BN66 - Time to fight back!!!

[helen7]

new media factoy

New Media Factory were one of the first companies the run the scheme. Monpellier decided that they could run this bit for themselves and pocket the 4% so new customers went to Newquay (which is Montp).

They went into liquidation when the msc legislation came it....it had something to do with that I think.

[Ratican]

I am with manager.co.uk (mrg) at the moment until I leave shortly. I suspect one of the reasons they NMF went into liquidation (I think there are 2 types: Director/Creditor liquidation) is to avoid possible future claims against them related to employed/self-employed status rulings from the revenue (where they would be liable for the tax/ni - if it was determined they were an employer). I think that NMF are going through a Director liquidation which means that money left in the company is split between the directors. If they had any creditors (e.g. HMRC) - then it would be very different.

However - don't really know anything about this - just seems curious that they decided to go when they did..

[BrilloPad]

At least I understand the rules and regs, and the challenges you are facing. You're the ones who aren't listening.

Who said that?

[BrilloPad]

New Media Factory were one of the first companies the run the scheme. Monpellier decided that they could run this bit for themselves and pocket the 4% so new customers went to Newquay (which is Montp).

They went into liquidation when the msc legislation came it....it had something to do with that I think.

eh? none of this is correct.......

[ChimpMaster]

Question:

In the scenario that HMRC win and you owe them a heap of money - would it help (before any decision is made) to put everything you own and earn into your wife's/dad's/mum's name? And then let them bankrupt you.

Or does this not matter, i.e. would HMRC view your household as owing the money and not you as an individual?

[helen7]

eh? none of this is correct.......

Err, yes it is. My friend worked for them.

[BolshieBastard]

Question:

In the scenario that HMRC win and you owe them a heap of money - would it help (before any decision is made) to put everything you own and earn into your wife's/dad's/mum's name? And then let them bankrupt you.

Or does this not matter, i.e. would HMRC view your household as owing the money and not you as an individual?

Nope because you're disposing your assets to avoid a potential charge on them. Plus, you could also end up being liable to Gift Tax as you can only give an individual approx £3k in any tax year.

[poppy01]

[QUOTE=malvolio] Actually, what I've mostly seen posted on here from the soi disant experts-in-the-know QUOTE]

whats 'soi disant' mean?

pretentious.....moi

[DonkeyRhubarb]

One of my contacts in the scheme recently clubbed together with a few others to pay for a consultation with a firm of specialist Tax Consultants in the City. Their conclusion was that our best option was to remain part of Montpelier's group action. They didn't rate our chances of success very highly but they also weren't able to suggest a better strategy.

However, obviously they didn't have access to our resident expert!

[Iron Condor]

Nope because you're disposing your assets to avoid a potential charge on them. Plus, you could also end up being liable to Gift Tax as you can only give an individual approx £3k in any tax year.

No such thing as Gift tax. Only inheritance tax if you die within seven years of giving the gift.


Those who owe the IR big and cant afford to pay can expect only one thing:

http://www.thespoof.com/news/spoof.c...dline=s1i39473