EBT and Contractor Loan Schemes

Q. It seems clear that hmrc are pushing ahead with their drive to make contractors who used EBT and contractor loan schemes liable for tax they see as owing, with the 2018/2019 tax year when they demand payment. Many (ex) contractors, who entered these arrangements in good faith, are facing the precipice of hardship, financial ruin and no doubt a heavy personal toll on health and family. What advice can you offer?

A. We have received numerous queries from contractors who are in the same situation and for whom we really do sympathise. It will always depend on the specific circumstances & and the tax arrangements involved, however HMRC have been successful in defending over 80% of litigated cases, which means that the prospects of being able to defend the type of arrangements are usually slim. Unless there are strong grounds for appeal, which is supported by competent legal and tax advisers, our advice would be to settle early with HMRC to mitigate any interest and penalties. However it is always worth discussing with a professional tax advisor or your own accountant. If you would like to discuss with one of our advisors please send your contact details to contracts@qdoscontractor.com and we can arrange this for you.

This answer is provided by Qdos Contractor.

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