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  1. Replies
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    Unfortunately Huwmat, you've dug yourself a bit...

    Unfortunately Huwmat, you've dug yourself a bit of a hole and what you need to do is get good INDEPENDENT advice from a tax specialist. You say you "settled" the loan charge via Vanquish, but this...
  2. its £125 in your pocket.. (£6x52)x 40% - Look,...

    its £125 in your pocket.. (£6x52)x 40% - Look, agreed its not an earth shattering amount, but it's a fancy dinner out (more if your partner can also claim), which is always welcome (and that's £125...
  3. It's the age old issue with HMRC enquiries, they...

    It's the age old issue with HMRC enquiries, they have a view and no amount of letter writing or rational argument will sway that.. If you don't agree you're only avenue is to appeal to Tribunal.. ...
  4. Replies
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    14,970

    I had exposure to Marra, Kirium and Invicta...

    I had exposure to Marra, Kirium and Invicta (settled under CLSO1) - suspect that the arguments will be very similar to those raised in the Penfolds case (HMRC used Transfer of Assets as the main...
  5. Replies
    112
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    27,314

    Also note, that these are being received by...

    Also note, that these are being received by people who have settled. When called and challenged, HMRC have admitted its a fishing/awareness exercise..

    Worth being mentally prepared to receive...
  6. HMRC need to raise a COP8 enquiry within one year...

    HMRC need to raise a COP8 enquiry within one year (ie for tax year 2013-14, SA Due Jan 2015, HMRC have till Jan 2016 to raise COP8), but have 4 years to raise a Discovery assessment (even longer if...
  7. Its not a surprise.. scheme promoters are very...

    Its not a surprise.. scheme promoters are very good at talking to the script, but even better at being able to wash their hands of the situ when it inevitably blows up..

    Definitely get...
  8. Here4Beer, Have you received the scheme...

    Here4Beer,

    Have you received the scheme promoters representations re LC19 and the scheme's legality and what they will promise should it go awry in writing? If not, then ask for it immediately.. ...
  9. Am guessing you had "closed" years - so your...

    Am guessing you had "closed" years - so your CLSO you paid tax on the years that HMRC had opened an enquiry or DA, but got a few years "for free"? If thats the case, you've probably got a good...
  10. Replies
    6
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    1,715

    Its unlikely you'll get a penalty charge for...

    Its unlikely you'll get a penalty charge for settling under CLSO 2 (unless you knowingly or negligently misrepresent your position and get found out down the line). What you will get charged for...
  11. Replies
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    13,436

    Firstly - thanks to both Webberg and ILikeTax for...

    Firstly - thanks to both Webberg and ILikeTax for replying - although i think my original post gave some ambiguity. I settled my EBT years ago under CLSO 1 after advice from my tax advisors - part of...
  12. Replies
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    13,436

    Would also add - IHT appears to be utterly...

    Would also add - IHT appears to be utterly complex and getting a straight answer - even from HMRC's IHT team - is problematic. We've been trying to get EBT Loans written off for some years now and...
  13. Replies
    2
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    1,011

    I'd be surprised if anyone would bother.. throw...

    I'd be surprised if anyone would bother.. throw money at a Tribunal and win.. just to find out you're still liable but under new legislation, seems like an exercise in futility..
  14. Replies
    1,500
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    641,041

    I had to pay the full Tax bill up front and then...

    I had to pay the full Tax bill up front and then got to pay the interest on a monthly Direct Debit over 12 months.. to be fair though, I didn't really push back hard to get better/longer.. at the...
  15. Replies
    1,500
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    641,041

    we didn't get a "deal" under CLSO1.. we paid...

    we didn't get a "deal" under CLSO1.. we paid full tax on the loans (but no NIs), but the Settlement allowed closed years (ie those that were not statutory open to enquiry) to be forgiven.. I...
  16. Replies
    1,500
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    641,041

    Would echo Webberg - you need to look at getting...

    Would echo Webberg - you need to look at getting some professional help. I was also through WC and most of us on the EBT scheme settled (using a professional tax advisory to negotiate with HMRC)...
  17. Replies
    170
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    30,300

    No.. that was part of the CLSO declaration.. you...

