BN66 and Sanzar?

[AlanDavis]

I was thinking of joining Sanzar...should the outcome of the BN66 case have a bearing on how much risk there is with Sanzar?

[sal626]

As far as I am aware, Sanzar have changed thier offering. They are not operating the standard EBT loan scheme. Give them a call for more info...

[BrilloPad]

I was thinking of joining Sanzar...should the outcome of the BN66 case have a bearing on how much risk there is with Sanzar?

No. The Sanzar scheme has always been a loan scheme. BN66 is about double taxation.

Just remmber that one day HMRC will go for loan schemes. In a big way. Probably retrospectively. You wont do that much better than limited and you will have no worries.

If you must join Sanzar then get CTDs (see the bn66 thread post #1).

BP

[Emigre]

There's more to tax planning than taking either the first offer or the one that gives you the highest retention.

Look at BN66 as an example and see for yourself who is still around and prepared to defend their scheme in Court. At least part of your due diligence should look at who the promoter is and how they are likely to react when HMRC get their gonads in a vice-like grip.

Some of the offerings out there come from genuine tax consultancy businesses who offer a psread of products to people well beyond contractors. They have a reputation to defend. Others set themselves up to milk contractors and are less likely to be there when they are needed.

I don't know where Sanzar fall within the spectrum but you are well advised to do some real homework first.

Good luck.

[Earlyflash]

WHS!

Our loan scheme provided pretty much disappeared when the revenue started investigating them. We're not best pleased.

[PhilAtBFCA]

Offshore Schemes

AlanDavis

There are loads of comments about BN66 ( on which it looks as if the thread is going for a record number of entries) , EBT's, Offshore Schemes, Loans, and certain names that keep cropping up.

Do you ever think - is it worth it ?

That extra % for all those sleepless nights ? That always wondering if you made the right decision or not ? If that extra income you get now will have to be paid back to HMRC with extra interests and penalties, despite the fact that you relied on a QC's opinion ( provided by the company you chose to go with ).

And yes you may go to the High Court, and yes you may, 5 years down the line, win the case.

But was it worth it to you personally ? All that time wasted on defending your position ? All that worry ? All that thinking that the longer you are in the scheme the more risk you have ? Did the firm "selling" the scheme actually do very nicely from it anyway, and never had any sleepless nights as they knew what they were sellling ?

Yes Emigre

There's more to tax planning than taking either the first offer or the one that gives you the highest retention

I agree with you.

Think carefully perhaps.

Phil

[Cameron Wallace]

I've recently signed on with a company like Sanzar and they assured me that if there was an investigation that they would be responsible for any outstanding payments to HRMC if it comes to that. Not sure whether they are to be believed though? They do offer other structures to people outside contractors so I hope so

[helen7]

I've recently signed on with a company like Sanzar and they assured me that if there was an investigation that they would be responsible for any outstanding payments to HRMC if it comes to that.

Wow, that sounds too good to be true....

why not just run a LTD and get IR35 investigation insurance?

[BrilloPad]

Wow, that sounds too good to be true....

WSS

How big are they? Do they have insurance in place that will pay out?

[BlasterBates]

I've recently signed on with a company like Sanzar and they assured me that if there was an investigation that they would be responsible for any outstanding payments to HRMC if it comes to that. Not sure whether they are to be believed though? They do offer other structures to people outside contractors so I hope so

If the company declares bankruptcy HMRC will chase you.

Just think how you'll feel in 5 years facing a 200 grand tax bill and find the administrator on the other end of the line. Even worse you didn't read the small print.

Can you cope with that?

It would be sad to see you completely financially ruined to save a few bucks.

If you are going to take such a huge financial risk, why not punt on the stock market, buy and sell futures. At least that's fun and far less risky.