Tax Fraud Warning: 'Bills of Exchange' Schemes
· WOWERI
HMRC warns of 'Bills of Exchange' tax schemes. These schemes are being promoted as alternative ways of paying HMRC liabilities.
Tax Fraud Warning: 'Bills of Exchange' Schemes
HMRC has issued a warning about 'Bills of Exchange' tax schemes, which are being promoted as alternative ways of paying HMRC liabilities. These schemes can be used to evade tax and can lead to serious consequences for participants.
What are 'Bills of Exchange' schemes?
'Bills of Exchange' schemes are a type of tax scheme that involves using bills of exchange to pay tax liabilities. Bills of exchange are financial instruments that represent debt obligations issued by one party to another.
Why are 'Bills of Exchange' schemes a problem?
'Bills of Exchange' schemes are a problem because they can be used to evade tax. Participants in these schemes can be misled and can face serious consequences, including penalties and fines.
What to do?
If you have been approached with an offer to participate in a 'Bills of Exchange' scheme, do not agree. Instead, consult a qualified tax professional or HMRC for advice.
What to do next
Source: gov.uk