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

[DonkeyRhubarb]

Hi DR,

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

Most are using loan based schemes.

To minimise the risk it's best to diversify eg. don't use any one scheme for more than a year or so. (Don't put all your eggs in one basket!)

By scheme I mean tax structure. It's no use just switching promoters if they are exploiting the same loophole in the law.

[BrilloPad]

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.

I my book avoidance is avoidance and evasion is evasion.

The big mistake HMRC made, IMO, was keeping the scheme open for 7/8 years after they became aware of it. And lying about the numbers involved. And no admitting they had allowed 1100 out of 3000 to use the scheme okay. And lying to parliament. What have I missed?

[Fireship]

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!

I’m afraid I’m one of those poor unfortunate souls who can’t afford not too!!!

I am establishing a more mainstream business on the side but my main income is still going through MontP and I need to extract equity from my house to pump into my new venture – something that’s currently proving very difficult 

[DonkeyRhubarb]

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.

WHS

That's why I advise anyone going down this route to seriously think about diversifying.

[travellingknob]

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.

Think about setting up a partnership (LLP) instead. Less onerous annual returns, less overheads, no employers NI & so far as i'm aware IR35 cant apply because your each individually taxed as self employed.

[CanPayButWouldRatherNot]

Think about setting up a partnership (LLP) instead. Less onerous annual returns, less overheads, no employers NI & so far as i'm aware IR35 cant apply because your each individually taxed as self employed.

sounds like LLP isnt suitable for most agencies that are the banks front door ...(according to this thread)

http://forums.contractoruk.com/busin...nership-2.html

or do I have this wrong ...

[Buzby]

latest news letter

thanks again to all those at NTRT, i have just made another contribution.

[smalldog]

Fantastic newsletter NTRT!!! nice end to the week

another contribution winging its way to you with pleasure...

[Goinroamin]

NTRT Newsletter

Yes excellent update, another donation on it's way, worth every penny even if we don't win just making them squirm a little makes me feel better

[WelshRarebit]

What a great end to the week and it's fantastic to see that progress is being made.

A well deserved additional contribution will be on it's way later today.

A huge thankyou to NTRT and all those working behind the scenes on our behalf.