Originally posted by Zarkana
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He has no fear of IR35 - he has a very impressive pension plan."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank... -
And also we run businesses on our own account. We are not frightened of IR35 - we've lived with it for years.Originally posted by Zarkana View Post
However this has nothing to do with Edge and so I'm moving these posts to the generic EBT thread."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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Zarkana whether you run a limited company or used an EBT until Dec 2010 both were legal and both give the same percentage returns. Somehow many see one group as avoiders and should be hanged because they used EBT. Also at the same time it is felt that with SAME % return, HMRC will only trouble EBT users today and never Ltd companies. All should stand together and help but does'nt seem to happen to often here.Originally posted by Zarkana View PostComment
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Lets break this down sentence by sentence.Originally posted by varunksingh View Post
Limited Company - simple legitimate business structure as used by most contractors since 1977 or so... Required to provide the separation both agencies and well paid contractors need and clearly reflected in the way those companies work together..
Now there is incredibly little HMRC can do about the use of limited companies as Personal service companies (and I will point out that technically mine isn't as large parts of its money comes from online services to multiple customers). That is why IR35 came in because a limited company is a legitimate business structure and not by itself attack-able.
EBT tax scheme dreamed up by Tax experts wanting to earn money... The problem is that in many cases these are artificial constructs and reflect neither the purpose of a trust or the way the trust employees actually do business. This is even more explicit when they are marketed as solving a particular problem (say IR35) separate to the purpose of a trust.
The real annoying thing here is that I don't (and I continually have to repeat this) think the people who used EBTs deserve to be hung. They were sold unsuitable products by marketing people because they wanted an easy solution to a problem being hyped by the same marketing people. Now of course as problems occur those same marketeers have moved on to a new scam.....
As for helping. What exactly can we do? We advise those who ask on this site why its a stupid idea but beyond that we can't protect people from the consequences of their decisions.....
Finally can you stop going on about limited companies it merely shows how little you know....merely at clientco for the entertainmentComment
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I think he's suggesting that other contractors, not just scheme users, should oppose the proposals in the consultation document.Originally posted by eek View Post
Whether these proposals go ahead or not, I believe the days of the schemes are numbered. Of course, one consequence of that will probably be...
...a rise in the use of PSCs. Which HMRC won't like either.Comment
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Template letter for responding to HMRC consultation
NTRT have prepared a template letter for people to respond to the consultation. Please alter it in your own words.
Latest News | No To Retrospective Taxation
Some people will say it won't count if everyone sends similar letters but HMRC will have to report to the Minister how many responses they got. So every letter does count.Comment
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It's form/templated letters on campaigns addressed to MPs that get ignored, not to Departments...Originally posted by DonkeyRhubarb View Post
Blog? What blog...?
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Help Needed
It's hard to know if the majority of people who are reading this thread are affected or not, regardless of if you are or are not affected your support in this matter is urgently needed.
What is being proposed in the consultancy document gives HMRC powers that allow them to judge people "guilty until proven innocent" and force money to be paid without any court hearing. Could you imagine if you suddenly got a bill for more money than you could possibly afford, that you would be forced to sell your family home or go bankrupt? If you have children can you imagine how this will affect them, when they have done nothing wrong?
If you can empathise, please please take just 5 mins to help us, we need as many people to object to what is being proposed as possible - the last document only 31 people responded (most of those professional bodies), we need many many more.
The letter NTRT guys have put together can be used a template (or even just sign it and send it in)
Latest News | No To Retrospective Taxation
If you were in the situation some of us were in, would you not want to ask everyone possible to help?Comment
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Any replies to this post please remember that we are in a Professional forum, not General."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
Nick Pickles, director of Big Brother Watch.Comment
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