Originally posted by DaaaaaaaaaaN
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MVL question...distribution in specie?
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Last edited by northernladuk; 29 January 2021, 19:52.'CUK forum personality of 2011 - Winner - Yes really!!!! -
MVL question...distribution in specie?
Originally posted by DaaaaaaaaaaN View PostIs this part true?
Claiming that you can break TAAR rules and simply pay additional tax is not true.
It might be true in some cases, but each case would be considered on its own merits. Possibly in a tax tribunal. Possibly, albeit unlikely, resulting in a stretch at her majesty’s pleasure if tax evasion can be demonstrated.
Edit: can’t see highlighted sections on an iPhone so I might be answering a different point. Not deleting this though as it seems a common theme recently.See You Next TuesdayComment
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Originally posted by Lance View PostNot really.
Claiming that you can break TAAR rules and simply pay additional tax is not true.
It might be true in some cases, but each case would be considered on its own merits. Possibly in a tax tribunal. Possibly, albeit unlikely, resulting in a stretch at her majesty’s pleasure if tax evasion can be demonstrated.
Edit: can’t see highlighted sections on an iPhone so I might be answering a different point. Not deleting this though as it seems a common theme recently.Comment
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Originally posted by Lance View PostNot really.
Claiming that you can break TAAR rules and simply pay additional tax is not true.
It might be true in some cases, but each case would be considered on its own merits. Possibly in a tax tribunal. Possibly, albeit unlikely, resulting in a stretch at her majesty’s pleasure if tax evasion can be demonstrated.
Edit: can’t see highlighted sections on an iPhone so I might be answering a different point. Not deleting this though as it seems a common theme recently.
As this has been mentioned to me by two different tax advisors, should I challenge them?Comment
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Originally posted by DaaaaaaaaaaN View PostI was specifically referring to the option of contracting via through an umbrella company after an ER distribution. Given you are treated as a PAYE employee via the umbrella, I assume there is no issues with TAAR?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by bcontractor View PostI don’t want to ignite an argument, nor do I want to claim that it’s possible or not. Personally, I wouldn’t be comfortable with this option anyway.
As this has been mentioned to me by two different tax advisors, should I challenge them?
Bottom line is, claiming a tax benefit and then doing it again within two years is going to attract the wrong attention and if HMRC's intention is to stop people shutting companies, claming benefits then starting again you can bet your bottom dollar they'll challenge anything that doesn't meet their guidance regardless of what tax advisor thinks.
Paying it back and then carrying on is just a questionable loophole that brings a lot of risk and pain with it.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by bcontractor View PostI don’t want to ignite an argument, nor do I want to claim that it’s possible or not. Personally, I wouldn’t be comfortable with this option anyway.
As this has been mentioned to me by two different tax advisors, should I challenge them?
It’s not a profession with qualifications. There are no regulations or regulators.
Financial advisors are regulated. Tax lawyers are regulated. Accountants may be regulated.
Some tax advisors might be lawyers, financial advisors or accountants, but it’s not mandatory.
anyone can setup as a tax advisor and sell bad advice.See You Next TuesdayComment
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