Originally posted by BrilloPad
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Not really. You have defeated me absolutely through the power of your logic and that. I will refrain from ever mentioning the words fair and tax in the same sentence unless it is to say "I think it would be fair if Brillo and his mates paid no tax ever" ... OK?
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Have it your own way - see you over at http://forums.contractoruk.com/gener...y-pay-tax.htmlOriginally posted by Bradley View PostNot really. You have defeated me absolutely through the power of your logic and that. I will refrain from ever mentioning the words fair and tax in the same sentence unless it is to say "I think it would be fair if Brillo and his mates paid no tax ever" ... OK?
If you have anything useful to pay on MTM then please post it here...Comment
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Emigre,
I spoke to someone at the investigations unit earlier and they said that HMRC are planning to release payment demands this summer. My plan is to make a down payment to stop interest mounting up. If HMRC are unsuccessful with their plans then I can claim back my down payment.
Luckily I was not with MTM very long as I found their service pretty poor.Comment
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You may find it difficult to get the money back even if HMRC fail in their attempt to apply the legislation retrospectively. This could involve a costly legal action, and it's unlikely MTM would provide that much help as they've specifically advised against making payments on account.Originally posted by Grim Reaper View Post
Why not just stick the money in a high interest account paying 6%. The difference between this and HMRC's 8.5% won't be that much over just a few months.
Good luck whatever you decide.Comment
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Or buy a CTD, certificate of tax deposit.
This earns a derisory interest rate (unless you buy 100K+) but protects you from an interest charge on your tax bill.
These were introduced in the last great era of retrospective taxation (i.e. Labour in the 1960's) and no government has ever got round to getting rid of them.Comment
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The correct way to pay a tax bill while awaiting the outcome of a dispute is to buy a certificate of deposit. Ask the scheme provider how to do this.
This is not the same thing as making a payment on account/advance payment. HMRC will not know you have it, so the dispute can proceed to resolution without your bargaining position being in any way compromised. When the time comes to pay, if you lose, you can then whip out the CD. (It does stop interest from the day you buy it.)
(My knowedge of this comes from several years ago, so things may have changed.)Last edited by IR35 Avoider; 28 March 2008, 12:48.Comment
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Who holds the CD? Can't HMRC demand interest at some usurpury rate?Originally posted by IR35 Avoider View PostComment
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You hold it. If I remember correctly, you buy it direct from another branch of government, eg. BOE or treasury. It stops interest on the tax bill from the date you buy it. I don't think you get any interest if you end up not needing to use it to pay your tax bill, but I could be wrong.
My recollections are a bit vague, so you really need to check with someone who knows. Montpelier will definitely be able to tell you if it's appropriate and what to do.Last edited by IR35 Avoider; 28 March 2008, 12:53.Comment
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About MTM? If so, why? I hardly think they will give impartial advice - they are just thugs and bullys. Of course it is your life, your money...Originally posted by Grim Reaper View PostComment
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Ctd
I wasn't aware of CTDs. It would have been helpful if MTM had suggested these a few years ago. Unfortunately, it's a bit late in the day now.
It's funny though how the Special Investigations unit has only ever banged on about making payments on account, and never even mentioned CTDs. I wonder why...Comment
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