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New Tax Evasion Legislation - What you need to know

From 30th of September 2017 the Criminal Finance Act will create a new criminal offence of failing to prevent the facilitation of tax evasion.

With unlimited fines and the possibility of a criminal record, recruitment agencies are being closely observed by HMRC, and therefore there is an urgency to ensure agencies use only compliant personal services companies and Umbrella companies. It is therefore imperative that the MSI Group uses a fully compliant supply chain consisting of PSC’s and Umbrella companies deducting the appropriate taxes.

A business will be guilty of this new offence, and potentially receive an unlimited fine and criminal record if:

  • A tax payer commits an offence of criminal tax evasion (for example a contractor uses an umbrella company that does not pay the correct taxes or an agency consultant receives a gift or incentive and doesn’t declare it for income tax and NI).

  • A third party commits an offence of criminal facilitation of tax evasion

  • The third party is connected to the business as an “associated person”.

Due to the seriousness of this new legislation MSI are currently auditing our supply chain of PSC’s and Umbrella Companies and any found to be non compliant, will no longer be used.

If you are concerned about your PSC’s / Umbrella scheme call your Recruitment Consultant today to hear more information about our PAYE offering before the 30th September deadline.

Please click here link for further information.

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From 30th of September 2017 the Criminal Finance Act will create a new criminal offence of failing to prevent the facilitation of tax evasion.

With unlimited fines and the possibility of a criminal record, recruitment agencies are being closely observed by HMRC, and therefore there is an urgency to ensure agencies use only compliant personal services companies and Umbrella companies. It is therefore imperative that the MSI Group uses a fully compliant supply chain consisting of PSC’s and Umbrella companies deducting the appropriate taxes.

A business will be guilty of this new offence, and potentially receive an unlimited fine and criminal record if:

  • A tax payer commits an offence of criminal tax evasion (for example a contractor uses an umbrella company that does not pay the correct taxes or an agency consultant receives a gift or incentive and doesn’t declare it for income tax and NI).

  • A third party commits an offence of criminal facilitation of tax evasion

  • The third party is connected to the business as an “associated person”.

Due to the seriousness of this new legislation MSI are currently auditing our supply chain of PSC’s and Umbrella Companies and any found to be non compliant, will no longer be used.

If you are concerned about your PSC’s / Umbrella scheme call your Recruitment Consultant today to hear more information about our PAYE offering before the 30th September deadline.

Please click here link for further information.