Originally posted by Maslins
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(drink speaking...excuse me)
Don't think that really proves anything. It's such a tempting market to go into.
Setup a website telling everyone they can keep 95% of their income, the other 5% being your fee.
Doesn't matter whether you've got any decent legal standing for what you're doing or not, you tell the individual to not disclose any income, you'll get a few naive people to sign up.
They don't file a return for 18 months or so, and HMRC won't raise an enquiry straight away.
During this time, the individual thinks the scheme is great, they get a few of their mates to sign up (especially as you give them £100-500 for each mate they sign up), and the scheme provider gets a nice big fee for doing nothing.
Enquiry only gets raised 3 years in, at which point you tell the individual it'll all be fine, they're confident, they've taken cash out for last 3 years with no issues.
After about 5 years it goes to court...or whatever, and scheme provider does a runner, having taken 4-5 years worth of fees from lots of people based on a scheme that had no substance to begin with.
Like I say, good market to be in...think I might go for it myself!n
Don't think that really proves anything. It's such a tempting market to go into.
Setup a website telling everyone they can keep 95% of their income, the other 5% being your fee.
Doesn't matter whether you've got any decent legal standing for what you're doing or not, you tell the individual to not disclose any income, you'll get a few naive people to sign up.
They don't file a return for 18 months or so, and HMRC won't raise an enquiry straight away.
During this time, the individual thinks the scheme is great, they get a few of their mates to sign up (especially as you give them £100-500 for each mate they sign up), and the scheme provider gets a nice big fee for doing nothing.
Enquiry only gets raised 3 years in, at which point you tell the individual it'll all be fine, they're confident, they've taken cash out for last 3 years with no issues.
After about 5 years it goes to court...or whatever, and scheme provider does a runner, having taken 4-5 years worth of fees from lots of people based on a scheme that had no substance to begin with.
Like I say, good market to be in...think I might go for it myself!n
Within the bottle here is a strong message. I think that there is an appearance of more scheme providers but that is all it is. The reality is that if you want to enter into scheme then you need to look at who is providing it, what else are they doing, how long have they been operating, how many countries, how dependent are they on income from the scheme you are looking at for their long term survival?
When you have done that realtively simple piece of homework you will discover that there are the same number of scheme providers (tax planners) as there ever were and the rest are doing little more than ripping off someone elses IP for their own benefit. There is no guarantee that these charlatans operate the scheme as it should be run with all the documents being executed in the right way in the right jurisdictions. Thus there is no guarantee that you are even getting what you thought you were.
The opening post on this thread was probably spam for someone else setting up a loan scheme. They won't be there to defend it in 5 years time, they'll be on the proverbial beach with a number of elevated fingers pointed in your direction.
I've made this point about quality of provider so many times but we still get the questions. You wouldn't take a contract with Charlatan Limited without finding out who they are so why just give them all your income??? Where's that bottle?
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