TREASURY OFFICIALS are engaged in urgent talks with tax experts ahead of tomorrow's Budget to tighten new regulations aimed at ending tax avoidance schemes used by up to 250,000 contract employees, says the Daily Telegraph.
The Treasury is concerned advisers are trying to find a way around the rules and will “thwart attempts to plug the loophole and raise an extra £1bn for the exchequer”. Business advisers are said to have already moved quickly to recommend contract workers switch from using the managed service companies targeted by the Treasury to setting up a personal service company to protect their tax cushion through director status but Companies House has been unable to cope with the number of requests for new company status as a result. AMICUS IS said to have recruited over 1,000 Standard Life staf...
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