Talent Resource Management

[prada]

I contacted TRM when I received the letter and they helped me formulate a reply. Their financial director called me back within 10 minutes and helped me out.
Try calling them, if you don't get far, contact me with the questions. I am pretty sure that we have all received the same letter.

But having now spoken to tax advisers, I have been given conflicting advice as to what the response to HMRC should be. I am employing the services of a tax adviser to formulate a response.

Also from reading the posts, there are people who were investigated early 2009, it would be interesting to find out where they're at at the moment. I have contacted a few but have not heard back.

[TD88]

Ongoing TRM concerns

Hi Adi/Prada/Spot

I have sought some advice from a couple of tax advisers, (both ex HMRC senior inspectors), on where I stand with regards to potential liability incurred working through TRM. I am in the midst of collating every single invoice and communication from HMRC since 2005 . . . an exciting weekend ahead!
One thing that was brought to my attention through the course of these discussions was TRMs statement specifically referring to the legality of the scheme and that tax experts at the highest level had been involved in ensuring the compliance of the scheme. Documentation from TRM to this effect, if it were available, would go some some way to create the basis of a defence / liability limitation. Do any posters possess such information?
My advisors have intimated that it is likely that this investigation is wide ranging and that HMRC will take it as far as possible including the High Court and judicial review. Individual cases will be used to set precedent. Unfortunately they, (HMRC), have an enviable track record of success in such cases.
Unless it can be proven that TRMs EBT scheme is legitimate and watertight then everyone who has used their services will have liability to some extent.
I can see only three courses of action from the information that I have received thus far.
1. Every man for himself . . . .do your own thing.
2. Collectively seek tax advice with a view to fighting HMRC. . . . cost of representation . . no guarantee of success.
3. Collectively enter into formal represented discussions with HMRC with a view to full disclosure and agreement to minimise liability / penalty / repayment for full cooperation.
I hope these thoughts don't spoil your weekend, but then it's a matter of degree. I don't imagine anyone who is currently reading about or posting on this topic is enjoying particularly restful nights anyway.

Any comments or feedback welcome.

Regards,

TD88

[ChimpMaster]

.......
3. Collectively enter into formal represented discussions with HMRC with a view to full disclosure and agreement to minimise liability / penalty / repayment for full cooperation.
.......
Regards,

TD88

TD, the problem with this is that HMRC have very little interest in cooperation, unless of course they know they have little chance of success anyway. If HMRC say you owe them £150k, they will stick to this figure and no amount of "cooperation" will achieve leniency. This will be reinforced if they win any relevant cases in court.

The apportioned cost an experienced tax lawyer will most likely bring better results, especially as they know how to deal with the bully boys.

[Green]

Three points:

- if this was a legit loophole, then how come reputable firms like PwC, KPMG, well-known law firms, banks are not offering it?
- one can also set up his own IoM offshore co. and setup the loan for himself.
- I doubt people would have much defence; tax has to be paid. More worrying would be if the loan has to be repaid.

[TD88]

More TRM worries

- I doubt people would have much defence; tax has to be paid. More worrying would be if the loan has to be repaid.

Yes, tax does have to be paid. However after seeking the advice of tax specialists under the auspices of TRM, I HAVE PAID MY TAX. I do not wish to pay any more. According to TRM and their own written documentation I have repayed a large portion of the loan.
My position is hardening. I believe that HMRC needs to prove their case. HMRC will find this increasingly hard to do when faced with a cohesive group who are prepared to take them on and in so doing lead to a protracted affair, increased costs and subsequently diminished returns for HMRC. Remember that the curent government are on record in their desire to reduce the remit and scope of IR35 and thus stimulate the revenue generated by entrepreneurs.

On a slightly different theme. In the letter that I am sure a lot of fellow TRM sufferers have received, HMRC state that irrespective they will gain access to our bank statements. Is this allowed under European civil rights, privacy / disclosure etc? It might be something that is worth investigating?

As always, informed opinion and comment welcome.

Best regards TD88

[Earlyflash1]

Just a reminder to everyone, that the HMRC are well known to trawl these boards, as seen in the Monpellier case, so remember:

"Loose Lips sink Ships"

[Samatra]

HMRC TRM investigation

Hi All

I am very glad I found this thread . I to have recived letter from HMRC asking for detials regarding loan received from TRM. I am not sure how to respond. Is there going to be any colective response from other people in the same boat as me. I will be happy to share costs of a good lawyer. From my chat with TRM I think we are on our own. I don't think TRM will defend us

SAM

[HMRC Victim]

I to have received the letter from HMRC requesting bank statement etc. I have tried to contact TRM but with little success. Can anyone provide contact details of who they spoke to etc as I am very keen to find out what my next steps should be!

[HMRC Victim]

Reding Capital Finance

Does anyone have a contact number for Redding Capital Finance? If so please PM me.

<admin note>PM enabled on your account...</admin note>

[Samatra]

Does anyone have a contact number for Redding Capital Finance? If so please PM me.

<admin note>PM enabled on your account...</admin note>

Hi I have contact both TRM amd Redding. I don't know how to PM but if you PM me i'll reply