—a salary with tax deducted and a second portion with no deductions.'
Contrary to expectations, IT contractors have found themselves ensnared in tax avoidance schemes due to the misleadingly high take-home pay offered by non-compliant umbrella companies.
The inclusion of companies like Solucionis highlights the ongoing challenge of non-compliance in umbrella companies and the need for scrutiny under HMRC's regulations.
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