    No.. that was part of the CLSO declaration.. you had to declare all of your loans and HMRC accepted that if there was no open enquiry they could not assess tax..
  18. Replies
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    30,300

    ahh man.. am guessing you had no letters, no...

    ahh man.. am guessing you had no letters, no COP8s, no Assessment letters etc? so no idea you were in the crosshairs at all? That truly sucks. basically screwed over because HMRC didn't investigate.....
  19. Replies
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    30,300

    That was the "carrot" for CLSO1 along with paying...

    That was the "carrot" for CLSO1 along with paying tax only on the net loan and no NIs (and remember this was strictly for EBTs - ie pre 2011 loan schemes) - HMRC were very clear with our advisors...
  20. Replies
    170
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    30,300

    No - HMRC agreed to for go tax in closed years as...

    No - HMRC agreed to for go tax in closed years as a part of the SO - the contract stated that this was a settlement of tax affairs for years x to y inclusive (although I only had a tiny amount in a...
  21. Replies
    170
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    30,300

    Why wouldn't it be? (full and final).. As I...

    Why wouldn't it be? (full and final).. As I said, we were told and agreed that IHT had to be treated separately.. by the terms of the 2019 charge (as I understand them and have had them explained to...
  22. Replies
    170
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    30,300

    Yes to full and final for all years prior to...

    Yes to full and final for all years prior to 2011, but not inclusive of IHT.. IHT was always going to be separate - I have just settled the tax on the amounts paid to me from the trust.

    For IHT,...
  23. Replies
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    30,300

    It reasonably easy to get an idea - I had a...

    It reasonably easy to get an idea - I had a pre-2011 EBT, so simply checked my loan amounts vs my P11D (where the loans were declared as a BIK) and then applied the tax rate for each year...
  24. Replies
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    32,346

    Think you're being somewhat unkind there...

    Think you're being somewhat unkind there Lespaulzep.. ILikeTax has been pretty honest throughout and is simply providing his knowledge/interpretation of something that impacts all of us here.. it...
  25. Thread: BIG GROUP

    by CDJ
    Replies
    1,611
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    453,290

    Sticky: This ties in with what people that used my...

    This ties in with what people that used my particular EBT have been told.. IHT relies heavily on how the trust was set-up and how payments to and from the trust were made. The problem for my EBT is...
  26. Replies
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    26,016

    The main issue with IHT is that even HMRC's IHT...

    The main issue with IHT is that even HMRC's IHT office are a bit unsure a) if IHT applies and b) who it applies to. the general consensus is that for the standard EBT, IHT will apply. But, the last...
  27. Replies
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    1,599

    From memory, there's a CH form (think its the...

    From memory, there's a CH form (think its the AA01) you need to complete to change the company's end of year reporting date. You can then do final accounts and dissolve..
    ...
  28. Replies
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    Hi Suraj Alongside Webber's suggestions, I...

    Hi Suraj

    Alongside Webber's suggestions, I used a firm called Cobham Murphy to help me with my EBT Loan mess. Had no complaints and they can handle a case up to an FTT - they are primarily Tax...
  29. Replies
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    With respect Webberg, I disagree. For the...

    With respect Webberg, I disagree.

    For the majority of contractors using the typical EBT structure (ie payment from a UKCo to an offshore trust, loan to UK resident), this judgement will have...
  30. Hi RedCode - thanks for this summary of IHT.. a...

    Hi RedCode - thanks for this summary of IHT.. a quick question.. the information I've received from advisors is that IHT is actually levied against the Trustees (this came out as we where trying...
  31. Hi DS1518 - This ties with what HMRC told my...

    Hi DS1518 - This ties with what HMRC told my advisors and I have that in writing as well. This was essentially the "carrot" to get people to settle early.
  32. Thread: Spring Budget 2017

    by CDJ
    Replies
    121
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    19,493

    So... Budget 2017 for Ltd Companies is just...

    So... Budget 2017 for Ltd Companies is just dropping the tax free threshold for Divis from £5k to £2k - am I right in thinking this is essentially just £3000 x 7.5%??

    Have I missed anything else?
  33. Hmmm.. not sure your sums are right here.. ...

