No To Retro Tax – Campaign Against Section 58 Finance Act 2008

[smalldog]

Hi Smalldog,

Thanks for the reply!!

I assumed SA302's would provide a rather negative view for any lender, is that not the case?? Haven't downloaded mine yet - am going to try and do that today!

Which lender did you use in the end if you dion't mind me asking?

Hey, well in fact SA302's shouldnt do you much harm. They list all your taxable personal income, so unless you are stashing huge sums away in your company they will reflect salary and divs. It didnt seem to do me any harm, they wanted bank statements too as the SA302's obviously only give a snapshot from last tax return which isnt upto date.

We used the woolwich as recommended by my broker, they were pretty efficient and speedy once all the info was passed to them!

[Fireship]

Hey, well in fact SA302's shouldnt do you much harm. They list all your taxable personal income, so unless you are stashing huge sums away in your company they will reflect salary and divs. It didnt seem to do me any harm, they wanted bank statements too as the SA302's obviously only give a snapshot from last tax return which isnt upto date.

We used the woolwich as recommended by my broker, they were pretty efficient and speedy once all the info was passed to them!

Sounds promising as I'm using the Woolwich also.... Only problem is I'm still using MontP, although I guess it'll still show my entire income as HMRC see it unless of course it only shows the PAYE element? Guess I'll find out soon enough!

[smalldog]

Sounds promising as I'm using the Woolwich also.... Only problem is I'm still using MontP, although I guess it'll still show my entire income as HMRC see it unless of course it only shows the PAYE element? Guess I'll find out soon enough!

You must have balls of steel to still be using MP! or a mental problem.....Obvious someone has it in for them and personally I am staying well clear. Any schemes MP come up with (IMHO) from now on will be tackled by HMRC somehow....of course I maybe wrong, but for me its too big a risk!

[Ninja]

IR35

You must have balls of steel to still be using MP! or a mental problem.....Obvious someone has it in for them and personally I am staying well clear. Any schemes MP come up with (IMHO) from now on will be tackled by HMRC somehow....of course I maybe wrong, but for me its too big a risk!

Not necessarily true.

Ask yourself why the majority of us joined MP in the first place. It was the devisive and ambiguous IR35, which is where I think the next big push against contractors will come from.

HMRC have already introduced the new points scheme. So, watch out. You heard it here first.

If you are now running a Ltd, then take every precaution you can.

So maybe our friend takes the view to be hung for a sheep....

[smalldog]

Not necessarily true.

Ask yourself why the majority of us joined MP in the first place. It was the devisive and ambiguous IR35, which is where I think the next big push against contractors will come from.

HMRC have already introduced the new points scheme. So, watch out. You heard it here first.

If you are now running a Ltd, then take every precaution you can.

So maybe our friend takes the view to be hung for a sheep....

IVe gone to the dark side and am permie now....method in my madness, needed to go perm for EMI shares so good reason. Good luck all those still going with MP, I hope it doesnt go T*Ts up!

[DonkeyRhubarb]

So maybe our friend takes the view to be hung for a sheep....

Quite a few people I talk to are using a new scheme to save that bit extra to try and cover the potential liabilities of BN66. It was either that or face the prospect of bankruptcy.

[Goinroamin]

New Scheme

Quite a few people I talk to are using a new scheme to save that bit extra to try and cover the potential liabilities of BN66. It was either that or face the prospect of bankruptcy.

Hi DR,

I have to say I have been contemplating the same thing, do you know what scheme they are using?

[Ninja]

Quite a few people I talk to are using a new scheme to save that bit extra to try and cover the potential liabilities of BN66. It was either that or face the prospect of bankruptcy.

A friend & I have teamed up using a Ltd, although if Hector starts to 'play hard-ball' with IR35, then I'll be right back with MP like a shot.

I can certainly empathise with those people you mention, and wish them all the best.

[BrilloPad]

Hi DR,

I have to say I have been contemplating the same thing, do you know what scheme they are using?

Contact NW or TQ - they will point you in the right direction.

Personally I am surprised anyone is going to MP - but I am pleased some are.

[travellingknob]

Quite a few people I talk to are using a new scheme to save that bit extra to try and cover the potential liabilities of BN66. It was either that or face the prospect of bankruptcy.

Yes I can understand that sentiment, people have to do whatever they can to find a way out of this mess. However, I'm agreed with smalldog, for whatever reason Monpellier do seem to be a specific target of HMRCs. That coupled with a clear warning from the treasury in this years budget that aggressive avoidance is unacceptable means anyone using the schemes available today must be at high risk in comparison to other options.
The climate today is very different than it was before Section58 2008 and while we have a genuine grievance to air, the same cannot be said if the same were to happen to scheme users of today.