Dispatches: Taxing The Rich

[SueEllen]

The scheme advisers on dispatches were offering a LEGAL way to keep 10k of it - Are you doing that? If not, why not?

Too much hassle.

I pay something and have insurance for when HMRC want to come knocking. I don't want to end up like those posters on the HMRC Scheme Enquires board where I live in anxiety of HMRC stealing my house simply because the scheme I was in was uninsurable.

[d000hg]

^ This

Make the man in the street feel bad about organising their tax affairs to save a pittance

Are they? Seems like they're always promoting ISAs and in fact are widening the width of an ISA portfolio... firstly increasing it to £15k a year, secondly allowing a more diverse range of investments to be included.

Oh... when you say "man in the street" do you mean an average Joe with 'only' 2 BTL properties?

[mrdonuts]

how much do you need to earn before these schemes are worthwhile. one imagines they could be quite costly to setup and run, anyone have the figures?

[meridian]

how much do you need to earn before these schemes are worthwhile. one imagines they could be quite costly to setup and run, anyone have the figures?

Depends on the setup. General consensus is that around £80k pa gross starts to make it worthwhile. Basis cost to set up trusts and offshore companies is in the low thousands, the biggest cost for "schemes" (as opposed to individual tailored tax planning) is the scheme organiser's take...

IOM company with nominee directors and shareholders costs about £4K per year.

[AtW]

the biggest cost for "schemes" (as opposed to individual tailored tax planning) is the scheme organiser's take...

Wrong.

The biggest cost of those "schemes" are having to repay tax due with penalties and compound interest, plus priceless years of your life worrying about having to sell house or not - very likely divorce in the middle of all this.

Only those who have very high wealth and can afford to drop easily a few million quid on litigation plus repay any tax due from liquid assets without noticing a dip in life style can concern themselves with those "schemes".

HTH

[meridian]

Wrong.

The biggest cost of those "schemes" are having to repay tax due with penalties and compound interest, plus priceless years of your life worrying about having to sell house or not - very likely divorce in the middle of all this.

Only those who have very high wealth and can afford to drop easily a few million quid on litigation plus repay any tax due from liquid assets without noticing a dip in life style can concern themselves with those "schemes".

HTH

Touché, although there are ways around keeping assets, as anyone who was in Ireland during the banking crisis knows....

[SueEllen]

Touché, although there are ways around keeping assets, as anyone who was in Ireland during the banking crisis knows....

He's not being touche he's pointing out the contractors, footballers and others who have been caught out.

[meridian]

Dispatches: Taxing The Rich

He's not being touche he's pointing out the contractors, footballers and others who have been caught out.

Yes, I understand that.

Touché: (in fencing) used as an acknowledgement of a hit by one's opponent.

What did you think it meant?

[AtW]

Yes, I understand that.

Touché: (in fencing) used as an acknowledgement of a hit by one's opponent.

What did you think it meant?

She thought you called me a douche

[vetran]

She thought you called me a douche

not sure anyone would want you cleaning their feminine areas.