FPS Group - Payroll Umbrella review: HMRC VAT FRAUD 1

Based in the Isle of Man this offshore company operate in London and the rest of the UK. They act as an umbrella company for thousands of contractors in the UK including teachers, doctors and manu more professions. Unlike other Umbrella companies that operate from within the UK this company use personal service umbrellas. Where an individual company is set up for each contractor rather than the traditional umbrella model. Why do they do this? This is because they charge out to the agency at the hourly rate plus vat at 20% and because each and every personal umbrella usually falls within the fixed vat rate they only pay back 11%. Thus making 9% of every contractors wages each and every week... they have been doing this since 2007. Do the maths... this is a major VAT fraud...