BN66 - Time to fight back!!!

[smalldog]

Im not doing anything with advice etc until I'll leave Montp do their thing. each to their own but until Montp lose I dont see much point in spending more cash, I potentially owe SH*T loads already so piling more on top isnt appealing...

[Maddog]

Liability estimate

I have just had my liability estimated by MontP, for all years excluding 07/08, should HMRC be successful.

Estimate , including interest payments, is approx £150K.

07/08 will also need to be added to this, but as I quit scheme in July 07, it won't add that much. I reckon I am looking at £165K total.

I feel a visit to the Pawn Brokers is in order, followed by the local Hostelry !

Mad

[scott_free]

I have just had my liability estimated by MontP, for all years excluding 07/08, should HMRC be successful.

Estimate , including interest payments, is approx £150K.

07/08 will also need to be added to this, but as I quit scheme in July 07, it won't add that much. I reckon I am looking at £165K total.

I feel a visit to the Pawn Brokers is in order, followed by the local Hostelry !

Mad

Do you know whether they will also make a further demand for payment on account for 50% for 2008-2009

Thanks

[DonkeyRhubarb]

Maddog,

I can't see it does any harm to get some independent advice, and in my book you deserve a lot of credit for taking the initiative and stumping up the cash. For me, there is only one question I would want to ask:

Are we kidding ourselves thinking that we stand any chance of overturning government legislation (Clause 55)?

From past experience, one thing I would be wary of is if the advisor tries to turn the meeting into a fishing expedition for further business. You may want to emphasise that this is strictly a one-off consultation.

If you don't mind me asking, when is the meeting taking place and were you intending to report the outcome here?

Good luck.

DR

[ChimpMaster]

I have just had my liability estimated by MontP, for all years excluding 07/08, should HMRC be successful.

Estimate , including interest payments, is approx £150K...etc

Mad

Are Montpelier going to refund you the fees they took from you, if HMRC win?

Are you still better off than if you had fallen into the IR35 trap?

[poppy01]

Maddog,

I can't see it does any harm to get some independent advice, and in my book you deserve a lot of credit for taking the initiative and stumping up the cash. For me, there is only one question I would want to ask:

Are we kidding ourselves thinking that we stand any chance of overturning government legislation (Clause 55)?

From past experience, one thing I would be wary of is if the advisor tries to turn the meeting into a fishing expedition for further business. You may want to emphasise that this is strictly a one-off consultation.

If you don't mind me asking, when is the meeting taking place and were you intending to report the outcome here?

Good luck.

DR

I know a few people have said we dont stand much chance, courts are reluctant to overturn tax law etc.. etc.. but..

surely what hmrc have done here is unprecedented

[Maddog]

Maddog,

I can't see it does any harm to get some independent advice, and in my book you deserve a lot of credit for taking the initiative and stumping up the cash. For me, there is only one question I would want to ask:

Are we kidding ourselves thinking that we stand any chance of overturning government legislation (Clause 55)?
The answer to this question is one of the key outcomes I am looking to acheive from the meeting. I know he cannot provide a certain yes/no, but his degree of certaintiy of the likely outcome will assist me in my next cause of action

From past experience, one thing I would be wary of is if the advisor tries to turn the meeting into a fishing expedition for further business. You may want to emphasise that this is strictly a one-off consultation.

Any additional consultancy will need to be justified, not only to me, but my 6 co-schemers. If he can justify extra expenditure on our behalf (i.e. save us money in the long term), we will consider it. As I have previoulsy stated, i will be providing a series of questions that I want answering, hence ensuring time is put to good use.

If you don't mind me asking, when is the meeting taking place and were you intending to report the outcome here?

Date has not been set. I have to provide some documentation that he would like to review prior to the meeting i.e. all those loverly letters from the revenue.

If info I recieve is of benefit to people in a similar situation to myself, I will of course share this.


Good luck.

DR

Mad

[DonkeyRhubarb]

I know a few people have said we dont stand much chance, courts are reluctant to overturn tax law etc.. etc.. but..

surely what hmrc have done here is unprecedented

We keep discussing this but the truth is there is no-one on this board remotely qualified to give a meaningful opinion. Although MontP still maintain that they are confident of winning, they obviously have a vested interest in pursuing the case. And as for the likes of Tim Warr/Alan Jones, they clearly have their own agenda.

I think it would be interesting to get the opinion of an independent tax expert but at the end of the day that is just one opinion so we may be non the wiser.

[zakzak]

This may have NO place on this thread however there are what seems some good posters here who may appreciate the heads up when looking at schemes and hearing feed back on their current IOM providers.

There is a scheme promoted by a company called Denovo solar who from what I am aware were in fact a recruitment company however they seem to have changed complete direction and become a tax planning outfit....... what's that all about does anyone have an idea?

Anyway they are promoting a scheme called "E cover solutions" that claims it does not need to be disclosed to gooner and his mates at HMRC therefore it requires no QC opinion..... In the little exp I have with tax planning combined with some friends of mine, who in my opinion are serial tax planners when it comes to mitigating income, CGT and anything else they can reckon that any structure you are looking to enter MUST have a QC opinion and the provider MUST have a good track record when it comes to court battles with gooner and his friends. They should always be prepared to fight up to and inc european HR courts at their cost. E cover solutions do NOT do this....I have also found out that...possibly Mr Jones is behind this e cover solutions offering! anyone know anymore on this?

One of my friends jointly runs a hedge fund and his big glass desk has a pile of different schemes along with many investigations from HMRC that he has entered into....... although regardless of the amount he has done and has had results and investigations that are still pending, he still entered one in Feb of this year. His schemes date back 10 years and the most used provider is Montpelier. He is very confident in their ability to fight with HMRC as he believes they are in the business for the long term not just to get rich quick from a few schemes. His point of "although they are in the business to fight HMRC if their IP is challenged, they are not in the business of being in court most days as they need to get on" therefore he regards their IP to be very strong and less aggressive than most.

That said he earns 20 times what I earn and just looks at it as a long term investment that could go wrong or could possibly yield some fine results, as many of them have.

Either way thought that the above warning on a possible new Jones scheme was worth the post.

[BrilloPad]

I have just had my liability estimated by MontP, for all years excluding 07/08, should HMRC be successful.

Estimate , including interest payments, is approx £150K.

07/08 will also need to be added to this, but as I quit scheme in July 07, it won't add that much. I reckon I am looking at £165K total.

I feel a visit to the Pawn Brokers is in order, followed by the local Hostelry !

Mad

I was not aware that one can asked for one's liability to be estimated - if I ever get to the stage where I have money I will ask them!

Cheers
BP