BN66 - Time to fight back (Chapter 3)

[BrilloPad]

Hello All

Thought about time I came out of the wood work

I have been in the scheme since 2001 my current laibility would be about £170k including interest, this is a calculation I have done myself based on Tax and Class 4 Nic's assuming that is how HMRC are calculating it i.e Total income on a self employed basis.

I can raise just over half of this (if they take a charge on the ex wifes house) other than that i am stuffed, not sure if they can/ would take your pension as an asset.

In terms of my confidence level I dont see how one can judge, you have one set of highly qualified lawyers saying we will and another set (the goverments) saying we wont.

So we have paid our money made our choice just got to stick with it let MP do what we have paid them for and hope they are correct.

Well done for the stalwarts of this thread for providing some useful info

thank you for de-lurking.

And a very nice summary too. AS you say - probably only 50 people in country qualified to judge.....

[BrilloPad]

Hi

I am curious, if THEY win is it possible to refile a return? I ask because under the MP scheme we had to put in ''reasonable'' expenses to be offset against the salary. If HMRC wins can we refile with every expense we had that year?

BTW my tax return two years ago was late from MP. Not by me, I got my details to them before the deadline and I had to pay the fine myself.

Good question - I will try to find out.

[BrilloPad]

BP,
No, I do not have a CTD nor have a mortgage (paid it off with the extra savings from the (original) benefits of being in the Scheme).
If it's a third of my income, then I will probably be scraping the 100K mark (7 years in the Scheme).
I could produce half the above sum if I ask nicely to my wife and parents, but nowhere near the 100K (is it still worth getting a CTD for that amount?).
As everyone else, I am counting (and praying) on winning the case.

If you have savings then worth getting a CTD in my opinion. If you have to borrow - its not worth it.

[smalldog]

Good question - I will try to find out.

there are loads of expenses I never bothered claiming as thought I was getting enough cash through the door so Im keen to know too...

[BrilloPad]

Hi

I am curious, if THEY win is it possible to refile a return? I ask because under the MP scheme we had to put in ''reasonable'' expenses to be offset against the salary. If HMRC wins can we refile with every expense we had that year?

BTW my tax return two years ago was late from MP. Not by me, I got my details to them before the deadline and I had to pay the fine myself.

montp say :-
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1st the consultancy fee from the partnership is NOT salary - they whole idea originally was to get away from IR35

2nd we have always said that IF we lose, no reason why we can't amend ITR's to include actual expenses as opposed to expenses which were capped to ensure a reasonable level of income was left taxable.

3rd - If it was our fault for the ITR being late we would have paid the fine.
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I will plead with admin to get you upgraded so I can PM you!

[BrilloPad]

Montpelier write to everyone in Arpril asking for ITR info. Reminder send last week in Aug/1st week in Sept. Need it by end of Sept. It gives people best part of 6 months to get info to them.

Astounding the number of people who send their stuff in last week in Sept and then bitch that they haven't had the Return by end of October! Or worse those who send it in with a covering letter dated mid sept but letter post-marked 1st October......

They've heard every excuse in the book - but their fave is someone who had flu and couldn't send his stuff in.... what flu from April to October, I don't think so!!!

[BrilloPad]

there are loads of expenses I never bothered claiming as thought I was getting enough cash through the door so Im keen to know too...

Yes we can re-submit. But it makes no odds if/when we win.......

[DonkeyRhubarb]

In terms of my confidence level I dont see how one can judge, you have one set of highly qualified lawyers saying we will and another set (the goverments) saying we wont.

We know MP have consulted top-notch Tax and HR barristors but I suspect HMRC may be basing their current assertions on in-house opinion. And if that is the case, these could be the same "experts" who maintained for 5 years that they could win through litigation.

Personally, I wouldn't give much credence to anything HMRC say between now and the court case.

[poppy01]

I'm on my way home oop north on the train. daily journey.
just had a whole bottle of wine to myself and have to say..
I love you guys

[TheGadgetMan]

Mrs BP would like me to spend all evening with slippers/hot chocolate/digestive(chocolate if my birthday).

BP - I see you are fast approaching 10,000 posts...at your current rate of posting I think you'll probably hit the mark sometime this Friday!

How do you intend celebrating? (Assuming 10,000 posts is something that one does actually want to celebrate! )

Perhaps we can ask Mrs BP to buy you a packet of chocolate digestives on our behalf!