Ethos consulting/ICL consulting/jubilee trust - any reviews

[zingdoozer]

Was doing some research and came across ICL consulting which is an intermediary for ethos consulting and the jubilee trust who run a 'Benefits bonus trust', something like a employee benefits trust, but subtly different (will discuss with their specialist accountants tomorrow and find out exactly how).
it runs along similar principles i.e. minimum wages PAYE and 85% returns through PAYE and loans..

its in jersey which i understand has more stringent regulations than the isle of man, and they say they have had communication with HMRC that says that their system seems above board.

i was wondering if anybody had any experience of dealing with them or heard of any reviews.

[DaveB]

Was doing some research and came across ICL consulting which is an intermediary for ethos consulting and the jubilee trust who run a 'Benefits bonus trust', something like a employee benefits trust, but subtly different (will discuss with their specialist accountants tomorrow and find out exactly how).
it runs along similar principles i.e. minimum wages PAYE and 85% returns through PAYE and loans..

its in jersey which i understand has more stringent regulations than the isle of man, and they say they have had communication with HMRC that says that their system seems above board.

i was wondering if anybody had any experience of dealing with them or heard of any reviews.

Don't.

Even if it *is* legit now, chances are it won't be in future. Go read the BN66 thread to see what sort of nightmare you could be letting yourself in for.

Remember, if it's as safe and legitimate as they claim, why doesnt everyone do it. And if it seem too good to be true, it probably is.

[TykeMerc]

Don't.

Even if it *is* legit now, chances are it won't be in future. Go read the BN66 thread to see what sort of nightmare you could be letting yourself in for.

Remember, if it's as safe and legitimate as they claim, why doesnt everyone do it. And if it seem too good to be true, it probably is.

What DaveB said.

Innovative tax schemes tend to get stomped on by HMRC who aren't reluctant to use a time machine. As he said if it was legit and allowable then most accountants would already be using/recommending the approach.

[zingdoozer]

I have read the BN66 thread.. and following the montpelier case with some interest..

HMRC is going to lose the JR.. but really thats my opinion..

i havent asked for advice on whether i should do it or not.. i asked for reviews of these companies if anybody has used them..

we have our middle class mentalities that discourage us from finding the best deal for ourselves.. footballers.. politicians.. pretty much everybody with a much much higher income does this sort of thing.. HMRC wins very few cases it takes to court.. case in point the professional contractors group has only lost 6 of the 1469 cases it has fought against the HMRC..

again.. would be really grateful for reviews of these companies.. (advice - if you'll excuse me - not so much )

[RichardCranium]

An alternative is Bedouin.

Or there's denovo-solar.

Or an umbrella.

It's a shame the recommendations / 'queries' always seem to come from someone with a post count of '1' and they never log in again.

[Jet Setter]

If they say they have had communications with HMRC they are telling fibs. Revenue never gives any sort of 'approval' to anything that is going to lessen their collection of tax. They may have counsel opinion but it doesn't mean that Revenue have given it their seal of approval.

[Hex]

If they say they have had communications with HMRC they are telling fibs. Revenue never gives any sort of 'approval' to anything that is going to lessen their collection of tax. They may have counsel opinion but it doesn't mean that Revenue have given it their seal of approval.

They probably mean they've registered with HMRC as a Tax Avoidance Scheme. They have to do this. It doesn't mean the scheme is "approved".

[DonkeyRhubarb]

again.. would be really grateful for reviews of these companies.. (advice - if you'll excuse me - not so much )

If you are determined to go down this route, then I can recommend Montpelier. They replaced the double-tax scheme with a loan scheme.

They are a reasonably big company, with interests in lots of other pies besides tax planning. In fact, I think most of their business now is in financial services. The contractor scheme is only one of several schemes they operate, and they have a proven track record of fighting HMRC.

I would beware of any outfit that was set up just to run a contractor scheme, and that has no other business interests. It is all too easy for the company to shut up shop when HMRC comes knocking and leave you in the lurch.

Don't take too much notice of QC opinion either. An opinion is just that, and it could just be what the promoter wants to hear. Also, it ain't worth the paper it's written on unless the company is still going to be around in X years time to defend the scheme through the Courts.

EDIT

If you want to find out what a promoter is really made of, find out if they have ever successfully defended a tax planning arrangement at the Special Commissioners or the High Court, and ask to see details of the court case.