BN66 - Time to fight back (Chapter 3)

[BrilloPad]

For those on any of the various loans schemes out there, this may be of interest from the budget:-

5.102 The Government can announce its intention to amend the Change of Accounting
Practice (COAP) Regulations dealing with the taxation of loans and derivatives. This will
prevent future double taxation or double relief under the COAP Regulations with regard to
foreign exchange gains or losses on certain foreign currency denominated financial
instruments. This measure will apply with effect from 1 January 2009. The Government will
publish draft legislation shortly.

No fair! Why don't they get retrospective changes!!

Odd that they mention other avoidance schemes they have closed down this year, but not the 'retrospective' one.

Interesting also that MTM have a very agressive Derivitate trading scheme getting loads of punters at the moment

[SantaClaus]

Interesting also that MTM have a very agressive Derivitate trading scheme getting loads of punters at the moment

Sounds interesting. What is that?

[Ratican]

Petition

petition anyone??

Didn't think of it before - but yes - a good idea. Anybody else?
Anybody got experience in this area?

[DonkeyRhubarb]

Government Gateway

If you haven't already done so, it is worth registering with the Government Gateway. Once you register it takes about a week to receive a PIN.

https://online.hmrc.gov.uk/registration?

You can view your Self Assessment account for each tax year, which shows

• Tax
• Interest
• Less payments for this year

At the moment my accounts are showing "nothing to pay", which explains why I've not received any CNs yet.

You can also check and change your address on-line. Despite the fact that I had informed "you know who" and my local tax office of a change of address, the system was still showing my old address!!!

[SantaClaus]

If you haven't already done so, it is worth registering with the Government Gateway. Once you register it takes about a week to receive a PIN.

https://online.hmrc.gov.uk/registration?

You can view your Self Assessment account for each tax year, which shows

• Tax
• Interest
• Less payments for this year

At the moment my accounts are showing "nothing to pay", which explains why I've not received any CNs yet.

You can also check and change your address on-line. Despite the fact that I had informed "you know who" and my local tax office of a change of address, the system was still showing my old address!!!

Do you get Clubcard points too?

Thanks for the info though DR.

[BrilloPad]

Sounds interesting. What is that?

I am not sure of the details - but interesting that whatever montp do seems to get targeted! Loan schemes will be soon......

[Friendly Accountant]

For those on any of the various loans schemes out there, this may be of interest from the budget:-

5.102 The Government can announce its intention to amend the Change of Accounting
Practice (COAP) Regulations dealing with the taxation of loans and derivatives. This will
prevent future double taxation or double relief under the COAP Regulations with regard to
foreign exchange gains or losses on certain foreign currency denominated financial
instruments. This measure will apply with effect from 1 January 2009. The Government will
publish draft legislation shortly.

No fair! Why don't they get retrospective changes!!

Odd that they mention other avoidance schemes they have closed down this year, but not the 'retrospective' one.

Just to be clear, this does not attack the EBT loan based schemes that are out there.

[SantaClaus]

I am not sure of the details - but interesting that whatever montp do seems to get targeted! Loan schemes will be soon......

As long as the govt. dont tax spreadbetting, I am happy

[CanPayButWouldRatherNot]

If you haven't already done so, it is worth registering with the Government Gateway. Once you register it takes about a week to receive a PIN.

https://online.hmrc.gov.uk/registration?

You can view your Self Assessment account for each tax year, which shows

• Tax
• Interest
• Less payments for this year

At the moment my accounts are showing "nothing to pay", which explains why I've not received any CNs yet.

You can also check and change your address on-line. Despite the fact that I had informed "you know who" and my local tax office of a change of address, the system was still showing my old address!!!

Thanks for this tip ......has all the historic returns.....also when I logged in I had a credit balance .....have asked to have it back ....they'd only spunk it on fruitless legal cases.

[dezze]

Just to be clear, this does not attack the EBT loan based schemes that are out there.

Sounds like a few of us are a bit confused then...can you tell us what this is about?