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Anyone filing a 2018/19 tax return for the LC, based on the advice of a tax advisor

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    #21
    Originally posted by WTFH View Post
    I guess the thing is, is the tax advisor/accountant doing your tax returns for you and tells you that what they have done is legal and correct, should you haver a second accountant to review the figures, and then a third to review the second's?
    How many accountants do you need to be reasonably confident that they are all giving the best advice and filling in your tax return correctly?
    As many as you like. But if you don't know that all of your income less your personal allowance is subject to at least 20% income tax so you have a dim understanding of how much might be owed, that won't help, will it. There is a point where basic (or wilful) ignorance ceases to be a defence. And seriously, if you are working at our level and genuinely don't have a clue about basic taxation, then more fool you.
    Blog? What blog...?

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      #22
      Originally posted by malvolio View Post
      As many as you like. But if you don't know that all of your income less your personal allowance is subject to at least 20% income tax so you have a dim understanding of how much might be owed, that won't help, will it. There is a point where basic (or wilful) ignorance ceases to be a defence. And seriously, if you are working at our level and genuinely don't have a clue about basic taxation, then more fool you.

      I ask about all the complexities of taxation, and you change that to be "if you don't understand the basics"

      Notice the difference?
      You then refer to people as "dim" etc.

      Do you read the number of posts on here where people don't understand the complexities?
      It's not just "Pay CT", it's the personal allowance, the amount of dividend, how much you claim for x,y,z, how many shareholders/directors, etc.
      It's not a simple thing to understand the complexities of, that's why people pay accountants.

      In the same way that businesses pay for consultants, who have more experience and knowledge than them in certain areas, to come in and fix/deliver solutions to help their business . That's the basics of successful IT contracting.
      …Maybe we ain’t that young anymore

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        #23
        Looks at this thread, wonders why 2 mods wasted time arguing over points when Malvolio was clearly trolling (which is why he was banned from this forum).
        merely at clientco for the entertainment

        Comment


          #24
          Originally posted by regron View Post
          if you are facing bankruptcy anyway, then any last throw of the dice could and probably would look attractive, no matter how many penalties may be put on them. Especially if the outcome would equal the same.
          True. And, for some people, it would be worth it just to buy more time.

          I imagine some facing BR may have done a bit of asset protection. Or legged it abroad.
          Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

          Comment


            #25
            Originally posted by eek View Post
            Looks at this thread, wonders why 2 mods wasted time arguing over points when Malvolio was clearly trolling (which is why he was banned from this forum).
            they have posted over 11000 times.

            Comment


              #26
              Originally posted by lowpaidworker View Post
              they have posted over 11000 times.
              By forum - I mean the HMRC Scheme Enquiries forum. What I probably should have used was the word section (Malvolio is supposedly banned from here for unhelpful posts that have a habit of being trolling).
              Last edited by eek; 3 July 2020, 11:54.
              merely at clientco for the entertainment

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                #27
                The problem, in the case of the Loan Charge, is there are advisors out there that are either:

                (a) selling "solutions" to avoid it altogether (it looks like this is what Hamilton Rose are doing)

                or

                (b) offering a service to help people appeal against the charge

                In either case, this will involve submitting a 2018/19 tax return which will poke HMRC.
                Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                Comment


                  #28
                  Originally posted by DealorNoDeal View Post
                  The problem, in the case of the Loan Charge, is there are advisors out there that are either:

                  (a) selling "solutions" to avoid it altogether (it looks like this is what Hamilton Rose are doing)

                  or

                  (b) offering a service to help people appeal against the charge

                  In either case, this will involve submitting a 2018/19 tax return which will poke HMRC.
                  Given that you needed to submit one by 31st January (unless granted an exception) I suspect not submitting one when one was expected will also be noticed by HMRC..

                  Edit to add - but as you have stated multiple times on this thread - it's up to you as the tax payer to decide what you are going to do - the advisers can merely advice, you have to decide.
                  Last edited by eek; 3 July 2020, 11:53.
                  merely at clientco for the entertainment

                  Comment


                    #29
                    Originally posted by eek View Post
                    Looks at this thread, wonders why 2 mods wasted time arguing over points when Malvolio was clearly trolling (which is why he was banned from this forum).
                    Was I? Don't remember that.

                    But answer NAT's quite valid point, to understand the basics is not a big ask, because it gives you a bit more of a basis to challenge your advisor's proposed solution. If he promises you an 83% return after his 15% fees and you know that you must pay at least 20% taxes to someone you have a point worth questioning. I don't know how to adjust my car's engine management system but I do know I shouldn't have blue smoke billowing out of the exhaust.

                    I would have thought that to be bleedin' obvious. YMMV
                    Blog? What blog...?

                    Comment


                      #30
                      Hi, can i please ask .. I received what I believe to be a generic HMRC loan charge letter in January and it says if we asked you to complete a 2018-19 SATR or tell them I need to pay the LC ASAP.

                      As you all know, the deadline is September but they haven't asked me for a tax return and that was first correspondence i received.

                      So am I obliged to say anything to them? And can they impose penalties for not responding?

                      Apologies if this is derailing thread but seems almost in line with topic.

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