Originally posted by Invisiblehand
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Phil - 'The Tax guy' (the rather dull and underwhelming sequel)
Collapse
X
-
-
Originally posted by Fred Bloggs View PostWell, it doesn't come much plainer than this, the first part of the spotlight notice from HMRC -
Quite honestly, anyone who takes on board the Cyprus scheme on top of all the other stuff that's happened needs locking away for their own safety. IMHO.
I would expect HMRC to use the GAAR to clobber it, with maximum penalties.
HMRC brings GAAR and tax avoidance rules back in the spotlightComment
-
Originally posted by dammit chloe View PostYou need to sit down and have a nice cup of tea. Oh, and stop massively exaggerating or making stuff up.Comment
-
Originally posted by Iliketax View PostI'm a mind reader! Disguised remuneration: schemes claiming to avoid the loan charge (Spotlight 49) - GOV.UK
Just in relation to the "mind reader" comment: I do not (and have not) worked for HMRC, I was not told by HMRC that there was going to be a spotlight (nor did they send me a copy) but the keystroke logger does seem to be working well.Comment
-
Originally posted by WalterWhite View PostSurely if they believe it doesn't work, HMRC will charge Phil under the Promoter legislation they claim to be using?
Also, this is UK legislation rather than legislation that can Cypriot legislation. But I have no idea who is actually promoting what, or in what capacity, and have no idea whether anything was promoted in the UK before the beers were bought.
The other thing is that people may well be scammed before 6 April and any tribunal decision would be too late for them.Comment
-
Originally posted by dammit chloe View PostWhile many would agree with some of the tweet stuff including myself, Phil has been doing all sorts of unsung stuff behind the scenes. Don't expect everything to be explicitly communicated though, why tell HMRC what you are doing unless you want them to know.
If the plan is to just give Mel Stride tulip on twitter then he's worth every penny. If it's for something a little more grown up then I'm not so sure.Comment
-
Promoters penalties mean it’s physically impossible for Phil or anyone to make a penny from any scheme that doesn’t work and insella was brought out after the legislation (unlike vanquish and all the others) so clearly Phil believes it works.Comment
-
Originally posted by GammaMadrid View PostPromoters penalties mean it’s physically impossible for Phil or anyone to make a penny from any scheme that doesn’t work and insella was brought out after the legislation (unlike vanquish and all the others) so clearly Phil believes it works.
A "promoter" in UK tax legislation means something very different to what promoter means in the normal world.
If the promoter was in the UK, had £1m of assets and HMRC was successful in showing that they were a "promoter" (as defined in tax legislation) then you may be right. But if the (tax defined) "promoter" was in (say) Cyprus then they would be outside of the UK promoter rules.
If the promoter were in the UK and only had £17 of net assets (like Hyrax Resourcing seems to have per its latest accounts) then £1m of fines will not make a practical difference. How does a "successful" promoter end up with only a few assets? Maybe they pay someone else who is not a promoter (per tax legislation) but is a promoter in the real world sense, a lot of money?Comment
-
Originally posted by GammaMadrid View PostPromoters penalties mean it’s physically impossible for Phil or anyone to make a penny from any scheme that doesn’t work and insella was brought out after the legislation (unlike vanquish and all the others) so clearly Phil believes it works.
POTAS rules, apart from being UK centric, are only ever going to be applied in arrears.
By the time HMRC has found the resource to investigate, suffered the inevitable delays caused by moving away people who investigate and replacing them with somebody who starts again, finds anybody in HMRC who understands the loan schemes well enough to understand this proposed counter, we're looking at a point well into late 2020 perhaps 2021.
HMRC then has the unenviable task of going through the assessment/appeal/decision process which may require another few years.
We saw all of this with DOTAS. Many of the promoters who sold schemes, disclosed or not, were long out of reach by the time HMRC got its act together.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by GammaMadrid View PostPromoters penalties mean it’s physically impossible for Phil or anyone to make a penny from any scheme that doesn’t work and insella was brought out after the legislation (unlike vanquish and all the others) so clearly Phil believes it works.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment