Originally posted by dezze
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breeze
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The material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_Park -
Sorry for the delay everyone, it's been a busy day..
Originally posted by LisaContractorUmbrella View PostPlease explain how you can promise a 'minimum of 84.5% take home pay for contractors earning over £50k per annum and what evidence can you provide that HMR&C have confirmed that your product is not a tax avoidance scheme. You have stated in several places on your website that this scheme is 'zero risk' as it is indemnified so can you confirm that Lloyds will reimburse any contractors using the scheme for any underpaid tax, penalties, interest and legal costs?Comment
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Hi Phil,
I have another question (hopefully it will be answered on here this time, not messaged telling me to remove it).
Why does a certain director of Breeze, Mark Willis, not mention his time at Sunday Solutions on his profile on Linked In?
http://forums.contractoruk.com/accou...roblem-25.html
I look forward to your response.Comment
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Originally posted by PhilBreeze View Postand in light of the Dextra & Sempra litigation amongst other factors, it follows that our product is not a tax avoidance scheme.
It seems therefore that this can only be effective if the payments into the trust can be got in a tax free way into a jurisdiction with no CT (e.g. IOM, CI etc) and that transfer also be a qualifying expense in the first place.
I not your insurance (which does imply some confidence) only covers your fees not the whole gamut of taxes, penalties etc that could be liable in the event of failure.
I do accept there are products which work, the rely on things I am unsure about and I am naturally cautious in this area.Comment
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Phil, what happens if there is retrospective legislation?The material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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Originally posted by Waldorf View PostThese schemes rely on the fact that there are a lot of lazy people who do not look into what they get involved with and sign up when they see the £ signs flashing.
Originally posted by Waldorf View PostThis seems to be another clever scheme, probably with some offshore connection that will probably result in the users getting into problems later on.
http://www.hmrc.gov.uk/freedom/mapeley-steps.pdf
Legally, bidders can only be excluded if they have not paid tax they owe, or if they have been involved in illegal tax evasion. Therefore purchasers are prevented from excluding bidders using an offshore tax structure in any shape or form.
http://forums.contractoruk.com/accou...ct-2008-a.html
Regardless the BN66 schemes had not been previously tested in court (somewhat cynically some would argue) and this allowed HMRC to backdate the legislation without contradicting any existing judgements. In our case we have existing judgments giving a clear interpretation of the legal status of our strategy. Don't forget the insurances and inclusive legal support
Originally posted by Waldorf View PostThey quote an 85% return based on £300/day and 10% expenses, I just put this in my accountants calculator and I got to 81%, so is the extra 4% worth the hassle and sleepless nights?
https://www.nixonwilliams.com/net_pay_calculator.asp
1. It's based on 46 weeks, if you set the number of weeks to 48 you lose 1%.
2. It assumes your contract is IR35 compliant, in my experience most contractors are in the "grey area" in respect of IR35 and will always assume some risk if they don't operate deemed payment. Our strategy complies with IR35.
3. If you have other sources of income you will pay more dividend tax and receive less than 80%. With Breeze's strategy the % is not affected by your overall income level.
4. It doesn't seem to take into account other costs such as PI insurances, Companies House fees and other associated costs with running a Ltd co.
Regardless, 4% difference on £300/day x 46 weeks is still £2,760 per annum. Of course someone on a higher rate will benefit even more.Comment
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Originally posted by speling bee View PostPhil, what happens if there is retrospective legislation?
When elected, the Coalition Government committed to restore the UK tax system’s reputation for predictability through the new Tax Consultation Framework. The Protocol on Unscheduled Announcements of Changes in Tax Law has also been amended so that retrospective measures will be “wholly exceptional”, and the Chartered Institute of Taxation have called retrospective taxation "inherently unfair".
That said the Government do like to try it on, however in our case they would find it difficult to retrospectively legislate as there are existing court cases which have looked at the arrangements and confirmed the interpretation of the law so any retrospection would be contrary to the already established case law. There is also a provision in the trust deed we use which allows for the terms of the trust to be retrospectively amended.Comment
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Originally posted by ASB View PostBut, how do you get the payments into the trust in the first place in an efficient way since I believe (please correct me if I am wrong) that the current state of play with Sempra is that the payments into the relevant trusts were disallowed as an expense for CT purposes.
It seems therefore that this can only be effective if the payments into the trust can be got in a tax free way into a jurisdiction with no CT (e.g. IOM, CI etc) and that transfer also be a qualifying expense in the first place.
I not your insurance (which does imply some confidence) only covers your fees not the whole gamut of taxes, penalties etc that could be liable in the event of failure.
I do accept there are products which work, the rely on things I am unsure about and I am naturally cautious in this area.
Our insurance cannot cover tax liabilities, this would be non-compliant with MSC legislation, however as stated previously the fee reimursement leaves our clients with 100% of their money and the tax bill they would have had anyway, so the "risk free" claim is justified IMO?Comment
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Originally posted by eek View PostAnd can you confirm which syndicate is the providing that insurance? So that I can perform due diligence before deciding how to proceed.Comment
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Originally posted by MrJGrinder View PostHi Phil,
I have another question (hopefully it will be answered on here this time, not messaged telling me to remove it).
Why does a certain director of Breeze, Mark Willis, not mention his time at Sunday Solutions on his profile on Linked In?
http://forums.contractoruk.com/accou...roblem-25.html
I look forward to your response.Comment
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