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The Association of Professional Staffing Companies (APSCo) has welcomed the confirmation by HM Revenue and Customs (HMRC) to tackle offshore intermediaries which may have avoided tax and national insurance contributions by using offshore financial arrangements.
“We welcome the news that HMRC has publically confirmed that there could be a potential tax liability for companies with a UK presence that claim to be operating offshore. The fiscal management of businesses working across borders has always been a grey area,” said APSCo CEO, Ann Swain.
“It is worth noting that HMRC is actively pursuing offenders with a programme of investigations aimed at National Insurance avoidance schemes – and that it has been successfully recovering monies from companies in the UK who are the end users of these operations.”
“APSCo has always advised members working with offshore companies to act with extreme caution to ensure full compliance. This latest news underlines this even further.”
Last month, the UK’s finance minister George Osborne announced measures in the autumn statement to close tax loopholes and fight tax avoidance. This included a more robust HMRC and investigating offshore intermediaries.