“ I owe £180,000 in tax and I haven’t told my wife”

[Lance]

Making it a criminal offence to run schemes would be a better deterrent. The risk of jail time would soon put a stop to the scheme pedlers.

But seeing as the scheme is in effect a loan, how do you criminalise it?
Most of the nudge, wink sales patter is verbal.

[GhostofTarbera]

Assuming 40% tax, then he'd have received £450k in loans. The scheme provider probably took about a 10% fee, and there would have been a small salary as well as the loans. So, all in all, north of £500k.

Then it depends how long he was in the scheme. Could have been 10 years at £50k p.a., or 5 years at £100k p.a. etc.

More like 2.5 years for most of us on here


Sent from my iPhone using Contractor UK Forum

[DealorNoDeal]

But seeing as the scheme is in effect a loan, how do you criminalise it?
Most of the nudge, wink sales patter is verbal.

Well, they managed to come up with loan charge legislation to specifically target these DR loans without affecting any other lending.

Therefore, they could have made it a criminal offence 10 years ago to supply DR loans.

[AtW]

But seeing as the scheme is in effect a loan, how do you criminalise it?
Most of the nudge, wink sales patter is verbal.

Scheme involves steps that take normally work related taxable income and turn it into loans - it’s those coordinated steps that should make it an illegal tax evasion conspiracy - crime against the People!

[Paralytic]

Deleted

[DoctorStrangelove]

"John" was on this prog yesterday:

BBC Radio 4 - File on 4, Taxing Situations

Transcript:

http://downloads.bbc.co.uk/rmhttp/fi...situations.pdf

[cojak]

If you want a satisfying takedown of one of these schemes, have a read of this...

Revenue & Customs v Opus Bestpay Ltd (DOTAS - Application for order that certain arrangements are notifiable) [2020] UKFTT 408 (TC) (18 August 2020)

Revenue & Customs v Opus Bestpay Ltd (DOTAS - Application for order that certain arrangements are notifiable) [2020] UKFTT 408 (TC) (18 August 2020)

[AtW]

Filed in 2017

“ Sitting in public at Taylor House, 88 Rosebery Avenue, London on 15 and 16 November 2018”

“ RELEASE DATE: 18 AUGUST 2020”

3 years ffs, from filing!

[eek]

But seeing as the scheme is in effect a loan, how do you criminalise it?
Most of the nudge, wink sales patter is verbal.

You don't - what you do is work out a variation of section 61O of the 2020 Finance Act in such a way that unless the money is paid to a compliant umbrella the responsibility for payment of the tax due is passed back to the agency.

As an agency has the responsibilty of checking umbrellas are really compliant you try and find a 3rd party who is continually testing and checking compliance rather than hope that passing a rather dodgy annual test ran by the accountancy firm who didn't notice €8bn didn't actually exist is good enough.

[NowPermOutsideUK]

I know this is general so forgive me for asking but having read the hmrc forums can I just make sure I understand in a nutshell what happened to people who took out loans as disguised renumeration

1) hmrc are rolling up all the loans and taxing them in one year - ok that I understand and expected from the loan scheme

2) more worryingly liquidators are now chasing the contractors and asking for the loans to be repaid

Is this the way the cookie crumbles with the contractor get shafted by both hmrc and liquidator or a bogus loan?

Like I said I did not do this loan scheme but if (2) is true then this is really nuts