You only have to look at the damages paid out in successful libel cases to see how highly reputations are valued. Well, now your own is at risk.
By law, if any of the contractors using your recruitment company are found to have underpaid their tax or NICs, HM Revenue & Customs can approach you directly for details of the other contractors on your books.
It's a situation that′s unlikely to endear you to existing clients or to impress prospective ones. Because HMRC can delve into records going back six years.
Your agency's status may have taken many years to build up. To find that compromised overnight through no fault of your own would be devastating.
This topic features prominently on the government's agenda at the moment. In the Chancellor′s last budget, he made it clear that there would be a clampdown on tax avoidance. Particularly by contractors in composite company partnerships.
Aside from the impact it would have on your professional standing, think of the potential cost: your company may be deemed liable for any tax and NICs shortfalls.
Alarming though this may be, if your contractors were with Tarpon, none of it need concern you at all.
Speak to one of our experts on 0800 434 6402 or request a call back.
