Easy question...straight answer
When considering using a scheme that has been put to you by a promoter, ask this question;
“Will it or might it be expected to, enable any person to obtain a tax advantage and is that tax advantage, or might it be expected to be, the main benefit or one of the main benefits of the arrangement.”
Save £1000s!, we’ve all seen the claims.
If saving tax is a feature of the scheme that you have been offered, the answer to the above question is yes, and if the relevant tax provisions aren’t applied, i.e. PAYE regulations are fully operated when you’re talking about employment income, there isn’t a choice, HMRC instructs taxpayers to avoid entering into any such a scheme.
When considering using a scheme that has been put to you by a promoter, ask this question;
“Will it or might it be expected to, enable any person to obtain a tax advantage and is that tax advantage, or might it be expected to be, the main benefit or one of the main benefits of the arrangement.”
Save £1000s!, we’ve all seen the claims.
If saving tax is a feature of the scheme that you have been offered, the answer to the above question is yes, and if the relevant tax provisions aren’t applied, i.e. PAYE regulations are fully operated when you’re talking about employment income, there isn’t a choice, HMRC instructs taxpayers to avoid entering into any such a scheme.
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