BN66 - Time to fight back: Continued

[poppy01]

Ratican

Not sure of the legitimacy (any thoughts out there?) but...

You are self-employed (on new scheme?). Charge loan to your business making interest tax deductible, also showing the credit interest as a business investment. If you can charge the loan, you can charge the set up fees too. This should level the playing field between borrowing gross and receiving net of tax, not forgetting of course to deposit at two separate institutions (less choice these days).

I see no reason why this should not work, your income is taxed under Sch D and not E and so you have a business. When a business is short of funds it borrows, when long it invests.

Anyone confirm this treatment?

Another idea would be to get on an aggressive tax scheme this year and put aside the tax saved...

This interests me. I am running a ltd. Despite the fact no-one will lend me the money, my bank might lend it to my limited, if I bulltulip them enough. How could I then get my hands on it to pay , any thoughts???

[DonkeyRhubarb]

Borrowing money to get a CTD?

This is my personal opinion.

I wouldn't do it. The interest rates on most forms of loan would far exceed what Hector charges. The only way you could do it "cheaply" would be to remortgage your house. If house prices fall, then you could end up in negative equity, and for what? To make it easier for Hector to collect his pound of flesh. No thanks!

If you can afford to take on extra borrowing, then surely it would make more sense to start saving as much as you can each month? The minimum initial deposit you can put in a CTD is £500. Thereafter you can make payments of £250. The courts would look on you very favourably if you did this, and would be reluctant to take your home away.

Alternatively, open an ISA and start investing monthly, and get the benefit of pound cost averaging. Maybe invest really aggressively in high risk stuff. I'm buying Gold & Silver but DYOR.

It's up to you but I wouldn't remortgage my house to buy a CTD.

[twinkle]

Borrowing money to get a CTD

This is my personal opinion.

I wouldn't do it. The interest rates on most forms of loan would far exceed what Hector charges. The only way you could do it "cheaply" would be to remortgage your house. If house prices fall, then you could end up in negative equity, and for what? To make it easier for Hector to collect his pound of flesh. No thanks!

If you can afford to take on extra borrowing, then surely it would make more sense to start saving as much as you can each month? The minimum initial deposit you can put in a CTD is £500. Thereafter you can make payments of £250. The courts would look on you very favourably if you did this, and would be reluctant to take your home away.

Alternatively, open an ISA and start investing monthly, and get the benefit of pound cost averaging. Maybe invest really aggressively in high risk stuff. I'm buying Gold & Silver but DYOR.

It's up to you but I wouldn't remortgage my house to buy a CTD.

The only bit of comfort from all this is that it sounds like we are all in the same pooooh and have the same ideas how to raise the cash.

I am thinking of waiting till I know if we win / lose the JR and will then try to raise the cash whilst putting as much away as my missus does not spend.

[poppy01]

This is my personal opinion.

I wouldn't do it. The interest rates on most forms of loan would far exceed what Hector charges. The only way you could do it "cheaply" would be to remortgage your house. If house prices fall, then you could end up in negative equity, and for what? To make it easier for Hector to collect his pound of flesh. No thanks!

If you can afford to take on extra borrowing, then surely it would make more sense to start saving as much as you can each month? The minimum initial deposit you can put in a CTD is £500. Thereafter you can make payments of £250. The courts would look on you very favourably if you did this, and would be reluctant to take your home away.

Alternatively, open an ISA and start investing monthly, and get the benefit of pound cost averaging. Maybe invest really aggressively in high risk stuff. I'm buying Gold & Silver but DYOR.

It's up to you but I wouldn't remortgage my house to buy a CTD.

I'm actually considering this in the event we lose the JR, and HMRC arent reasonable about giving me time to pay. The question still stands, if my limited borrows it, whats the best way to get my hands on it to pay him.

[elpinar]

Totally... I've had it with aggressive tax schemes (for a while anyway - let's see what happens).
I have set up Ltd company, got an accountant, may join PCG and take out some insurance :

for sutre join the pcg - ive actually been a memeber all the tie ive been with mont p - just in case - if you go for the better cover you also get something if you get called for jury service

[juststarting]

This has nothing to do with the conversation but I heard the HMRC are reading this. I just wanted to find out if anyone there has seen my blue pencil with the "Raptor" engraving? I lost it last month while I was visiting the central office ... I really liked this pencil...

[TheGadgetMan]

This has nothing to do with the conversation but I heard the HMRC are reading this. I just wanted to find out if anyone there has seen my blue pencil with the "Raptor" engraving? I lost it last month while I was visiting the central office ... I really liked this pencil...

you wont get it back...HMRC like taking things that don't belong to them...

[DonkeyRhubarb]

Revenue uses Retrospective Law to make Families Homeless

I don't think the government would want this headline splashed across the newspapers.

I can't see many judges being happy to sanction it either.

The Revenue needs to tread very carefully. Going after perceived "tax dodgers" is one thing, but persecuting families, making people homeless, causing family breakups, suicides is another.

If anyone from HMRC is reading this, think on!

[poppy01]

I don't think the government would want this headline splashed across the newspapers.

I can't see many judges being happy to sanction it either.

The Revenue needs to tread very carefully. Going after perceived "tax dodgers" is one thing, but persecuting families, making people homeless, causing family breakups, suicides is another.

If anyone from HMRC is reading this, think on!

double_whammy if Northern Rock will be doing the repossession as in my case

[DonkeyRhubarb]

double_whammy if Northern Rock will be doing the repossession as in my case

If you can, try to make some attempt to cover a bit of your liabilities. If you start paying something into a CTD, then it shows willing. I have faith in the courts that they will show compassion. HMRC may think they are a law unto themselves but they can't make people homeless without the sanction of the courts.

As I'm sure you've gathered, there are plenty of people here who are ready for a if HMRC decide to play really dirty.