BIG GROUP

[webberg]

Hi, l've been lurking these forums for a couple of months and just got out of my phase of denial and anger and have started to take some action. I had a good chat with Tom at WTT yesterday on settlement vs the Big Group approach. I am currently at 50/50 between settling or joining big group. I had a couple of questions which I forgot to ask and would be obliged if you can reply to.

Presumably the first step would be to apply to delay the application of the loan charge to a later date, otherwise one would be timed out. Given that the process may take many years, if the Big Group was found to be unsuccessful would interest and penalties be added to the loan charge amount? If so what ball-park %s would these be? Is there anything else that could potentially increase the liability to beyond the loan charge amount?

Also do you have a deadline for joining the Big Group? Presumably this would be the latest date for applying to defer the loan charge?

Thanks

On the first question, call us again please.

On the second, the answer is not really. We are in the process now of executing our strategy and there will come a time when (hopefully) we will get to a point of either agreement with HMRC or agreeing to disagree and then considering the next steps. That might be 24 months from now.

In the meantime, as we continue to work on our proposal and sink more and more time and expertise into it, the cost of joining later in the process will increase. We usually give notice of any such increases and we have nothing planned at the moment.

[GUD]

sign petition

Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.

https://petition.parliament.uk/petitions/218582

The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.

[webberg]

Our latest newsletter will be appearing later today.

Please make sure that you read it.

[uncle pear]

I'm definitely in need of finding out more about this. Certainly looking at finding out more about the Big Group.

[Finalwhistle]

LCAG..

appears to be heavily linked with BG so i'm sure its ok to post here? (apologies if not)

https://www.hmrcloancharge.info/

join up and get involved...

[webberg]

appears to be heavily linked with BG so i'm sure its ok to post here? (apologies if not)

https://www.hmrcloancharge.info/

join up and get involved...

There is a separate thread for this.

The founders are mainly members of Big Group which willingly acted as a catalyst to get things moving and is some thing that WTT - as advisers to BG - very much support.

[Runster]

On the first question, call us again please.

On the second, the answer is not really. We are in the process now of executing our strategy and there will come a time when (hopefully) we will get to a point of either agreement with HMRC or agreeing to disagree and then considering the next steps. That might be 24 months from now.

In the meantime, as we continue to work on our proposal and sink more and more time and expertise into it, the cost of joining later in the process will increase. We usually give notice of any such increases and we have nothing planned at the moment.

Taxinglife- sounds like you are in the same situation as me. My wife wants to settle, and thinks BigGroup is tantamount to ‘not coming clea’ To be fair, she doesn’t know the detail, but is still in shock as I only shared this hideous burden with her yesterday. Graham - I have the same questions as Taxinglife. Will call you shortly.

[webberg]

"Not coming clean"?

If that means we believe that HMRC's present interpretation of the situation is something we disagree with and will challenge, yes, that's exactly what we're doing.

We don't guarantee our answer is correct or that it will find favour with whomever the final arbiter is but it is one that has - in our opinion - integrity.

Ultimately the decision on whether you take HMRC's present offer or not, is a very personal one. These threads are full of ideas and suggestions and thoughts on how and why people are in the situation they are. They demonstrate that the decision is likely to be subject to a thousand subjective issues.

If, "coming clean" is the primary motive, you should be applying for the HMRC settlement.

If not, BG offers one route.

There are undoubtedly other routes as well.

[ConfusedEasily]

Taxinglife- sounds like you are in the same situation as me. My wife wants to settle, and thinks BigGroup is tantamount to ‘not coming clea’ To be fair, she doesn’t know the detail, but is still in shock as I only shared this hideous burden with her yesterday. Graham - I have the same questions as Taxinglife. Will call you shortly.

To be fair, WTT has always stated that their case will rest on the facts and that means that everything is shared with HMRC.
I've had my accountant involved, looking at BG since I joined in the early days and his view is that WTT demonstrates integrity and openness.

[ConfusedEasily]

"Not coming clean"?

If, "coming clean" is the primary motive, you should be applying for the HMRC settlement.

.

You should probably clarify what you mean here Graham - as far as I can see BG does 'come clean' with HMRC insofar as you deal with them honestly and openly.
I think what you mean by 'coming clean' is agreeing with HMRC's analysis.