BN66 - your liability including interest

[DonkeyRhubarb]

How much would you owe if this goes against us?

[BrilloPad]

Well done on the andyw option

Presumably one should not include liability under the new montp scheme? Or is that a silly question given the title of the thread?

[CanPayButWouldRatherNot]

can't vote ....can I get upgraded

Hi,

Weak lurker with no power to vote .....pick me pick me
Cheers

CPBWRN

[Emigre]

Well done on the andyw option

Presumably one should not include liability under the new montp scheme? Or is that a silly question given the title of the thread?

I guess we should also include an estimate of the effect of 2007/08 up to 12 March for anyone still on the scheme during that year (SAs just submitted so AB and his henchmen have not had time to open any investigations - yet)

[DonkeyRhubarb]

Nice graph. Starting to form a bell curve, with the majority around the £75k to £200k mark.

[nevergoingtopay]

can't vote ....can I get upgraded

Hi,

Weak lurker with no power to vote .....pick me pick me
Cheers

CPBWRN

I can't vote too, how do I get some rights......to vote please?

<admin note>You now have the power! If any other new users want a manual account upgrade then use the contact form at the bottom of the site to let me know.</admin>

[DonkeyRhubarb]

It looks like the majority are facing a liability of between £75k and £150k.

I always suspected that the average would be around the £100k mark.

Of course, it would have been a lot less than this if it wasn't for the interest.

[ChimpMaster]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

[nevergoingtopay]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

I will be no worse off at all as I am not going to pay it, can’t take what I don’t have (the X took it and me house).

Intend to take as many of the UK banks with me if I go (if any are left by then)!

Are MontP going to refund their charges if they loose this with HMRC?

[DonkeyRhubarb]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

There is no employers NIC to pay, although this is almost matched by Montpelier's 10% fee. Additional self-employed NICs are fairly insignificant.

The tax liability would be the same as if you'd been on PAYE.

So, the only real difference is the interest accrued up to 5 years. If you had invested the money or taken out a CTD then that would have covered that off.

However, there is one BIG problem.

Most people haven't still got the money they earned up to 8 years go. They've spent it. It's gone. They've got nothing, nadar. To quote John Cleese in the parrot sketch:

This money is no more! It has ceased to be! THIS IS EX-MONEY!!