Tax avoidance loophole that costs HMRC a small fortune

Tax & Business Calculator

The claims made by specialist accountancy firms are beguiling. Running a successful business? You can cut your income tax bill to "virtually zero". Earning a fortune? You can "have your cake and eat it". Concerned HM Revenue & Customs (HMRC) won't like it? Don't worry – many of the staff at the accountancy firms previously worked there and know their way around.

Chris Hoy received loan from his own firm

Olympic Rings

As the comedian Jimmy Carr apologised for a "terrible error of judgment" over his use of a tax avoidance scheme last week, many of his fellow celebrities would have been asking their spin doctors if they should do likewise.