“ I owe £180,000 in tax and I haven’t told my wife” “ I owe £180,000 in tax and I haven’t told my wife” - Page 7
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  1. #61

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    Lance - scorchio!

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    Quote Originally Posted by DealorNoDeal View Post
    Making it a criminal offence to run schemes would be a better deterrent. The risk of jail time would soon put a stop to the scheme pedlers.
    But seeing as the scheme is in effect a loan, how do you criminalise it?
    Most of the nudge, wink sales patter is verbal.
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  2. #62

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    Quote Originally Posted by DealorNoDeal View Post
    Assuming 40% tax, then he'd have received £450k in loans. The scheme provider probably took about a 10% fee, and there would have been a small salary as well as the loans. So, all in all, north of £500k.

    Then it depends how long he was in the scheme. Could have been 10 years at £50k p.a., or 5 years at £100k p.a. etc.
    More like 2.5 years for most of us on here


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  3. #63

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    Quote Originally Posted by Lance View Post
    But seeing as the scheme is in effect a loan, how do you criminalise it?
    Most of the nudge, wink sales patter is verbal.
    Well, they managed to come up with loan charge legislation to specifically target these DR loans without affecting any other lending.

    Therefore, they could have made it a criminal offence 10 years ago to supply DR loans.
    Last edited by DealorNoDeal; 26th October 2020 at 15:06.
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  4. #64

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    Quote Originally Posted by Lance View Post
    But seeing as the scheme is in effect a loan, how do you criminalise it?
    Most of the nudge, wink sales patter is verbal.
    Scheme involves steps that take normally work related taxable income and turn it into loans - it’s those coordinated steps that should make it an illegal tax evasion conspiracy - crime against the People!

  5. #65

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  6. #66

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  7. #67

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    If you want a satisfying takedown of one of these schemes, have a read of this...

    Quote Originally Posted by Ian Richardson GT Leeds View Post
    Revenue & Customs v Opus Bestpay Ltd (DOTAS - Application for order that certain arrangements are notifiable) [2020] UKFTT 408 (TC) (18 August 2020)

    Revenue & Customs v Opus Bestpay Ltd (DOTAS - Application for order that certain arrangements are notifiable) [2020] UKFTT 408 (TC) (18 August 2020)
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

  8. #68

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    Filed in 2017

    “ Sitting in public at Taylor House, 88 Rosebery Avenue, London on 15 and 16 November 2018”

    “ RELEASE DATE: 18 AUGUST 2020”

    3 years ffs, from filing!

  9. #69

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    Quote Originally Posted by Lance View Post
    But seeing as the scheme is in effect a loan, how do you criminalise it?
    Most of the nudge, wink sales patter is verbal.
    You don't - what you do is work out a variation of section 61O of the 2020 Finance Act in such a way that unless the money is paid to a compliant umbrella the responsibility for payment of the tax due is passed back to the agency.

    As an agency has the responsibilty of checking umbrellas are really compliant you try and find a 3rd party who is continually testing and checking compliance rather than hope that passing a rather dodgy annual test ran by the accountancy firm who didn't notice €8bn didn't actually exist is good enough.
    Last edited by eek; 26th October 2020 at 17:03.
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  10. #70

    Should post faster

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    I know this is general so forgive me for asking but having read the hmrc forums can I just make sure I understand in a nutshell what happened to people who took out loans as disguised renumeration

    1) hmrc are rolling up all the loans and taxing them in one year - ok that I understand and expected from the loan scheme

    2) more worryingly liquidators are now chasing the contractors and asking for the loans to be repaid

    Is this the way the cookie crumbles with the contractor get shafted by both hmrc and liquidator or a bogus loan?

    Like I said I did not do this loan scheme but if (2) is true then this is really nuts

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