Tax Avoidance - In Current Climate
Updated: Mar 9, 2021
Tax avoidance is when people bend the rules of the tax system to try to pay less than they owe. It also means that the vital public services we all use, like hospitals and schools, don’t get the money they need.
The personal cost
When someone uses a tax avoidance scheme, they take on all of the risk. That is because each of us is responsible under UK law for paying the correct amount of tax. That even applies if you have appointed someone else to deal with your affairs or if you are given bad advice. If you are caught using a tax avoidance scheme, you’ll have to pay the tax that is legally due, plus interest, and you may have to pay a penalty. That is on top of any fees that you’ve paid the person who sold you the scheme. You might think tax avoidance is difficult to spot or that you need to be a real expert. It is actually fairly straightforward. HMRC is here to help you spot the warning signs.
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