BN66 - Time to fight back!!!

[DonkeyRhubarb]

And the thread creator?

Donkey Rhubarb:

very difficult to eradicate and removal efforts may have further adverse impacts

http://www.invasive.org/eastern/bioc...2Knotweed.html

[BrilloPad]

Donkey Rhubarb:

very difficult to eradicate and removal efforts may have further adverse impacts

http://www.invasive.org/eastern/bioc...2Knotweed.html

Would Mal agree?

[max]

Hi

Am I correct in assuming that the total tax liability even when caught by BN66 is less than IR35 - taking interest out of the equation ?

Thanks

I would have thought IR35 tax would apply as the starting point, seen as there wasn't even an attempt of "running" a business, using a ltd co.

Just a guess...time will tell.

[malvolio]

I would have thought IR35 tax would apply as the starting point, seen as there wasn't even an attempt of "running" a business, using a ltd co.

Just a guess...time will tell.

It rather depends on how the scheme was set up, but my guess is that HMRC will see you as effectively employees, as far as tax is concerned, and will assess the back tax accordingly. IR35 would at least save you 5%, but I don't think that will apply. As far as I can tell, they're only looking at your earned income over whatever period, and unless you have somehow declared some of it as dividends then it's all PAYE/NIC-able. But I could be wrong...

[BrilloPad]

It rather depends on how the scheme was set up, but my guess is that HMRC will see you as effectively employees, as far as tax is concerned, and will assess the back tax accordingly. IR35 would at least save you 5%, but I don't think that will apply. As far as I can tell, they're only looking at your earned income over whatever period, and unless you have somehow declared some of it as dividends then it's all PAYE/NIC-able. But I could be wrong...

It was said the presentation I attended that even if montpelier scheme failed then we would be better off than under IR35.

[max]

It was said the presentation I attended that even if montpelier scheme failed then we would be better off than under IR35.

Fair enough, then wasn't a waste of money and effort in that case. Presumably the presenters knew what they were talking about.

[poppy01]

It was said the presentation I attended that even if montpelier scheme failed then we would be better off than under IR35.

except i dont think anyone expected we'd be looking at 5 years interest
on top .montpelier always thought the scheme had a shelf life of approx 3 years. that hmrc could be so incompetent and then so ruthless never occurred to anyone.

[BrilloPad]

except i dont think anyone expected we'd be looking at 5 years interest
on top .montpelier always thought the scheme had a shelf life of approx 3 years. that hmrc could be so incompetent and then so ruthless never occurred to anyone.

I think the scheme started in 2002 - I joined in 2006.

[DonkeyRhubarb]

I think the scheme started in 2002 - I joined in 2006.

It started April 2001. First year (2001/2) tax returns were placed under enquiry in June 2003, so the scheme has been under enquiry for 5 years this month.

[DonkeyRhubarb]

It was said the presentation I attended that even if montpelier scheme failed then we would be better off than under IR35.

I'm not sure this is the case if you factor in the extra interest over what you could get in a savings account.