Talent Resource Management

[VJTheDJ]

Interestingly, under UK law, if any loan you get is not properly administered then, legally, you do not have to pay it back.
I saw this on a Panorama or some show like that where some people who had got into debt checked their loan agreement and found a mistake in the wording thus saving them from paying back £120,000.... although they spent £120,000 on lawyers to do this...

However, the reason I was drawn to this thread is that I am looking at an EBT scheme. It looks like it is legal avoidance with the offshore model. The only 2 risks I can see:
1. IF hmrc decide that they want to nail everyone in it and ask for backdated PAYE
2. IF the trustees decide to retire and move to the Caymen Islands whilst recalling all of the loans. OUCH!

[frank size]

I haven't read the thread in full but find the question "is 85% too good to be true" interesting. It's always asked and actually, 85% is not too good to be true but just really risk averse. Generally means that you are paying a high fee - so ask for 90%+! You are the one taking the risk!

[TykeMerc]

The only 2 risks I can see:

1. IF hmrc decide that they want to nail everyone in it and ask for backdated PAYE
2. IF the trustees decide to retire and move to the Caymen Islands whilst recalling all of the loans. OUCH!

I wouldn't use the word ONLY in relation to either of those risks, they're potentially hugely damaging to the point of bankruptcy and the "writing off" of the loans seems incredibly dangerous in the long term.

[parmar123]

1. Do we have any proof that TRM/Batchworth/PaySchemePus are under HMRC investigation? I'm guessing HMRC won't comment on ongoing investigations so the only ones telling would be TRM etc.

2. Do we know when the investigation started? I think a lot of people will be happier when it's over whichever way it goes.

3. Can we take out insurance against an HMRC investigation going against contractors?

4. How far has JonC got with dealing with the situation? I met a tax lawyer at the weekend who may be able to help us (not directly but through her firm).

Hi, I ve had a letter from HMRC recently, asking me to send in details of what payments I had recieved from TRM by 22nd march 2010. I m unsure about what I should disclose to HMRC. can you advise and also what did you find out from tax lawyer.

[pastalista]

Talent Vs HMRC

Folks

I have just come out from underneath a 3.5 year investigation by HMRC which was sparked by my involvement with Talent.

The upshot, after a lot of pain was a settlement with them. They are looking "very closely" at Talent and related operations and will inevitably come after everyone in the end.

My initial approach was to go with a "Big 5" accountancy firm which suceeded in a) costing me a fortune (6 figures) and b) getting me more into the mire with HMRC. After talking with a friend of mine I realised that this is much more about tax law rather than accountancy and went to a lawyer instead. This resulted in the case being wrapped up in around 4 months with the outcome that I wanted.

The fact is that although my lawyer could prove that what Talent does is within the law, the process is classified by HMRC as "aggressive avoidance" and that means that they have you.

I can only say what happened in my case but I would thoroughly recommend the lawyer who I used. I have been chatting to him about other people in the same predicament as me and he has offered to help. If you would like to speak with him, let me know and I will arrange it.

He is offering to do this on a "group" basis if there are enough people interested to cut costs to each individual.

There is nothing in this for me, other than hopefully helping some of you to sleep better!

Take care and good luck

Regards

Pastalista

[The Wikir Man]

My initial approach was to go with a "Big 5" accountancy firm which suceeded in a) costing me a fortune (6 figures)

F*** me - if you blew 100k+ on an accountant, how much were HMRC after?!?!?!

[prada]

hi pastalista,

I'm new to this forum and hence don't know how to send a private message. Who is your lawyer?

[pastalista]

My liability / lawyer

Folks

My investigation ended up being over 20 years. The accountancy bill was so very high because they were horrifying sharks and held me to ransom.

My lawyer however (went with him after finally sacking the above) is excellent. Send me you mobile number and email to [email protected] and I will pass it to him. He will contact you for an initial free chat and see if there is anything he can do for you.

There is nothing in this for me btw, it's just that he is excellent and wants to help.

Regards

Pastalista

[pastalista]

Different email address

Folks

Ignore the email address ([email protected]) and send instead to [email protected] - secure and private.

Ask any further questions that you may have to that email address as well

Regards

Pastalista

[ChimpMaster]

Folks

Ignore the email address ([email protected]) and send instead to [email protected] - secure and private.

Ask any further questions that you may have to that email address as well

Regards

Pastalista

Pasta - out of interest how much were HMRC looking for and how much did they agree to settle for? (you don't have to give exact numbers, even % would be a good indicator).