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

Resilience and optimism: SME barometer shows rising business...

July 15, 2024

Getting to Know You Profile: Andrew McNeill

December 21, 2023

Deliveroo to make hundreds of redundancies as cost...

February 10, 2023

HMRC nudge letters cause needless worry to UK...

October 6, 2023

Digital assets and wills: what happens to your...

April 11, 2025

Ryanair Reports Record €1.9bn Profit as Amber Rudd...

May 20, 2024

Online estate agent Purplebricks sold for £1, putting...

May 18, 2023

The Mental Upside of Online Gambling: Memory, Focus,...

May 27, 2025

Secrets of Success: Verity Batchelder, co-founder, Good Life...

May 22, 2023

Is the cost of doing business in Australia...

September 26, 2022

    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

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • 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