Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

KC-approved ‘mini umbrella’ costs taxpayers £50m

by July 5, 2023
July 5, 2023
KC-approved ‘mini umbrella’ costs taxpayers £50m

New information has come to light regarding a tax avoidance scheme which was allegedly approved by a KC barrister and is said to have avoided £50m worth of UK tax as a non-compliant mini umbrella company.

As reported by founder of Tax Policy Associates, Dan Neidle, a contracting group in the construction sector, Anderson Group, formed at least 10,000 UK limited companies operating as mini umbrella companies – a mechanism formed with the sole aim of avoiding tax.

Typically, criminals create hundreds of umbrella companies (known as mini umbrella companies) employing a small number of temporary workers through each. In creating multiple umbrella companies rather than engaging workers through one larger organisation, the company fraudulently claims tax reliefs only available to genuine small businesses.

Of the 10,000 mini umbrella companies formed by Anderson Group, each was acquired by a different individual living in the Philippines, who also became the sole director. More information can be found here.

Julia Kermode, CEO of umbrella company compliance specialist, PayePass, commented: “These latest reports are shocking and frankly there’s still not nearly enough awareness about the perils of mini umbrella companies.

“What’s really worrying is how easily this tax avoidance scheme got away with it for so long, not to mention that it was apparently approved by a KC barrister. Many different failed tax schemes have relied on KC opinion, which perhaps should be a red flag in itself.

“This story is just the tip of the iceberg, though. Mini umbrella companies see hundreds of millions, if not billions, slip through the cracks and workers generally have no idea anything is amiss.

“On top of the astonishing amount of tax avoided, these immoral schemes continue to tarnish the reputation of the entire umbrella industry which the government continues to drag its heels with regard to regulating.”

Read more:
KC-approved ‘mini umbrella’ costs taxpayers £50m

0
FacebookTwitterGoogle +Pinterest
previous post
Britain is only G7 country where inflation is still rising
next post
AI to boost UK economy by £400bn says Google report

You may also like

Clearing the Clutter: Why Efficient Property Clearance is...

May 25, 2025

Elon Musk to ‘seriously consider’ new Tesla gigafactory...

May 24, 2023

Presence & people – key success factors for...

June 20, 2024

40,000 UK SMEs seek finance as spiralling costs...

September 13, 2022

Frasers Group takes stake in retailer N Brown

October 12, 2022

Saudis buy 49% stake in Forte Hotels group

December 5, 2023

Discover The Dubai Neighbourhood That Connects Heritage With...

April 14, 2023

Inflation forecast hit two-year low

March 16, 2024

Keir Starmer promises state energy supplier in speech...

September 27, 2022

Smaller firms escape Companies House rule change as...

July 4, 2025

Clearing the Clutter: Why Efficient Property Clearance is...

May 25, 2025

Elon Musk to ‘seriously consider’ new Tesla gigafactory...

May 24, 2023

Presence & people – key success factors for...

June 20, 2024

40,000 UK SMEs seek finance as spiralling costs...

September 13, 2022

Frasers Group takes stake in retailer N Brown

October 12, 2022

Saudis buy 49% stake in Forte Hotels group

December 5, 2023

Discover The Dubai Neighbourhood That Connects Heritage With...

April 14, 2023

Inflation forecast hit two-year low

March 16, 2024

Keir Starmer promises state energy supplier in speech...

September 27, 2022

Smaller firms escape Companies House rule change as...

July 4, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Dizzee Rascal’s latest collaboration

      July 14, 2025
    • Biden chief of staff gave reportedly gave approval for autopen pardons on final day in office

      July 14, 2025
    • Trump gathers CEOs for unprecedented faith, economy meeting to renew US ‘spiritually and financially’

      July 14, 2025
    • Iranian crowdfunding campaign claims to raise $40M as reward for assassinating Trump

      July 14, 2025
    • Vaping, Panic, and Prohibition: Why the UC-Davis Study Needs Context

      July 14, 2025
    • How Casino Platforms Use UX to Drive Player Retention

      July 14, 2025

    Categories

    • Business (8,471)
    • Investing (2,119)
    • Politics (16,029)
    • Stocks (3,207)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved