Lambard Wealth (and other new schemes) - Any opinions? Lambard Wealth (and other new schemes) - Any opinions?
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  1. #1

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

    Hi all,

    New to this site as a contributor (closet reader for a while) and had a query some of you seasoned clever types may be able to answer.

    Been contracting for a while doing the usual low salary/dividends option, maximising things as much as possible with my wife who doesn't have a separate job.

    I was introduced to an onshore tax scheme by a friend for a company called Lambard Wealth.

    Their website and their FAQs are here - w ww.l-wealth.com/faqs - Lambard Wealth » FAQ’s (Sorry Admin if links are not allowed) and they state "Our strategies do not utilise Company Loans". HOWEVER, after speaking to one of their guys, it turns out they DO utilise company loans, which has already set some pre-alarm warnings going.

    Not completely dismissing it but was hoping some of the more experienced people here with these schemes may be able to either spot glaring warning signs I'm missing or verify if this is an innovative product / old hat been done a million times elsewhere.

    Thanks in advance!
    M
    Last edited by cojak; 4th December 2014 at 13:13. Reason: Links like this not allowed.

  2. #2

    Some things in Moderation

    cojak's Avatar
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    Just to say, the OP placed the thread here - not me!

    But I will use this post to hang all other related HMRC brown envelope posts...

    Read this post:

    (Umbrella) companies - check them out BEFORE things go wrong!

    The First Company Law Amendment Directive came in on 1 January 2007, and companies are required to put the following information on both their website and business emails:

    the company registration number
    place of registration (such as England and Wales)
    registered office address.

    In addition, the website also needs to include:

    The company name, postal address and company email address
    The name of any trade bodies or professional associations that the business is part of, including membership or registration details.
    The company VAT number, even if the website is not being used for e-commerce transactions.
    Any prices on the website must be clear and unambiguous.
    You need to be able to trust a company. If there are no matches to the searches below, the company is breaking the law. Do you want to do business with such a company?

    http://lmgtfy.com/?q=registered+offi...3Al-wealth.com - registered office site:l-wealth.com

    and

    http://lmgtfy.com/?q=VAT+site%3Al-wealth.com - VAT site:l-wealth.com


    So decide yourself, because I’m afraid that we aren’t going to tell you.
    "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...

  3. #3

    Default

    Quote Originally Posted by cojak View Post
    Just to say, the OP placed the thread here - not me!

    But I will use this post to hang all other related HMRC brown envelope posts...

    Read this post:

    (Umbrella) companies - check them out BEFORE things go wrong!



    You need to be able to trust a company. If there are no matches to the searches below, the company is breaking the law. Do you want to do business with such a company?

    Let me google that for you - registered office site:l-wealth.com

    and

    Let me google that for you - VAT site:l-wealth.com


    So decide yourself, because I’m afraid that we aren’t going to tell you.
    Thanks Cojak - this was the sanity check I was after.

  4. #4

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    I think the fact it is called a 'scheme' is a dead giveaway.

  5. #5

    Some things in Moderation

    cojak's Avatar
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    I've amended the thread title so that I can push all new posts like this into this thread rather than just link to it...
    "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...

  6. #6

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    Quote Originally Posted by TheTaxManCometh View Post
    Not completely dismissing it but was hoping some of the more experienced people here with these schemes may be able to either spot glaring warning signs I'm missing or verify if this is an innovative product / old hat been done a million times elsewhere.
    I think you will find that the generally accepted view of these schemes, no matter how new, innovative, clever or even re-cycling old stuff is that they're pure poison.

    HMRC is directly attacking any and all schemes it can and unless you've a taste for protracted investigations, possible fines and penalties and being pursued by the tax man for years then you're nuts to consider using one.

  7. #7

    Fingers like lightning


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    Default Insanity.

    Quote Originally Posted by TykeMerc View Post
    I think you will find that the generally accepted view of these schemes, no matter how new, innovative, clever or even re-cycling old stuff is that they're pure poison.

    HMRC is directly attacking any and all schemes it can and unless you've a taste for protracted investigations, possible fines and penalties and being pursued by the tax man for years then you're nuts to consider using one.
    It's just not worth it. HMRC have their blood up and are caning EBTs and anything that could be tagged as avoidance at the moment. If they are investigating 80% of these schemes then that only gives you a 1 in 5 chance of avoiding the pain and hassle.

    It's life changing.

    Don't do it. It's insane.

  8. #8

    More time posting than coding


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    If you have to use then choose a one which is completely underground - not that I would touch it with a barge pole but being open with HMRC does not help. If anything it punishes.

  9. #9

    Should post faster


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    I was just cold-called by some joker at Lambard Wealth. For entertainment I told him to send me details of their scheme (which is a "Corporate Tax Planning Strategy that has been used by Corporate Entities and High Net Worth Individuals for over 14 years" and is, of course, completely legal and OK with HMRC ).

    It turns out to be the usual scheme involving transferring your company profits into a Trust which then "loans" you the money back via a rolling tax-free commercial loan that never has to be repaid etc.

    One thing that did surprise me is that they said I could continue to use my existing accountant in conjunction with their scheme. I'm sure Nixon Williams would take a dim view of such an arrangement.
    Last edited by Kess; 18th March 2015 at 17:51.

  10. #10

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    Quote Originally Posted by TheTaxManCometh View Post
    Hi all,

    New to this site as a contributor (closet reader for a while) and had a query some of you seasoned clever types may be able to answer.

    Been contracting for a while doing the usual low salary/dividends option, maximising things as much as possible with my wife who doesn't have a separate job.

    I was introduced to an onshore tax scheme by a friend for a company called Lambard Wealth.

    Their website and their FAQs are here - w ww.l-wealth.com/faqs - Lambard Wealth » FAQ’s (Sorry Admin if links are not allowed) and they state "Our strategies do not utilise Company Loans". HOWEVER, after speaking to one of their guys, it turns out they DO utilise company loans, which has already set some pre-alarm warnings going.

    Not completely dismissing it but was hoping some of the more experienced people here with these schemes may be able to either spot glaring warning signs I'm missing or verify if this is an innovative product / old hat been done a million times elsewhere.

    Thanks in advance!
    M

    Cant you just pay the tax that you owe on your income just like how everybody else ? What is so special about your circumstance that you feel you need an 'innovative' scheme to pay no tax ?

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