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

[smalldog]

APNs could impact our members so we will be campaigning against them, although it's not our primary focus and we are hoping that other affected parties will take the lead on this.

I struggle to believe some people with extremely deep pockets wont be looking to take this legislation through the courts. Apparently Philip Green the retail billionaire to name but one (allegedly) has an avoidance scheme so there are some mighty wealthy people with a substantial amount to lose who wont be too pleased.

[swede]

I struggle to believe some people with extremely deep pockets wont be looking to take this legislation through the courts. Apparently Philip Green the retail billionaire to name but one (allegedly) has an avoidance scheme so there are some mighty wealthy people with a substantial amount to lose who wont be too pleased.

Yes and its chaps with the means such as his (not saying him specifically) which will have skewed HMRC's mean calculation of what everyone affected is earning!

He also probably has the means to pay it off too...

[BeenGauked]

Yes and its chaps with the means such as his (not saying him specifically) which will have skewed HMRC's mean calculation of what everyone affected is earning!

He also probably has the means to pay it off too...

Yep, but unlike us, he won't take any tulip from HMRC.

[lucozade]

Mark Menzies - oh dear

So this is what my MP has been allegedly upto:

BBC News - Mark Menzies MP quits as aide over newspaper allegations

I wonder what his state of mind was when he was on the Finance Bill committee last year and whether his constituents got fair representation?

[National]

Newsletter

Bit confused, as I did receive a newsletter from NTRT, is this to be ignored until such times as the new one is issued?

The NTRT chairman send his apologies that the latest newsletter, that was to have been sent out today, will be delayed a few days whilst we assess the implications of the Accelerated Payment Notice (APN) clauses in the 2014 Finance Bill published yesterday.

[deckster]

Tax & interest calculations

For anybody who hasn't worked out their potential liability, or doesn't trust the HMRC figures, I've put together a spreadsheet which works out exactly what you might owe including interest. You just need to plug in the figures from your tax returns onto the Calculations tab - self-employment & trust income, amounts paid each year and pension contributions - and it works out all the rest for you. I've got it set up for 2002-09 as that's what I'm in for but if you need any extra years it should be simple enough to add in more. It's pretty basic and assumes that this is your only income source but it works for me (and actually agrees pretty much exactly with the HMRC figures on my closure notices, which slightly surprised me).

It won't make terribly nice reading for most of us but forewarned is forearmed and all that...

https://www.dropbox.com/sh/90h87uijlpex05l/c_QNtifGEZ

[SantaClaus]

Bit confused, as I did receive a newsletter from NTRT, is this to be ignored until such times as the new one is issued?

Hi National,

My fault for calling it a newsletter. It was more an update and toolkit for those who needed to respond to their MPs.

There should be a newsletter forthcoming.

Regards

Santa

[SantaClaus]

For anybody who hasn't worked out their potential liability, or doesn't trust the HMRC figures, I've put together a spreadsheet which works out exactly what you might owe including interest. You just need to plug in the figures from your tax returns onto the Calculations tab - self-employment & trust income, amounts paid each year and pension contributions - and it works out all the rest for you. I've got it set up for 2002-09 as that's what I'm in for but if you need any extra years it should be simple enough to add in more. It's pretty basic and assumes that this is your only income source but it works for me (and actually agrees pretty much exactly with the HMRC figures on my closure notices, which slightly surprised me).

It won't make terribly nice reading for most of us but forewarned is forearmed and all that...

https://www.dropbox.com/sh/90h87uijlpex05l/c_QNtifGEZ

Thanks Deckster. That's really helpful

[helen7]

For anybody who hasn't worked out their potential liability, or doesn't trust the HMRC figures, I've put together a spreadsheet which works out exactly what you might owe including interest. You just need to plug in the figures from your tax returns onto the Calculations tab - self-employment & trust income, amounts paid each year and pension contributions - and it works out all the rest for you. I've got it set up for 2002-09 as that's what I'm in for but if you need any extra years it should be simple enough to add in more. It's pretty basic and assumes that this is your only income source but it works for me (and actually agrees pretty much exactly with the HMRC figures on my closure notices, which slightly surprised me).

It won't make terribly nice reading for most of us but forewarned is forearmed and all that...

https://www.dropbox.com/sh/90h87uijlpex05l/c_QNtifGEZ

Good work.

Would be useful to include NI too. Also; a field to specify when/if a CTD was purchased to offset against the interest payments.

[deckster]

Good work.

Would be useful to include NI too. Also; a field to specify when/if a CTD was purchased to offset against the interest payments.

Class 4 NI is included. I haven't put in Class 2 as that should have been paid already (and it's only a hundred quid a year so not really significant when compared to everything else).

Good point on the CTDs - I don't have any so haven't put them in there. Shouldn't be hard to do, off the top of my head you could just record a negative liability for the date you took out the CTD and it will adjust the interest automatically from that point.