BIG GROUP BIG GROUP - Page 160
Page 160 of 160 FirstFirst ... 60110150158159160
Posts 1,591 to 1,594 of 1594

Thread: BIG GROUP

  1. #1591

    Super poster


    Join Date
    Dec 2014
    Location
    WTT Consulting Ltd - London and online
    Posts
    2,812

    Default

    Thank you all for the thoughts.

    I view criticism of our technical views and questions over our motivations as generally constructive and often I suspect ask the sort of thing that many would feel unable to. As such I don't really have any reason not to respond or explain.

    When people resort to personal insult, I just have to accept that a) it comes with the territory if I post to a public forum and b) they have no constructive argument left and are just venting.

    Unfortunately we have seen that those who were forthright and certain that they would "stand behind" the schemes with which they were associated, fall away, often imploding the promoter vehicles and associated entities along with any vestiges of a support system; a failure to bring any meaningful case to Tribunal; a desire in some instances to extract more fees from their victims; or themselves fall victim to the sort of mindset that views contractors as a body to be exploited.

    More unfortunately, looking at the industry that feeds on contracting and the public actions at least of the trade bodies in this area, I see very little except a desire to continue making fees, regardless of the real cost.

    I'm not claiming that we are not motivated by similar aims, but I like to think that at least we are honest and that we want to see an end to enquiry and a safe tax/financial environment moving forward.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

  2. #1592

    Super poster


    Join Date
    Dec 2014
    Location
    WTT Consulting Ltd - London and online
    Posts
    2,812

    Default Winchester, Sanzar, IQ, Infinity, Garraway

    Many BG members will have received at least one, perhaps two, message from an Andrew Thompson who claims to represent a firm called DOR Resolutions Ltd.

    Thompson and DOR is a copy cat of the project we saw executed by Trust Help Line (sic) and Baker Tilly in the period to March 2019. (As an aside I see that one of the directors of THL has now left leaving the company in the control of the younger lady).

    Essentially the message is that the loans made under the schemes remain outstanding regardless of the tax situation and for a modest fee, Thompson/DOR can arrange for the loans to be written off - or you can repay the loan.

    Let us be clear.

    A loan that is written off will create a tax charge. Now that we are past the loan charge deadline, there is a mechanism under which the tax HMRC claim is due under the loan charge is treated as meeting some/all of the charge on the write off. Where however the loan charge tax is higher than the write off charge, no refund is available.

    A loan that is repaid puts money in the hands of the lender. Where that lender is a trust and where you are a beneficiary, it is possible, but not certain, that the trustee make distribute that money to you. (The messages are silent on this). Should a distribution be made, it is taxable. In theory if you can show that the distribution is the "same" money taxed under the loan charge, the credit process applies. If you cannot, then you have two tax charges.

    For the above and other reasons, we are of the view that the tax position as represented in the messages is - at best - incomplete. You should not rely upon its accuracy.

    We have prepared a longer analysis that is available upon request and is also now in the resources section of the BG forum.

    In short, you are not obliged to do anything and in our view, should not do anyhting at this time.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

  3. #1593

    Fingers like lightning

    stonehenge's Avatar
    Join Date
    Aug 2013
    Posts
    546

    Default

    Quote Originally Posted by webberg View Post
    A loan that is repaid puts money in the hands of the lender.
    Anyone who does this probably needs to consult a psychiatrist rather than a tax advisor.

  4. #1594

    Super poster


    Join Date
    Dec 2014
    Location
    WTT Consulting Ltd - London and online
    Posts
    2,812

    Default

    Quote Originally Posted by stonehenge View Post
    Anyone who does this probably needs to consult a psychiatrist rather than a tax advisor.
    Perhaps, but that is not a message endorsed by Big Group.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •