BN66 - Time to fight back!!!

[smalldog]

contractin, up to you but I would not do anything until you know the montP outcome. Its not going to take long, rather than being stuck with a bigger mortgage than you need paying higher monthly payments on a product with a higher interest rate....I know people are worried but we arent talking years before we know the outcome....

If we lose Im going the IR35Amnesty route anyway, suspect they will be able to knock a lot of interest off in a negotiated settlement so CTD would/could be a waste fo time...I will then scrape what I have together while someone holds me down screaming and makes me write the cheque!

each to their own of course this is only my plan....

[Lewis]

I am in the process of re-mortgaging so I have upped the limit to cover what I think my liability would be. Problem is I will be on a much higher mortgage rate with an increased mortgage.

Not sure if this helps but I have an offset mortgage. My borrowing limit is way higher than I need but I applied for this so I had easy access to emmergency cash at a good rate. Because you only pay interest on what you have used I pay nothing for the unused 'emmergency' amount.

Doing this would save you the interest on your increased mortgage (because your borrowing won't actually be increased until/if you need to pay HMRC). Just a thought... (there are also many other benefits to an offset, e.g. you effectively get tax free savings with a high interest rate).

[ContractIn]

Not sure if this helps but I have an offset mortgage. My borrowing limit is way higher than I need but I applied for this so I had easy access to emmergency cash at a good rate. Because you only pay interest on what you have used I pay nothing for the unused 'emmergency' amount.

Doing this would save you the interest on your increased mortgage (because your borrowing won't actually be increased until/if you need to pay HMRC). Just a thought... (there are also many other benefits to an offset, e.g. you effectively get tax free savings with a high interest rate).

Thanks Lewis

Worth looking into, the call has already gone into provider and they have agreed to lend the additional amount.

If there is some light at the end of the tunnel then any surplus I will make a payment back.

[smalldog]

OK team, IF and this is a big IF montp lose the entire thing and we get big bills would anyone fancy joining forces and going after MontP for the money? there are 2000 scheme users, we all put in a grand (£2m for legal counsel) towards legal fees and sue them for negligence, misguidance etc (or something equivalent)....might be worth a punt if its only gonna cost a couple of grand each....IF nothing else it would be worth getting a few grand together to get a barrister to go thru the documents to give a view on probability of success

This isnt a route I would want to take but if its me or them then Im not taking any prisoners, if I can pay £1000 towards legal fees or pay £100k to hector its an easy decision....

as you can probably tell Im not going down without a fight!!!!

[ContractIn]

OK team, IF and this is a big IF montp lose the entire thing and we get big bills would anyone fancy joining forces and going after MontP for the money? there are 2000 scheme users, we all put in a grand (£2m for legal counsel) towards legal fees and sue them for negligence, misguidance etc (or something equivalent)....might be worth a punt if its only gonna cost a couple of grand each....

This isnt a route I would want to take but if its me or them then Im not taking any prisoners, if I can pay £1000 towards legal fees or pay £100k to hector its an easy decision....

as you can probably tell Im not going down without a fight!!!!

I will definitely be seeking compensation.

[redkieran]

I don't see how you can sue MP when it is HMRC that have retrospectively changed the law!

[smalldog]

oh and before anyone (Mal) starts saying you went in with your eyes open then my response is....

I was sold a product in this case the scheme, on the basis it worked, if its now found not to work I want a refund of all my fees, plus compensation in the form of MontP paying my hector bill.

I would draw the analogy of me buying a car, if its later found not to be fit for purpose its going back and I want compensation. simple stuff really.....

[BrilloPad]

OK team, IF and this is a big IF montp lose the entire thing and we get big bills would anyone fancy joining forces and going after MontP for the money? there are 2000 scheme users, we all put in a grand (£2m for legal counsel) towards legal fees and sue them for negligence, misguidance etc (or something equivalent)....might be worth a punt if its only gonna cost a couple of grand each....IF nothing else it would be worth getting a few grand together to get a barrister to go thru the documents to give a view on probability of success

This isnt a route I would want to take but if its me or them then Im not taking any prisoners, if I can pay £1000 towards legal fees or pay £100k to hector its an easy decision....

as you can probably tell Im not going down without a fight!!!!

This is the wrong time to discuss this. It is the second time it has come up - and it is distracting from the primary target - HMRC. Please can we keep focused on the main issues.

But I am really pleased you are going to fight! well done!

[BrilloPad]

I have just received a PM - someone has asked :-

==============================

How can you calculate what your Tax repayment is likely to be? Just a rough idea will be good enough?

==============================

Any ideas?

[malvolio]

oh and before anyone (Mal) starts saying you went in with your eyes open then my response is....

....

You really haven't been listening have you? I've been pointing the finger at the scheme provider all along.

BrilloPad - if you want a rough idea, 40% of your gross income for as long as you were in the scheme less whatever tax you did pay plus 7.5% interest p.a. should get you close.