BIG GROUP

[Dmac]

I've highlighted the "second resolution strategy" piece. I'm also going to address a comment made by HMRC around "new arrangements to get around the loan charge".

First, I'm not aware of any "second resolution strategy". Big Group has one strategy. We've been following it since 2015. We have no second string. We do have a number of supporting actions going on and more under consideration but no strategy.

.[/I]

I believe the journalist's quote came directly from WTT / Big Group's website.

[webberg]

The following appeared in an otherwise excellent if not very informative (not the fault of the journalist) article today, 27th September.

I've highlighted the "second resolution strategy" piece. I'm also going to address a comment made by HMRC around "new arrangements to get around the loan charge".

First, I'm not aware of any "second resolution strategy". Big Group has one strategy. We've been following it since 2015. We have no second string. We do have a number of supporting actions going on and more under consideration but no strategy.

I'm not sure who asked the questions, but I'd be interested in finding out and why they think there is a second strategy.

Second, Big Group does not claim, does not offer and will not offer any arrangement to "get around" the loan charge. We do not offer tax avoidance schemes and have no plans to do so.

As a general point of courtesy, it would have been better if Big Group had been asked about the questions in advance because we could then have prevented misinformation being spread and allow HMRC an easy out.

12. What happens by the end of April 2019 if I haven’t paid HMRC but they claim I owe £30K under the LC? And does HMRC endorse the likes of BIG GROUP which I’ve applied to join, and how would HMRC like the group’s “second resolution strategy” to differ to the first, under which 1,000 contractors settled with HMRC?

If you haven’t settled with HMRC and the loan charge arises then you will need to pay this as part of your 2018/19 self-assessment tax return by January 31st 2020. HMRC can’t comment on claims regarding any external strategy; earlier years will need to be settled in full, or the loans fully repaid, otherwise the loan charge will apply.

If you decide to enter into new arrangements which claim to get around the loan charge, HMRC’s firm view of those that they have seen is that none of them work, and they have warned people in the past about the financial consequences of using these types of avoidance schemes. Those using such schemes will have to pay the loan charge.

There may be further liabilities arising as a result of the tax and commercial consequences of any new arrangements put in place.

[CaptainM]

The Big Group

Where do I get information on joining the BG and what to expect from membership?

Yes we are open and accepting new and old members.

We are busy with the 30th September deadline though and answering enquiries in strict order.

PM me your email/telephone and I'll see what can be done.

[webberg]

Yes we are open and accepting new and old members.

We are busy with the 30th September deadline though and answering enquiries in strict order.

PM me your email/telephone and I'll see what can be done.

[QUODM]

BG

We think that some schemes are susceptible to RTC, yes.

The deadline is 30th September 2018.

BG members will have their indication of our position today.

I've tried to rejoin BG since last week but no response - are they open to joiners?

[webberg]

We think that some schemes are susceptible to RTC, yes.

The deadline is 30th September 2018.

BG members will have their indication of our position today.

[QUODM]

RTC and loan charge

Does the requirement to correct (RTC) have an interaction with any offshore affairs with the loan charge?
Deadline for that is 30 Sep 2018, not 6th Apr/October 2019 as per loan charge?

[webberg]

Don't settle. You like don't owe nothing - until you sign the CLSO2 dotted line...
Why bother?

? Not sure I follow?

[DeadDOTAS]

Don't settle. You like don't owe nothing - until you sign the CLSO2 dotted line...
Why bother?

[dammit chloe]

So I have now received my settlement pack from HMRC.
they want it back by 30th Sept.
if I fill this in and return back to them, is that it? - I will owe tax!
is this the point where I need to decide whether to settle or fight on?

not sure what to do or what this now means to me.

No. They will, at some point, come back with their settlement offer ( sounds like 3 - 6 months is the current wait ) based on what you supplied and what they know.

Once you have their offer I believe they generally offer you 30 days to decide whether you want to accept it or not. Not sure how much you back and forth you can have over figures. I have heard that the 30 days is part of their nudge technique to force you to settle but that it is more flexible than that if you push.

That offer is when you have to decide to accept it or reject it.

Sign up with a good advisor if you can afford it. They will be much more adept at making sure HMRC are kept honest ( well honester ).

Oh, and do research so you understand as well as you can what the options are.