Crawford Temple tells Contractor UK that recruiters are once again being targeted by promoters pushing so-called “Bills of Exchange” as part of tax avoidance arrangements. These schemes are simply the latest ruse dressed up as clever financial planning, exploiting uncertainty around the new JSL rules in an attempt to create artificial loopholes. HMRC is already clamping down hard on disguised remuneration schemes, and anyone promoting these arrangements should be under no illusion - a Bill of Exchange does not remove tax liabilities and its misuse in these structures is unlawful.
