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BIG GROUP

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    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.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    Comment


      Originally posted by webberg View Post

      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.

      Comment


        Originally posted by Dmac View Post
        I believe the journalist's quote came directly from WTT / Big Group's website.
        It did, but has been used in a different context.

        Equally I accept that the words are perhaps clumsy and I can see how the journalist arrived at his question.

        I think my correction above is better though.
        Best Forum Adviser & Forum Personality of the Year 2018.

        (No, me neither).

        Comment


          New and worried to this LC

          Originally posted by webberg View Post
          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.
          Hi everyone,

          I am new to this forum and it is my first post since i received a letter from HMRC requesting information on a Loan Charge with Smart Pay. Like everyone here, I went on the basis that they were genuine, and more importantly, it all seemed ok. At least I work and pay taxes, rather then claiming benefits (something I am considering right now lol)

          I was only with SP for 2 years, but have been a contractor for years. Having taken a break from work for personal reasons, I am too in a situation where I am unsure on what to do next.

          I am unable to PM @webberg or @phil@dswtres but is it possible for me to join Big Group? or if you can PM me wirth you contact details i can call you? really could do with some peace of mind as i am stressed as hell!

          Thanks

          Comment


            PM rights

            Admin,
            Can I have PM rights please?
            Thx

            Comment


              Originally posted by bizzle50 View Post
              Hi everyone,

              I am new to this forum and it is my first post since i received a letter from HMRC requesting information on a Loan Charge with Smart Pay. Like everyone here, I went on the basis that they were genuine, and more importantly, it all seemed ok. At least I work and pay taxes, rather then claiming benefits (something I am considering right now lol)

              I was only with SP for 2 years, but have been a contractor for years. Having taken a break from work for personal reasons, I am too in a situation where I am unsure on what to do next.

              I am unable to PM @webberg or @phil@dswtres but is it possible for me to join Big Group? or if you can PM me wirth you contact details i can call you? really could do with some peace of mind as i am stressed as hell!

              Thanks
              LCAG are crowd funding for litigation to try and change the LC to act from 2017 (the date it was implemented) rather than retrospectively (back to 1999). You may want to consider putting your money towards that as well as/ as an alternative to BG... in my opinion the LCAG has a much clearer objective (but that's just personal preference)
              Last edited by Finalwhistle; 1 October 2018, 14:53.

              Comment


                Originally posted by Finalwhistle View Post
                LCAG are crowd funding for litigation to try and change the LC to act from 2017 (the date it was implemented) rather than retrospectively (back to 1999). You may want to consider putting your money towards that as well as/ as an alternative to BG... in my opinion the LCAG has a much clearer objective (but that's just personal preference)
                LCAG is NOT an alternative to Big Group.

                LCAG's objectives are to remove/delay the loan charge. Even if they are successful, HMRC remain of the view that tax is due. The lenders may also be of the view that the loan is repayable.

                Big Group's objectives are to find a resolution to the tax position HMRC's claims and to remove loan liabilities. We are looking to solve the underlying disease of which the loan charge is a symptom.

                LCAG may have a clearer objective but it's not a strategy to deal with the tax.
                Best Forum Adviser & Forum Personality of the Year 2018.

                (No, me neither).

                Comment


                  Originally posted by bizzle50 View Post

                  I am unable to PM @webberg or @phil@dswtres but is it possible for me to join Big Group? or if you can PM me wirth you contact details i can call you? really could do with some peace of mind as i am stressed as hell!

                  Thanks
                  Big Group can be found by any internet search, as can WTT, as can DSW.

                  I'm not allowed to post contact details here.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    Thanks for the advice so far.

                    I have now been able to PM individuals (which I have done).

                    I may sound far fetched here, but having spent some time researching it, has anyone actually considered declaring themselves bankrupt?

                    If you cannot pay a particular amount of debt (over £5k), this might be feasible?

                    I guess I am just keen to understand how people are actually getting through this as HMRC have really taken the P*** coming after hard working people. It's times like this I wish I had just sat at home and claimed benefits for years for being unfit for work or whatever other bu** SH** excuses people use these days instead of trying to make a living!!!! (excuse my sarcasm).

                    Comment


                      Have PM's you.
                      Best Forum Adviser & Forum Personality of the Year 2018.

                      (No, me neither).

                      Comment

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