Have I been Conned?

[spud5706]

I give up.

You obviously know better.

He definitely lied to you. In which case this is a criminal matter as he has defrauded you.

You need to go to the police, not post here.

or here : Home | Action Fraud

Yeh thanks.

It's God punishing you for trying to rip-off HMRC - bad Karma comes around!

lol, what are you doing on a tax forum them? Learning how to pay more?

[Lewis]

Then why should I assume its 10% + 20%? He just flat out told me he would get my £100,000 out for £10,000 so that is a LIE.

So were you aware of corporation tax? Did you think his scheme avoided it or did you just have no idea it existed in the first place?

[Churchill]

Yeh thanks.

lol, what are you doing on a tax forum them? Learning how to pay more?

Don't you be worrying about my tax affairs, I've got mine sorted.

[prozak]

Yeh thanks.



lol, what are you doing on a tax forum them? Learning how to pay more?

Sheesh, No pleasing you is there?

I am serious. if you are that certain about him lying to you to obtain financial gain and using a position of trust to do so, then this is a criminal matter.

[Wodewick]

Rant Rant Waffle Rant

more Rant Rant Waffle Rant

even more Rant Rant Waffle Rant

incredibly even more Rant Rant Waffle Rant

FFS - He saw you coming, You acted like a numpty and he ripped the tulip out of you!

Unfortunately for you he probably didn't do anything illegal he just got you to pay him a huge amount of money for "practically nothing".

There is an old saying a fool and his money are easily parted. I wonder if that has any bearing on this situation.

You might be able to get something back by going through his professional body, you might be able to get something back by threatening to blacken his name all over the internet/local press etc etc.

What I predict is you will never convince many people on here that you are not a mug - I understand you feeling angry and cheated but I think your best bet is to learn from your mistakes and stop flogging the dead horse!

hth

[Fishface]

He also said that after closing the company I would have to trade under an LLP in the future with a ltd compnay as a partner and to set this up would be another £6000 so all in all I would have to pay £12,000 for this 'Tax Advice'.

do you have this bit in writing clearly stating what you describe? and did you pay for this to happen?

Ask your advisor to detail it all in an email to you so you can understand more clearly - no phone calls.

I would focus on this - this is very bad and could get you in worse trouble - and speak to HMRC about it - if it is possible? would it be breaking the law? I imagine they will give you a clear answer.



I would take the rest of it on the chin - he took advantage and you got stitched up - it won't happen again eh?

[spud5706]

@wodewick, lol quite funny lets see how you react when someone steals £6k off you I'm sure you will be quite happy, but on a serious note thx for the advice and yes unless he is not bothered about his business reputation I think I will get my money back.

@fishface, yes I have that all in writing including diagrams so thx for the advice, I'm not taking any loss on the chin though, not in my nature even if I have to spend more than I lost he won't get away with it.

For everyone that has not tried to help and posted 'You should have known better' replies I will find it funny when someone cons you because you are not immune, luckily it won't break my bank account.

I'm not going to reply any more other than to post the guys name and company if I don't get a full refund.

[Wanderer]

I now have no doubt that you refered to "your" money in the business account. Which straight away led the adviser to assume that it was profit after tax. In which case his advice was spot on. You can get "your" money out for 10%.

It's not very good advice if they didn't even look at the company books though, and it would have been plain to any accountant that there was CT (and perhaps VAT) owing. But to put it bluntly, the amount charged is a complete rip off. I suppose some people here would bend over and take this sort of thing but I wouldn't.

[Lewis]

@wodewick, lol quite funny lets see how you react when someone steals £6k off you I'm sure you will be quite happy, but on a serious note thx for the advice and yes unless he is not bothered about his business reputation I think I will get my money back.

Ok look, listen really hard. YOU have not lost £6000 for a start. You say your company was invoiced so this is a company expense. So your COMPANY has paid £6000. The cost to YOU is less. If you wanted to take out that £6000 not as an expense, then you would have to take it as salary, dividend or pension etc. and as you are now aware you would have to pay corporation tax on the amount as it is profit. So immediately the cost to you is £6000-20%. Lets assume you took the remaining £4800 as capital gains as the advisor advised then the cost to you is £4800-10%.

So I have just saved YOU £1680 by explaining the difference between your money and the company's ) So the advice cost you at most £4800 and probably less, e.g. if you were a higher rate tax payer taking that £6000 as dividends then you would only get around £3600, i.e. the cost to YOUR COMPANY for the advice is £6000 but the loss from YOUR POCKET is only £3600.

Btw If you're married and your wife doesn't work you could income split and get the £80k (£100-corp tax) out tax free. Read the contractor guides on the PCG site (www.pcg.org.uk) etc.. it's all in them.

[MarillionFan]

Ok look, listen really hard. YOU have not lost £6000 for a start. You say your company was invoiced so this is a company expense. So your COMPANY has paid £6000. The cost to YOU is less. If you wanted to take out that £6000 not as an expense, then you would have to take it as salary, dividend or pension etc. and as you are now aware you would have to pay corporation tax on the amount as it is profit. So immediately the cost to you is £6000-20%. Lets assume you took the remaining £4800 as capital gains as the advisor advised then the cost to you is £4800-10%.

So I have just saved YOU £1680 by explaining the difference between your money and the company's ) So the advice cost you at most £4800 and probably less, e.g. if you were a higher rate tax payer taking that £6000 as dividends then you would only get around £3600, i.e. the cost to YOUR COMPANY for the advice is £6000 but the loss from YOUR POCKET is only £3600.

Btw If you're married and your wife doesn't work you could income split and get the £80k (£100-corp tax) out tax free. Read the contraction guides on the PCG etc.. it's all in them.

He's right you know.

What you should have been told to do was to max out your expenses for the year(you never mentioned that). Travel, mileage, hotels, internet, food, computers. Then any home office rental, new suit, car, travel abroad for training etc. Then hired your spouse, 2xsalaries(she does your book-keeping see). Add her as a share holder as well. That would have reduced your overall corp tax liability. Then you could have taken the rest out as a divvies and loans. And for that I only charge £4k.