Posted by James Curtis
Contractors working as sole traders in various industries have been further put off the concept of offshore tax evasion.
HM Revenue & Customs (HMRC) recently issued a joint statement with the government's of Germany, Italy, Spain, France and the US in a bid to clamp down on cross-border tax evasion.
The statement revealed an agreed approach to the US Foreign Account Tax Compliance Act (FATCA) legislation.
Under the terms of the new agreement, there will be an intergovernmental approach to exchanging information.
It is hoped that this will remedy a number of legal difficulties and compliance burdens.
David Gauke, exchequer secretary to the treasury, said: "The government is committed to tackling tax evasion, wherever it takes place.
"This joint statement builds on the close cooperation of all the countries involved, and of the European Commission, in tackling cross-border tax evasion and provides a practical way forward that should reduce the burdens on the financial sector."