Originally posted by Kess
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Lambard Wealth (and other new schemes) - Any opinions?
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"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank... -
Originally posted by fullyautomatix View PostCant you just pay the tax that you owe on your income just like how everybody else ? What is so special about your circumstance that you feel you need an 'innovative' scheme to pay no tax ?Comment
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Originally posted by StrengthInNumbers View PostFor the same reason many put money in pension and ISA. It's is everyone's right to do what they want as long as it legal although I would not touch a scheme with a barge pole based on all the regulation which have come in last 2 years.
Use the schemes for the purpose they were intended for and nobody complains. Use one for the wrong reason and you deserve what you get.Blog? What blog...?Comment
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Originally posted by StrengthInNumbers View PostFor the same reason many put money in pension and ISA. It's is everyone's right to do what they want as long as it legal although I would not touch a scheme with a barge pole based on all the regulation which have come in last 2 years.
Anyone thinking of joining a scheme should run a mile now as you can not trust any government that moves the goalposts and acts with such abusive authority against natural justice.Comment
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Originally posted by malvolio View PostBut that's the whole point, and is what is clearly behind HMT's on-going challenges to what they call aggressive avoidance. ISAs exchange tax free gains for capital accessible to HMG. Pension funds are intended for use by anyone. EBTs and similar are intended to stretch the returns on an invested pension fund post retirement, not to defer tax on earned income. Film Production companies are intended to fund films, not generate losses to be offset against profits.
Use the schemes for the purpose they were intended for and nobody complains. Use one for the wrong reason and you deserve what you get.
Obviously beneficial to portray yourself as a business as apposed to self employed skilled worker? Lots of tax benefits.
Please don't make sweeping statements like this, it shows you to be very careless.
EBT schemes were an option for many over many years, no government policy or rules closed these down even though they were registered with HMRC.
But as has been said, these schemes were over 3 years ago!!Comment
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Originally posted by LandRover View PostNone of this would have come about if it wasn't for IR35.Comment
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Completely agree, this is all down to IR35, and it is this that drove me away from Ltd into the schemes to begin with. Then, once the disguised remuneration rules came in, I moved to PAYE, but the tax was insane. 50% plus employer's NIC giving me a marginal tax rate of 63.8%. I worked with permanent employees who were shoving weekend work my way because, hey, you're a contractor, you're getting paid for this. But at 37% take home, f*** that.Comment
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Originally posted by Boobetty View PostCompletely agree, this is all down to IR35, and it is this that drove me away from Ltd into the schemes to begin with. Then, once the disguised remuneration rules came in, I moved to PAYE, but the tax was insane. 50% plus employer's NIC giving me a marginal tax rate of 63.8%. I worked with permanent employees who were shoving weekend work my way because, hey, you're a contractor, you're getting paid for this. But at 37% take home, f*** that.Comment
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Originally posted by RoastedSlopes View PostI take it you are in a limited company set up?
Obviously beneficial to portray yourself as a business as apposed to self employed skilled worker? Lots of tax benefits.
Please don't make sweeping statements like this, it shows you to be very careless.
EBT schemes were an option for many over many years, no government policy or rules closed these down even though they were registered with HMRC.
But as has been said, these schemes were over 3 years ago!!
HMRC has very successful used the media to create the impression that ALL tax planning is somehow immoral and potentially illegal. They have persuaded Government to pass into law legislation that is arguably (and sometimes actually) retrospective on the grounds that it is a seam of money that they missed because they were asleep at the wheel. The attraction for a politician who needs votes to "crack down" on those who don't pay their "fair" share is obvious. They rely upon HMRC to make the rules but pay little attention when they produce "unfair" results.
Let's be honest. Some people on this forum knew EXACTLY what they were doing when they paid less tax than a PAYE employee. That can be justified in many ways but ultimately they KNEW and there can be little sympathy now.
Many more did not KNOW. They bought into the "expert in the room" myopia and assumed that as "everybody" else was doing this and there were no reports of HMRC counteraction, then what they were doing was industry norm. Contractors encouraged this as it reduced day rates.
Tax is NOT a moral issue. It is a political and legal construct. HMRC is trying to use the court of public opinion to over rule more than 100 years of jurisprudence. Given that the Government sets its policy by tabloid headline and most people get their "news" from the headline and first two paragraphs of newspaper/Reddit/TV articles, is it any wonder that the true position is not explored?
We should make moral judgements about matters of morality.
We should make legal judgements about matters of law.
If Parliament thinks that something is immoral and needs to be reinforced by law, then by all means make a law. (If you don't like it, get elected and change it).
What is WRONG is making a judgement TODAY that something was morally wrong some years ago and that a law made NOW can correct that. That is UNACCEPTABLE legally, morally and politically but is exactly what is happening.
For more rants - please call 01234 567890 for a quote.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by Boobetty View PostCompletely agree, this is all down to IR35, and it is this that drove me away from Ltd into the schemes to begin with. Then, once the disguised remuneration rules came in, I moved to PAYE, but the tax was insane. 50% plus employer's NIC giving me a marginal tax rate of 63.8%. I worked with permanent employees who were shoving weekend work my way because, hey, you're a contractor, you're getting paid for this. But at 37% take home, f*** that.
And so decided to pay no tax instead of 63.8%. Nice.Vote Corbyn ! Save this country !Comment
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