BN66 - Time to fight back!!!

[BrilloPad]

Does that mean you are shiitting yourself?

I had constipation - the chemist recommended I join MTM...

[malvolio]

I thought we were giving people the wrong idea about contractors?

Most people, including HMG, already have. You're simply reinforcing it.

It's a win/win really for HMG really. If they win they get the money and you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group. If you lose, you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group and they bring in fresh legislation to do it. I'd rather we weren't in that position in the first place, but there we are.

[ookook]

Does anyone have any idea how these new IOM schemes that are being touted are going to work? I gather they are still trust related in some way - someone from SanZar rang me up and gave me the usual pre-eminent QC spiel without actually answering any questions.

Not thinking of joining in a million years but I'm curious from a legal point of view.

[DonkeyRhubarb]

Trust Accounts

One thing has been puzzling me. Why do HMRC need the trust accounts in order to issue tax assessments? The trust accounts won't tell them what our total income is or how much tax/nic we have already paid. Surely, everything they need to calculate tax assessments is on our SA returns?

The only thing I can think of is that it is a ruse to make sure no-one has slipped through their net ie. so that they can cross-reference people who've been in the scheme with the returns they already have under enquiry. I can't see what other use the accounts would serve other than giving MontP the headache of producing them.

Or am I missing something?

[BrilloPad]

One thing has been puzzling me. Why do HMRC need the trust accounts in order to issue tax assessments? The trust accounts won't tell them what our total income is or how much tax/nic we have already paid. Surely, everything they need to calculate tax assessments is on our SA returns?

The only thing I can think of is that it is a ruse to make sure no-one has slipped through their net ie. so that they can cross-reference people who've been in the scheme with the returns they already have under enquiry. I can't see what other use the accounts would serve other than giving MontP the headache of producing them.

Or am I missing something?

I thought they want to see where the money was earned. But yours is a much better explanation.

[BrilloPad]

Does anyone have any idea how these new IOM schemes that are being touted are going to work? I gather they are still trust related in some way - someone from SanZar rang me up and gave me the usual pre-eminent QC spiel without actually answering any questions.

Not thinking of joining in a million years but I'm curious from a legal point of view.

AFAIK the new Montpelier scheme is quite like the sanza scheme. So the self-employed bit is easy. But the trust is a loan. And that is NOT from montpelier - just what I have gleaned.

[BrilloPad]

Most people, including HMG, already have. You're simply reinforcing it.

It's a win/win really for HMG really. If they win they get the money and you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group. If you lose, you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group and they bring in fresh legislation to do it. I'd rather we weren't in that position in the first place, but there we are.

I think the PR people do a poor job - I wish I could get the media people I know involved. Thing for me is that we take risk - we have no security. We provide liquidity - rather like traders in the markets.

[DonkeyRhubarb]

Most people, including HMG, already have. You're simply reinforcing it.

It's a win/win really for HMG really. If they win they get the money and you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group. If you lose, you get painted as tax avoiding scum, so reinforcing their view that we are worth special attention as a group and they bring in fresh legislation to do it. I'd rather we weren't in that position in the first place, but there we are.

Mal, I think your subconscious is denying the possibility of them losing/us winning.

[ASB]

One thing has been puzzling me. Why do HMRC need the trust accounts in order to issue tax assessments? The trust accounts won't tell them what our total income is or how much tax/nic we have already paid. Surely, everything they need to calculate tax assessments is on our SA returns?

The only thing I can think of is that it is a ruse to make sure no-one has slipped through their net ie. so that they can cross-reference people who've been in the scheme with the returns they already have under enquiry. I can't see what other use the accounts would serve other than giving MontP the headache of producing them.

Or am I missing something?

Possibly that they want to verify whatever trust income you have declared matches that which the trustee claims to have doled out ?

In the case of all the UK income on your return they do have ways of cross checking it.

I am sure the fact they may piclk up other people not yet under enquiry is a simple coincidence.

[smalldog]

I suspect they are looking for any evasion, which would probably be in error but hey they are going for us and probably looking for the ability to apply a 100% evasion penalty!!