Independent Contractor Services

[DNMurphy]

Anyone heard of this outfit?

They claim they can help you keep up to 82% of your earnings using an employee benefit trust based out if isle of man. You are still onshore and can work via your contractor company and its all legal and proven with HMRC. Claim they work with all kinds of professionals e.g. dentists.

[Epiphone]

If it sounds too good to be true...

[scott_free]

my experience with these schemes is they take their fees (scheme provider), your left with the tax bill when mr hmrc come knocking - I guess its attitude to risk, me - I sleep very well now I'm LTD

[sal626]

my experience with these schemes is they take their fees (scheme provider), your left with the tax bill when mr hmrc come knocking - I guess its attitude to risk, me - I sleep very well now I'm LTD

My experience is different....

My return from 05/06 is being queried, and the scheme provider (ASMG) actually emailed me about this before the HMRC letter arrived.
They then held meetings with HMRC to progress the enquiry and have provided me with regular updates, with details. They are available by email to answer any queries. In fact, they are chasing HMRC to progress/close the enquiry and HMRC are delaying.....possibly because it is not as easy to defeat these schemes as HMRC would like us to believe.

Scott....which is the provider you had a bad experience with?

[Archangel]

My experience is different....

My return from 05/06 is being queried, and the scheme provider (ASMG) actually emailed me about this before the HMRC letter arrived.
They then held meetings with HMRC to progress the enquiry and have provided me with regular updates, with details. They are available by email to answer any queries. In fact, they are chasing HMRC to progress/close the enquiry and HMRC are delaying.....possibly because it is not as easy to defeat these schemes as HMRC would like us to believe.

Scott....which is the provider you had a bad experience with?

Who would be liable for any tax due?

What would happen if they demand the loans are repaid?

[Lewis]

My experience is different....

My return from 05/06 is being queried, and the scheme provider (ASMG) actually emailed me about this before the HMRC letter arrived.
They then held meetings with HMRC to progress the enquiry and have provided me with regular updates, with details. They are available by email to answer any queries. In fact, they are chasing HMRC to progress/close the enquiry and HMRC are delaying.....possibly because it is not as easy to defeat these schemes as HMRC would like us to believe.

Scott....which is the provider you had a bad experience with?

This has to be a joke right?!

You are being investogated by HMRC are you are not bothered. Have you read the BN66 thread, have you heard of Suo Motu, Consulting Overseas, Dignatio, Actinium, MTM, Montpelier, Steed etc.. All schemes that have either closed or are under serious investigation. In fact I can't think of any that are not under investigation. The chances are you join a scheme someday you will have to pay back much more than you might save by joining especially with the new government and HMRC focus on off-shore
schemes.

Oh and DNMurphy - NO scheme is HMRC approved!

[scott_free]

My experience is different....

My return from 05/06 is being queried, and the scheme provider (ASMG) actually emailed me about this before the HMRC letter arrived.
They then held meetings with HMRC to progress the enquiry and have provided me with regular updates, with details. They are available by email to answer any queries. In fact, they are chasing HMRC to progress/close the enquiry and HMRC are delaying.....possibly because it is not as easy to defeat these schemes as HMRC would like us to believe.

Scott....which is the provider you had a bad experience with?

My point was, the scheme provider gets paid (10% in my example) whether their scheme works or doesn't, easy money in my mind - then (in my experienece) you are presented with a very large bill a few years down the line, if coupled with the fees the scheme provider has already taken, you'll probably be worse off than using a LTD company.

Anyway, each to there own..........

[sal626]

No joke....
And I am not being investigated by HMRC, one of my returns is being queried....there is a different between an "investigation" and "query".

Yes, I have read the BN66 thread and heard of most of those companies. I am no longer with that scheme, but not because I didn't think it was a good scheme.
My point is, Yes - there is a risk with any tax avoidance scheme - but just because they are being "investigated" doesn't mean the game is up. BN66 is also a seperate case - as HMRC are trying to apply legislation that they say BN66 has clarified - but that is only relavent to one particular type of scheme. There are many other types of schemes that have successfully defended thier schemes agaisnt HMRC and are continuing.

By the way, I'm not promoting any of these schemes, just pointing out that just beacuse you have an IOM scheme, doesn't automatically mean it is dodgy. Again, comes back to the level of risk that each individual is prepared to take on....

[Lewis]

No joke....
And I am not being investigated by HMRC, one of my returns is being queried....there is a different between an "investigation" and "query".

Yes, I have read the BN66 thread and heard of most of those companies. I am no longer with that scheme, but not because I didn't think it was a good scheme.
My point is, Yes - there is a risk with any tax avoidance scheme - but just because they are being "investigated" doesn't mean the game is up. BN66 is also a seperate case - as HMRC are trying to apply legislation that they say BN66 has clarified - but that is only relavent to one particular type of scheme. There are many other types of schemes that have successfully defended thier schemes agaisnt HMRC and are continuing.

By the way, I'm not promoting any of these schemes, just pointing out that just beacuse you have an IOM scheme, doesn't automatically mean it is dodgy. Again, comes back to the level of risk that each individual is prepared to take on....

Do you have the name of a scheme that has won in court, as clearly this would be of interest to people that want to join a scheme that is proven to be ok.

[ChimpMaster]

Do you have the name of a scheme that has won in court, as clearly this would be of interest to people that want to join a scheme that is proven to be ok.

The best any scheme could expect against HMRC is to have HMRC fail in court but then to outlaw their scheme from thereon, i.e. to not collect tax that has already been avoided (read avoided and not evaded).

At least that's what it used to be with the old EBT schemes until the 2004 budget - so now tax due can apparently be backdated to then.