Dodgy Schemes - War Stories

[LisaContractorUmbrella]

The number of threads in this section of the website goes to show how many people have been badly affected after being taken in by snake oil salesmen and their dodgy umbrella schemes.

Many of us on this forum have tried to persuade people away from these schemes over the last few years but they still keep springing up every day leaving more contractors vulnerable to their sweet talking. I wondered if any of you would be prepared to share 'war stories' - personal accounts of your problems as a result of becoming involved in tax avoidance schemes.

My hope is that people will read the stories and be put off - real life accounts have so much more impact than HMRC threats and promises.

Thanks guys.

[DonkeyRhubarb]

Anyone who is still in a scheme now or is considering joining one seriously wants their head examining.

It is almost 100% certain to end badly.

[LisaContractorUmbrella]

Anyone who is still in a scheme now or is considering joining one seriously wants their head examining.

It is almost 100% certain to end badly.

Agreed. You would be amazed however at the number of enquiries we still get from people wanting to 'maximise their earnings'

[DonkeyRhubarb]

Agreed. You would be amazed however at the number of enquiries we still get from people wanting to 'maximise their earnings'

I could excuse contractors coming from abroad to work in the UK for being uninformed.

But people living here? How could anyone not be aware of the all out war against tax avoidance schemes?

[LisaContractorUmbrella]

I think people often only hear what they want to here unfortunately

[DonkeyRhubarb]

I think people often only hear what they want to here unfortunately

Ie. 85% or 90%

[LandRover]

The number of threads in this section of the website goes to show how many people have been badly affected after being taken in by snake oil salesmen and their dodgy umbrella schemes.

Many of us on this forum have tried to persuade people away from these schemes over the last few years but they still keep springing up every day leaving more contractors vulnerable to their sweet talking. I wondered if any of you would be prepared to share 'war stories' - personal accounts of your problems as a result of becoming involved in tax avoidance schemes.

My hope is that people will read the stories and be put off - real life accounts have so much more impact than HMRC threats and promises.

Thanks guys.

Problem is that many of us were not aware of the Wealth Warnings from websites such as ContractorUK. We had anxieties of IR35 and turned to accountants and took what we thought of as professional advice. Believe me, I would have taken a totally different approach if I had the good fortune to have heard the alternative reality of these schemes, but you would think that someone who was a Chartered Accountant wouldnt turn out to be a glorified salesman, its up there with the misselling of PPI scandal imo.

[eek]

Problem is that many of us were not aware of the Wealth Warnings from websites such as ContractorUK. We had anxieties of IR35 and turned to accountants and took what we thought of as professional advice. Believe me, I would have taken a totally different approach if I had the good fortune to have heard the alternative reality of these schemes, but you would think that someone who was a Chartered Accountant wouldnt turn out to be a glorified salesman, its up there with the misselling of PPI scandal imo.

When was that. I could accept that as an argument in 2001-5 (2007 at a push) but if it was after that I would be complaining to the Chartered Institute....

[jbryce]

When was that. I could accept that as an argument in 2001-5 (2007 at a push) but if it was after that I would be complaining to the Chartered Institute....

I spoke to the Institute earlier this year.
Their view was that until EBTs were effectively outlawed, accountants were perfectly entitled to recommend them.
They also pointed out that many schemes were effective and perfect defensible.

I, like you, mistakenly thought there may be grounds for complaint. There isn't.

[DonkeyRhubarb]

I spoke to the Institute earlier this year.
Their view was that until EBTs were effectively outlawed, accountants were perfectly entitled to recommend them.
They also pointed out that many schemes were effective and perfect defensible.

I, like you, mistakenly thought there may be grounds for complaint. There isn't.

By outlawed, I presume they mean when the disguised remuneration legislation was introduced in Dec 2010?