HM Revenue and Customs (HMRC) has seen an increase in customers attempting to use ‘Bills of Exchange’ to pay a tax liability. We are aware that there are promoters, particularly in the recruitment and temporary labour sector, marketing their use. Organised Crime Groups are also particularly active in these sectors.
This briefing sets out HMRC’s position regarding the use of ‘Bills of Exchange’. Its purpose is to help you stay clear of these arrangements if you are approached by a promoter of a Bills of Exchange scheme claiming that these are valid forms of payment to HMRC and are legal under the Bills of Exchange Act 1882.