BN66 - Time to fight back: Continued

[seadog]

[QUOTE=Emigre;653872]One of the issues here is that we don't know anything about the property developers. How many? How much? etc etc. As I understand it MP sold the scheme to developers before realizing its potential benefit to contractors. If this is the case then MP must have some developers on their books.



I mentioned in my earlier postings that MP have confirmed that there are hundreds of developers in these schemes, many with milions of profits being put through.

I am still trying to find out were they are lurking, not just MP clients but those with KPMG & PwC. There may also be other providers but the tax planning specialists tend to keep themselves to themselves so as not to reveal any business secrets to their competitors.

However in this situation it would be beneficial for all interesterd parties to act as one so as to form a strong and united lobby group.

We have seen what coordianted action can do to force politians etc to respond to reason when faced with large scale protest.

[Friendly Accountant]

Property Developers

I don't think that you will find much public information in respect of the property developers. I would suggest that, for the most part, individual transactions entered into by the property developers were extremely large, and they likely had their own accountants fairly closely involved on the implementation with MontP or whoever else was handling things.

As a result, I would suggest that they are relying heavily on their accountants for information and that they won't bother looking elsewhere for more. What I don't know is whether those accountants will have any more information than you guys. But I really don't think you're going to find any kind of public forum where these guys are sharing info.

[DonkeyRhubarb]

I don't think that you will find much public information in respect of the property developers. I would suggest that, for the most part, individual transactions entered into by the property developers were extremely large, and they likely had their own accountants fairly closely involved on the implementation with MontP or whoever else was handling things.

As a result, I would suggest that they are relying heavily on their accountants for information and that they won't bother looking elsewhere for more. What I don't know is whether those accountants will have any more information than you guys. But I really don't think you're going to find any kind of public forum where these guys are sharing info.

I wasn't expecting them to be chatting on an internet bulletin board but I did think we might have heard more in the press or on some of the property industry web sites. Surely if there are tens (or hundreds) of millions riding on it someone out there must be preparing to mount a challenge?

[BrilloPad]

Does anybody know who the contact is now at MP for the JR, etc after Bernard's departure? I did ask TQ and he told me the people in the "know" are at the IOM offices. Has anybody had contact with such a person - one that knows what is going on?

AFAIK all the contacts are quite uncommunicative! They also seem happy with that - and while we are winning that is fine.

[JT_Contractor]

Advice

AFAIK all the contacts are quite uncommunicative! They also seem happy with that - and while we are winning that is fine.

Hi Brillo - I've been reading your posts with a lot of interest over the last few weeks.

I was wonderin if you could give me some advice.

Basically the gist of it is this - I've been with Montpelier since January. However after all of this has kicked off I'm wondering whether I should stay with them.

I was with SJD until January and then moved across to Montpelier - would you recommend me going back to having a Ltd company now or having a Ltd company in April?

Thanks.

[BrilloPad]

I wasn't expecting them to be chatting on an internet bulletin board but I did think we might have heard more in the press or on some of the property industry web sites. Surely if there are tens (or hundreds) of millions riding on it someone out there must be preparing to mount a challenge?

Lets just say that montpelier suddenly decided to stop the legal challenge because of some deal with the government. Now if we get some sort of deal like Tim Warr did (30% and no interest) then fine. But if we are left to twist in the wind <self moderated to avoid certain permanent ban>.

Do those other people who were with the big accountants have no nuts whatsoever?

[deckster]

Now if we get some sort of deal like Tim Warr did (30% and no interest)

Is that just speculation, or did TW actually get a deal? I haven't heard anything from that camp for months.

[BrilloPad]

Is that just speculation, or did TW actually get a deal? I haven't heard anything from that camp for months.

One of the lurkers was in that scheme - I am told the deal was done. The issue is that TW was in with a couple of others - there was some sort of legal action earlier on this year which was halted due to one of them having some sort of mental health issues! Though again this is all rumour and speculation.

Obviously TW is still trying to get people together to do a deal with HMRC. Personally I reckon keep well clear.

[BrilloPad]

Hi Brillo - I've been reading your posts with a lot of interest over the last few weeks.

I was wonderin if you could give me some advice.

Basically the gist of it is this - I've been with Montpelier since January. However after all of this has kicked off I'm wondering whether I should stay with them.

I was with SJD until January and then moved across to Montpelier - would you recommend me going back to having a Ltd company now or having a Ltd company in April?

Thanks.

Thank for for not lurking and welcome to the bn66 thread

I think there are plenty of people who can comment on here - so all please dive in! I am also pleased you asked publicly so the most number can benefit. Obviously remember that this is an open forum so I have to be a bit careful what I say! I still hope one day someone will volunteer to run a private forum.

Here is my penny's worth :-

It all depends on your risk/reward attitude and your personal circumstances. Do you like risk? Do you have money problems? Do you have dependants?

If you like a bit of risk and have not too many outgoings - then I would stick with the scheme. You have not been in very long. I have had 2.5 years so I have enough exposure.

But please dont spend the money - keep it as a long term pot that hopefully you will get in the long run.

Something else - personally I dont like the loan schemes. Wasn't there a reeding/redding thread that want to a private forum? Company wound up and loans called in? I feel sure HMRC will open attack on these soon.

About 2 years ago those in montp were sent a letter asking for permission to move scheme from IOM to another country. If that route was taken I might still be in the scheme now......

BP

[JT_Contractor]

Thanks

Thank for for not lurking and welcome to the bn66 thread

I think there are plenty of people who can comment on here - so all please dive in! I am also pleased you asked publicly so the most number can benefit. Obviously remember that this is an open forum so I have to be a bit careful what I say! I still hope one day someone will volunteer to run a private forum.

Here is my penny's worth :-

It all depends on your risk/reward attitude and your personal circumstances. Do you like risk? Do you have money problems? Do you have dependants?

If you like a bit of risk and have not too many outgoings - then I would stick with the scheme. You have not been in very long. I have had 2.5 years so I have enough exposure.

But please dont spend the money - keep it as a long term pot that hopefully you will get in the long run.

Something else - personally I dont like the loan schemes. Wasn't there a reeding/redding thread that want to a private forum? Company wound up and loans called in? I feel sure HMRC will open attack on these soon.

About 2 years ago those in montp were sent a letter asking for permission to move scheme from IOM to another country. If that route was taken I might still be in the scheme now......

BP

Thanks for that!

So you're out of the scheme now? I'm thinking of leaving it to be honest. As soon as at the end of this month. Don't worry I'm not spending anything but doing as you're saying - putting it into a pot for the future.

Another question I've got is if I was to leave the montpelier scheme now would they still do the SA for this tax year or do I get my accountant to do it. Would it be the case that i'll probably be liable to pay a high rate on tax on anything that has gone into my account from montpelier if my new accountant does the SA?

Thanks in advance mate - appreciate it.

JT