The Truth about Tax Avoidance Schemes

[Old_Timer]

So
We've been debating this topic in the office and I'm so fed up with people only having half knowledge that I thought I'd spill my thoughts...and I've done lots of research...

If anyone is thinking of using an Offshore Tax Avoidance Scheme - have your head examined.

I've investigated several and they all ensure that I know they have a Scheme Reference Number (SRN) like it's a badge of honour somehow. They also seem to intimate that having the SRN means that the Scheme is 'approved' by HMRC! - I've heard them say this

We all know that Tax Evasion is illigal. Tax Avoidance only becomes legal when the Scheme provider completes a form and submits it to HMRC. They then get their SRN and HMRC file them on the shelf to look at later.

HMRC's job is to weadle out Tax Evasion and close it down. They have dedicated resources to tackle this and ensure that a random % of contractors get investigated every year.

So why would anyone join a Tax Avoidance Scheme? Tax me later Scheme more like.....

And as for the Schemes that use Employee Benefit Trusts and loan you back your own money - you gotta be joking!

I'd be interested in thoughts and experiences....

[sidknows]

because tax avoidance is still legal

[2uk]

So
We've been debating this topic in the office and I'm so fed up with people only having half knowledge that I thought I'd spill my thoughts...and I've done lots of research...

If anyone is thinking of using an Offshore Tax Avoidance Scheme - have your head examined.

I've investigated several and they all ensure that I know they have a Scheme Reference Number (SRN) like it's a badge of honour somehow. They also seem to intimate that having the SRN means that the Scheme is 'approved' by HMRC! - I've heard them say this

We all know that Tax Evasion is illigal. Tax Avoidance only becomes legal when the Scheme provider completes a form and submits it to HMRC. They then get their SRN and HMRC file them on the shelf to look at later.

HMRC's job is to weadle out Tax Evasion and close it down. They have dedicated resources to tackle this and ensure that a random % of contractors get investigated every year.

So why would anyone join a Tax Avoidance Scheme? Tax me later Scheme more like.....

And as for the Schemes that use Employee Benefit Trusts and loan you back your own money - you gotta be joking!

I'd be interested in thoughts and experiences....

I am trying to find spare time - to complete the research you say you have already done.

I'd be interested in sharing facts / etc with you. Can you private message me ?

[TheFaQQer]

I've investigated several and they all ensure that I know they have a Scheme Reference Number (SRN) like it's a badge of honour somehow. They also seem to intimate that having the SRN means that the Scheme is 'approved' by HMRC! - I've heard them say this.

Is this investigation just you looking at them, or do you work for HMRC and it's a more formal thing?

[BrilloPad]

Tax Avoidance only becomes legal when the Scheme provider completes a form and submits it to HMRC.

load of twaddle. I feel sorry for the people round the office having to listen tio you.

I use an offshore provider - scheme is totally innappropriate term. there is risk - most here use limited. but you think in very narrow confines.

[Old_Timer]

Twaddle...

load of twaddle. I feel sorry for the people round the office having to listen tio you.

I use an offshore provider - scheme is totally innappropriate term. there is risk - most here use limited. but you think in very narrow confines.

How very rude!

I refer my learned friend to the following Twaddle on taxationweb: I quote
"An adviser who has devised an avoidance scheme is under an obligation to provide details of the scheme to the Revenue within five days of the scheme first being ‘made available for implementation’. There is a penalty of up to £5,000 for failure to make the necessary disclosure. The notification process is not an approval process: the Revenue will register the scheme regardless of whether or not it believes that it is effective"

See this link for independent twaddle:
http://www.taxationweb.co.uk/busines...cle.php?id=180

I'm surprised you didn't take the opportunity to mention Montpelier - you usually do....are you on a retainer?

And, incidently, they are one of the schemes I've investigated....

Twaddle indeed...

[thunderlizard]

Are these Scheme Reference Numbers incremental? Can you just pick the highest one and expect their loophole to be closed last?

[swamp]

I know someone who is being investigated by Hector about their offshore scheme.

Not good.

I'd only recommend these schemes to Saffas, Kiwis and West Islanders who can leave the country after a couple of years.

[Jog On]

Put a cork in your ass or STFU

I'm gettin bored of the numpties and newbs...

[fadanoid]

Put a cork in your ass or STFU

I'm gettin bored of the numpties and newbs...

Hmm. Tough Guy.