    Hmmm.. not sure your sums are right here.. quick calc putting £700k into a standard 2017-18 tax calculator returns income tax (i.e. excl any NI) of £301,100..

    Total Tax due 43.0% £301,100.00 ...
  34. (For transparency - I used an EBT scheme from...

    (For transparency - I used an EBT scheme from 06-09 and settled via the CLSO)

    I am not sure what HMRC are offering those that are contacting them to settle now, but under CLSO, the key points...
  35. Replies
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    3,566

    Thanks for the correct Delendog (thought it was...

    Thanks for the correct Delendog (thought it was included in the following year, not that its happy days either way) :smile
  36. Replies
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    3,566

    A) assuming this was your only income, you would...

    A) assuming this was your only income, you would be taxed as if this was salary..same as normal PAYE (but without the NI).. use a tax calculator (like listentotaxman et al) to get an estimate.
    ...
  37. Thread: Spring Budget 2017

    by CDJ
    Replies
    121
    Views
    19,493

    This shouldn't really be a surprise to anyone.. ...

    This shouldn't really be a surprise to anyone.. the Government and the Treasury essentially have seen contractors as blanket tax avoiders for a number of years now.. despite what the real world...
  38. Replies
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    Its worth trying to get HMRC on the phone and...

    Its worth trying to get HMRC on the phone and getting this squared. Who knows what policy they may have in place, though - they may well have decided to put things on hold whilst they get the...
  39. Replies
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    4,579

    Hmm.. unfortunately, am not familiar with that...

    Hmm.. unfortunately, am not familiar with that sort of set-up from White Collar - you're right to want to get that side of things clarified though.. HMRC will likely take the view that the loan...
  40. Replies
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    4,579

    BehinU - Did the loan come a company or from a...

    BehinU - Did the loan come a company or from a Trustee appointed by the company? (the standard operating procedure for these schemes was to use a trustee).. If that's the case, whether the original...
  41. Hi Contractor Jedi, Looked into this with a...

    Hi Contractor Jedi,

    Looked into this with a small group of guys caught out by EBTs.. the advice we received was that it was highly unlikely that we would either win or see any funds should we be...
  42. Replies
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    11,312

    Interesting point re the Uber ruling - its all...

    Interesting point re the Uber ruling - its all well and good the agency or PS department not wanting to take the risk with compliance and declaring everyone IR35.. but then if they are not bang on...
  43. I switched part way through a year between an EBT...

    I switched part way through a year between an EBT and Ltd Co - although I have settled with HMRC so did not receive an APN. What I can say is that HMRC were treating the loan amounts as "other...
  44. Replies
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    4,085

    YEs.. its been 3% pretty much since 2008.. but...

    YEs.. its been 3% pretty much since 2008.. but its indexed to the BOE rate..
  45. Replies
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    4,085

    Hi difficulttimes Firstly - this isn't law yet...

    Hi difficulttimes

    Firstly - this isn't law yet - there will be a consultation, although history tells us that if the Govt wants something they will get it (APNs were on much shakier ground,...
  46. I gave up on IPSE when they started negotiating...

    I gave up on IPSE when they started negotiating with HMRC about IR35 -when they were set up purely as an action group to get it repealed. Having said that, IPSE have never supported contractors that...
  47. Replies
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    4,155

    This seems to be the "next thing" for contractor...

    This seems to be the "next thing" for contractor schemes.. the "enhanced Ltd Co" solution.. so basically the old Trust-Loan arrangement, but via your Ltd Co rather than a scheme promoters company.....
  48. Mart321 - a PAYE Umbrella is basically the same...

    Mart321 - a PAYE Umbrella is basically the same as being a permanent employee.. you work, you invoice, you get paid net of all taxes.. its simple, very little hassle for yourself and squeeky clean...
  49. Mart321 - Take it from someone who has been stung...

    Mart321 - Take it from someone who has been stung by the EBT fiasco and has essentially seen the large part of his life savings go to HMRC.. Get Out .. Get out now.. set up a Ltd Company or use a...
  50. Replies
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    5,211

    Still doesn't answer the original question of why...

    Still doesn't answer the original question of why such a scheme is allowed to advertise on CUK - by doing so you are essentially endorsing the product (Indeed I notice that the Network One site has...
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