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Why were so many companies formed in the first few months of 2007? MIKE TRUMAN has a theory
KEY POINTS
- 15 000 company formations in a week?
- The intention of the MSC legislation and the response of the industry
- Tax-free travel expenses for contract workers?
In my article The Dave channel I reported on a comment which I have heard several times from Dave Hartnett acting chairman of HMRC.
He said that 150 000 personal service companies were set up in a short period of time attempting to get round the managed service company proposals as announced in the 2006 Pre-Budget Report and that one firm of accountants set up 15 000 of them in one week.
This he said was a major contributory factor to the delays in VAT registration which followed.
I pointed out in the article that it is a non sequitur in the context of VAT registration delays to talk...
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