We’ll help you understand your pay arrangements to ensure you don’t get any unexpected tax bills.
If you’re a contractor, agency worker, or work through an umbrella company, we can help you check how you’re paid to make sure you’re not involved in tax avoidance.
Find out how to spot the signs, report avoidance, or get help leaving or reporting a tax avoidance scheme.
What is tax avoidance?
Some people try to bend the rules of the tax system to pay less tax than they should.
With our support, spotting tax avoidance is straightforward. You may think it is difficult to spot, or that you need to be an expert. We can show you how to protect yourself from tax avoidance schemes.
Check your pay
Understanding how you’re being paid is the best way to make sure you don’t get caught up in tax avoidance. This applies to people in PAYE as well as Self Assessment.
Checking your payslips and contractual arrangements will help you confirm you are paying the right amount of Income Tax and National Insurance contributions. Doing this will mean you avoid getting an unexpected tax bill later.
Things to look out for include:
- receiving more money in your bank account than what is shown on your payslip
- receiving untaxed payments like loans or capital advances
The money you receive in your bank account should match the net pay on your payslip.
Umbrella companies – understand how they work
If you’re a contractor, you may be employed through an ‘umbrella company’. However, some umbrella companies try to break the tax rules.
You may be at risk. But if you understand how umbrella companies work, you can take steps to avoid these risks.
If you have any questions regarding umbrella companies please get in contact with us using the details below.
GET IN TOUCH WITH ONYX
Do you have a Tax query? Our tax team are on hand to help if you have any queries regarding information in this article. If you want to discuss further, please give us a call or e-mail us at firstname.lastname@example.org for a FREE no obligation consultation.
Our friendly team of tax specialists are happy to help. Just drop us a line!
Call us on 0121 753 5522 or 01902 759 800. We look forward to hearing from you!