Lambard Wealth (and other new schemes) - Any opinions?

[malvolio]

I take it you are in a limited company set up?

Obviously beneficial to portray yourself as a business as apposed to self employed skilled worker? Lots of tax benefits.

Please don't make sweeping statements like this, it shows you to be very careless.

EBT schemes were an option for many over many years, no government policy or rules closed these down even though they were registered with HMRC.

But as has been said, these schemes were over 3 years ago!!

I am and have been for 20 years, selling my extensive expertise in a fairly wide area of IT services. I have multiple clients and pick and choose when and where I work, I control my P&L, I make a consistent profit and pay all the taxes I am liable for. So in what universe does that make me not operating a business?

EBT schemes were never intended for protecting salaries, only pension payrolls. When bankers started using them for stop paying UK taxes, HMRC got interested and the fun started.

As for IR35 protection, don't make me laugh. The rules for IR35 are well understood and manageable. Thinking there was some magic scheme when someone gets paid 15% of your gross and give you 85% back an dno taxes due was never even vaguely realistic, and only a fool would have thought it was.

[squirrel]

And so decided to pay no tax instead of 63.8%. Nice.

Do you pay 63.8% tax?

[convict]

And so decided to pay no tax instead of 63.8%. Nice.

what's your point troll?

[DonkeyRhubarb]

Jeez there are some sanctimonious prigs out there.

No doubt paying themselves minimum wage and a shed load of divis, and all sorts of other tricks to minimise their tax bill. Contriving their contracts so they don't look like disguised employees.

Not tax avoidance of course. Perish the thought.

[malvolio]

Jeez there are some sanctimonious prigs out there.

No doubt paying themselves minimum wage and a shed load of divis, and all sorts of other tricks to minimise their tax bill. Contriving their contracts so they don't look like disguised employees.

Not tax avoidance of course. Perish the thought.

Yes it is avoidance, I totally agree. Snag is, it's entirely acceptable. Or are you saying that people should wrongly state their position and go out of their way to pay taxes they don't actually owe? I thought you were against paying taxes for which you aren't actually liable?

I'm not getting into this stupid loop again. People who took to schemes to avoid IR35, rather than umbrellas or learning how to deal with it, without understanding the risks they were taking were either foolish or mistaken or, most likely for most of them, totally misled. That has no bearing at all on those that didn't take that route.

[DonkeyRhubarb]

Yes it is avoidance, I totally agree. Snag is, it's entirely acceptable.

I don't want to get into an argument but I doubt Government/HMRC would see it that way.

They may view it that many freelancers are abusing incorporation purely for tax purposes.

[squirrel]

I'm not getting into this stupid loop again.

Then stay off these threads.

We may be foolish, we may deserve everything that's coming to us in your opinion and you have every right to that opinion but there are a lot of very worried people out here facing a very uncertain future looking for some level of comfort that there is support and to fully understand what is happening.

The bollox you're spouting does not help in any way whatsoever and it's a shame that you seem to take pleasure in it.

[malvolio]

Then stay off these threads.

We may be foolish, we may deserve everything that's coming to us in your opinion and you have every right to that opinion but there are a lot of very worried people out here facing a very uncertain future looking for some level of comfort that there is support and to fully understand what is happening.

The bollox you're spouting does not help in any way whatsoever and it's a shame that you seem to take pleasure in it.

Just to be clear, I take no pleasure at all in your problems; in fact you have both my sympathy and support in your various fights. That doesn't alter my opinion, which I've held since around 2007 when this all started to go pear shaped, and if some takes a dig at how I choose to run my life and my business, they will be reminded of that opinion.

[OnYourBikeGB]

Yes it is avoidance, I totally agree. Snag is, it's entirely acceptable.

Especially to those benefitting from it, eh? Surely you don't think, even for a nano-second, that Joe Public, whose opinions were made loud and clear to us on S58 by you, think it's acceptable. If you do, you are very seriously deluded. I'm not being a hypocrite here, people should follow the law. But please don't try to sit on that high moral stool of yours, I think one of the legs is missing.

[squirrel]

I appreciate that entirely ...

Use one for the wrong reason and you deserve what you get.

... was your opening gambit in this thread so it's no wonder that there are those who would have a go at you. You, as one would say on the playground, started it this time.

Your answer to the ISAs post was absolutely legitimate and spot on (not that you need any validation from me of course!) but you spoiled and personalised it with that last sentence about deserving what you get which is why I could only draw the conclusion I did.