Asmg

[Jossers]

Asmg

Exactly Vectraman, you loan yourself the money with no timeframe on paying it back.

If the bank said to you, hey have this open ended loan and don't ever worry about paying it back I think you would agree to it? With this solution you are loaning yourself the money and unless you have a very warped split personality I can't ever see the position where you would ask yourself for the money back... But then again you do drive a vectra....

[Jossers]

Asmg

Tax Avoider, this scheme has been trawled through by a very senior barrister specialising in tax law. It has also been submitted and has been rubber stamped.

[IR35 Avoider]

Tax Avoider, this scheme has been trawled through by a very senior barrister specialising in tax law. It has also been submitted and has been rubber stamped.

All schemes make this claim. It's better than nothing, but unless you have paid the lawyer to give you advice it doesn't really offer you much protection.

One scheme had pages of legal opinion examining every way Hector could attack it, and concluding that it worked. Two years later, when the scheme organisers were looking to shut it down and needed to justify their actions, a different barrister in the same chambers supplied them with the opposite conclusion.

People running schemes can always find a lawyer to back them. I'm not saying the lawyers are insincere, just that the scheme would have to be very half-baked indeed for there not to be a single lawyer in the country who thinks it might work.

What has changed since I was interested in schemes (as has already been pointed out in this thread) is that in 2004 the government gave itself the right to back-date changes that invalidate schemes. So even if the scheme's lawyer is correctly analysing the law as it stands, it doesn't mean you will get away with it.

Let's suppose you joined the Amsg scheme on 1st of Jan 2005. Let's suppose you get £50,000 a year in loans. After three years you are investigated and with the help of Amgs lawyers you cause Hector to walk away defeated. After six years, in December 2010 the government could pass a law saying that any loans connected with employment must be taxed as salary, with "connected" and "employment" defined in such a way the Amsg scheme was caught. (They might generously offer to refund the tax when the "loan" is repaid.) The change is backdated to December 2004. In January 2011 you get a tax bill for maybe £120,000. (And the trust gets a bill of roughly £36,000 for the employers NI.)

[IR35 Avoider]

deleted

[Hiram King Of Tyre]

If you have the loan, then you pay tax on a nominal 5% rate right? Surely then though, you pay that every year, not just once (as you still have the loan). Doesn't that erode the benefit over a period of time?

[Skillz]

ASMG are well dodgy, trust me! They are part of the skills alliance group, who post bogus job ads to get potential leads for asmg.

[cojak]

That is what the regulars were saying, but all the newbies/employees were ignoring the irony.

It's always good to put it in black and white.

(you can rest now, Skillz - we've got the message )

[Skillz]

Thanks Cojak, just needed to get it off ma chest you know! If you get the chance though, send a cv to you will be quite amused with the disguised sales call you get next....

skillz: please stop posting potentially libellous material regarding this company. thanks.

[cojak]

Yep, that's enough now, Skillz.

We don't wan't you getting banned before you've settled in, no matter how much you feel justified. There are laws that we need to be mindful of, as Scotspine pointed out.

[Skillz]

Point taken... deep breaths, yep I'm calm now. Cheers guys