HMRC have issued new guidance on managed service companies and MSC providers. Spotlight 67 outlines the characteristics of MSCs and the MSCs tax rules and provides examples to help identify avoidance schemes. The guidance emphasises that the MSC rules aim to ensure fair taxation by preventing artificial lowering of income tax and NICs through the use of corporate structures. The Spotlight also clarifies the distinction between traditional accountancy services and MSC providers highlighting that the latter specifically promote or facilitate the use of one corporate structure to all their customers in order to access lower tax rates.
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HMRC have issued new guidance on managed service companies and MSC providers. Spotlight 67 outlines the characteristics of MSCs and the MSCs tax rules and provides examples to help identify avoidance schemes. The guidance emphasises that the MSC rules aim to ensure fair taxation by preventing artificial lowering of income tax and NICs through the use of corporate structures. The Spotlight also clarifies the distinction between traditional accountancy services and MSC providers highlighting that the latter specifically promote or facilitate the use of one corporate structure to all their customers in order to access lower tax rates.
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