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ICM Payroll company fined £43m by HMRC

Island Contract Management Limited (ICM), a payroll company based in Isle of Man was handed a £43million tax bill after supposedly helping sub-contractors avoid paying tax for eight years.

Under the Construction Industry Scheme (CIS) any construction company employing sub-contractors must register with CIS and pay sub-contractors according to the specific guidelines set out by HMRC.

ICM setup a UK subsidiary in order to register for this scheme but instead it channeled the money over to the Isle of Man where it disputed that UK tax laws were not applicable. In doing so it did not collect tax from sub-contractors instead charged them a 5% fee.

HMRC issued the firm with a £43million tax bill for 2002 to 2010. ICM appealed against the tax bill but their appeal was refused on the basis of poor evidence and the Judge concluded that this was a “shocking level of tax evasion”.

 

Complying with UK Tax laws although sometimes confusing for individuals, it is something we don’t cut corners on, as an established, trustworthy CIS Payroll company we make sure you comply with CIS not 99% but a 100%.

To discuss your CIS Payroll needs call us on 0113 8267260 or use our online contact form.

 

 

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