BN66 - Time to fight back (Chapter 3)

[smalldog]

Thanks folks.....

OK, so approximating based on the SA returns for the last two years, it works out to be a hefty sum as I feared !!!

Is there a precident for 'doing a deal' to pay as much as you can as a lump sum without losing your house etc and maybe paying an amount per month ?

apparently they can take a second charge on your home in the same way a second mortgage company would. This is from the horses mouth as I got in touch with the tax office to enquire. With the property market as it is tho it does rely on you havign sufficient equity to cover any debt of course. If you do then its unlikely you would need to sell your home, HMRC will just take theequity to fulfil your debt.

BE WARNED, ITS NOT HMRC POLICY TO SUGGEST THIS SO UNLESS YOU MENTION IT THEY WONT EVER SUGGEST IT!!!!!!!!! Its in their guidelines to avoid IVA's at all costs

[xantamisch]

hi - de-lurking here, although not much to add

Am with de graaf, only since last October though, so less impact for me than for many. De Graaf remain confident (or say they are) that they / we will win at Judicial Review. They are saying that 2007 / 2008 returns can be held in abeyance until outcome of the JR.

I have also been getting the HMRC letters

I only got involved in this as my then Agent recommended it and had done all their due diligence - have changed their minds now, though!

since august, de graaf have launched a new scheme. Has anyone looked into this? something along the lines of selling shares to the trust and getting paid as a Capital Gain with CGT payable on the Trust Income........ doesn't use the dual tax treaty

cheers all

[BrilloPad]

I wanted to thank everyone posting on this thread.
I'm also with MP and most of my questions have been answered here.
Have not received my CN yet but I've been in the scheme since 2001, therefore expecting a HUGE "surprise" when it arrives .

Keep up the good work.

Thanks.

thanks for delurking

Have you got a CTD? Do you have spare money to get one? Do you have a mortgage? Are you still in the scheme? Any idea what your liability is? (roughly take a third of trust income).

[BrilloPad]

MP are understaffed, there is no question about that. But there also isn't time to train new people even if the management were willing.

The priority has to be Closure Notices. If you miss the deadline for appealing then you are screwed.

The worst case scenario if returns are filed late is a fine etc. which will be MP's problem.

I know NW & TQ will do everything humanly possible to make sure things are done on time.

love the new avatar

[BrilloPad]

hi - de-lurking here, although not much to add

Am with de graaf, only since last October though, so less impact for me than for many. De Graaf remain confident (or say they are) that they / we will win at Judicial Review. They are saying that 2007 / 2008 returns can be held in abeyance until outcome of the JR.

I have also been getting the HMRC letters

I only got involved in this as my then Agent recommended it and had done all their due diligence - have changed their minds now, though!

since august, de graaf have launched a new scheme. Has anyone looked into this? something along the lines of selling shares to the trust and getting paid as a Capital Gain with CGT payable on the Trust Income........ doesn't use the dual tax treaty

cheers all

thanks for delurking

Do you have enough money to buy a CTD?

I feel sure your post will enter the key posts document! The double taxation was outlawed from April 5th 2008 - so amazed de graaf have not acted until August! Surely all income between those dates will be caught?

I am very interested in their new scheme as not loan based - I must look it up.

I guess it will be closed eventually after the usual HMRC malarky......

[smalldog]

thanks for delurking

Do you have enough money to buy a CTD?

I feel sure your post will enter the key posts document! The double taxation was outlawed from April 5th 2008 - so amazed de graaf have not acted until August! Surely all income between those dates will be caught?

I am very interested in their new scheme as not loan based - I must look it up.

I guess it will be closed eventually after the usual HMRC malarky......

you just better hope they dont close it retrospectively. Seriously guys Im not entertaining any of these now what with the current shennanigans

[BrilloPad]

DR,

I just got a PM from someone asking what a CTD is. Please could you add your excellent post :-

http://forums.contractoruk.com/685539-post110.html

to the first post on this thread - maybe with "Certificate of Tax Deposit (CTD)" next to it.

If anyone else has any questions please don't be shy. There are no trolls round here and I can guarantee you will get help. So register now and ask away...........

[smalldog]

DR your avatar is legend!!!

[BrilloPad]

you just better hope they dont close it retrospectively. Seriously guys Im not entertaining any of these now what with the current shennanigans

Indeed - good point. I am now limited and so will probably do that for at least 2/3 years.

But once the montp case is settles and we win - who knows? I might have the appetite for risk again........

[smalldog]

I will be very nervous of any schemes until we see the result of this as a test case effectively

thought time for my avatar to be a bit more festive...