Loan charge participants successfully argued that loans were not sham or bogus, but in fact bona fide commercial loans.
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“ I owe £180,000 in tax and I haven’t told my wife”
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Originally posted by AtW View PostLoan charge participants successfully argued that loans were not sham or bogus, but in fact bona fide commercial loans.
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Originally posted by NowPermOutsideUK View PostI 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
Liquidators have to recover the money they can recover - which means chasing the people who were loaned money for the money they received. Most of those cases seem to reflect schemes by an individual who to be frank doesn't seem to have been that good at administrating the schemes.Last edited by Contractor UK; 11 January 2021, 12:25.merely at clientco for the entertainmentComment
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Originally posted by AtW View PostLoan charge participants successfully argued that loans were not sham or bogus, but in fact bona fide commercial loans.
merely at clientco for the entertainmentComment
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Originally posted by eek View PostIf you read the HMRC forum you will notice I often talk about Schrodinger money where it is both income (to HMRC) and a loan (to the scheme organisers) at the same time. And both items are actually completely valid so you may well owe HMRC money and still need to repay the loan.Comment
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Originally posted by AtW View PostBut that’s completely unfair!merely at clientco for the entertainmentComment
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Originally posted by NowPermOutsideUK View PostThat’s why I asked how liquidators are chasing loans if the judge has found them to be bogus
Govt would have to double jails to keep participants of these schemes, plus lose tax on what they earn during years, so I guess that’s why they did not do it.Comment
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Originally posted by NowPermOutsideUK View PostIs this the way the cookie crumbles with the contractor get shafted by both hmrc and liquidator or a bogus loan?Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.Comment
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Originally posted by AtW View PostWell, if the judge found loans to be bogus then surely it’s criminal tax evasion then rather than that mythical “legal tax avoidance”?
Govt would have to double jails to keep participants of these schemes, plus lose tax on what they earn during years, so I guess that’s why they did not do it.
It is still a loan when it comes to a liquidator recovering assets to pay the other debts of the company.merely at clientco for the entertainmentComment
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Originally posted by AtW View PostThis is a _V_ery good question...
Originally posted by DealorNoDeal View PostMaking 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.Down with racism. Long live miscegenation!Comment
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