Originally posted by ChimpMaster
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What is the 2019 Loan Charge?
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Originally posted by webberg View PostHave to disagree with this statement.
Most contractors finally left schemes and went back to limited companies.
The promoters followed and we have a lot of schemes that bounce payments between limited companies, one of which is close.
But if you are going to have to get to grips with the close companies' gateway, good luck. It is the hardest "gateway" into a piece of legislation that I know.Comment
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Originally posted by Iliketax View PostYou see more contractor schemes than I do. But the ones I've seen are, in my opinion, slam-dunk in the original disguised remuneration rules. The ones that I've seen that I do not think are is where the loan that is taken is so large that it clearly has nothing to do with an employment.
But if you are going to have to get to grips with the close companies' gateway, good luck. It is the hardest "gateway" into a piece of legislation that I know.Comment
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Originally posted by starstruck View PostWhat are the penalties for non-disclosure?
And then there are the normal self-assessment ones for not doing your tax return properly, not paying the tax due on time, deliberately withholding information, etc: https://www.rossmartin.co.uk/penalti...t-from-201011(
If the tax on which the penalties are based is more than £25,000 you can also get your name in the newspaper of your choice (plus others as well): https://www.gov.uk/government/public...tax-defaultersComment
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Originally posted by BrilloPad View PostIMO WTT/BG are going to see many more schemes coming up each year.Comment
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Originally posted by Iliketax View PostI guess I'm going to be seeing more GAAR Advisory Panel opinions and more GAAR penalties then. Anyone who takes part in contractor schemes is nowadays is going to be completely stuffed.
I was asleep. Withheld number. Refused to give name, even their CUK username.
I asked them to call back tomorrow. "I might not be here tomorrow". Took me 40 minutes to chat.
Now I know other people have got issues. However I have 2 disabled kids. And other issues too.
When I found out he was meeting webberg on Monday I told him to do whatever webberg said. Even where I disagreed with one piece of advice.
After taking advice (many thanks to the mod - you know who you are) I have decided to advise anyone using schemes since 2008 to go the WTT/BG.
CUK does a huge amount of unpaid work to notify people to the dangers. Which should be done by HMRC(IMO).
However some people cannot be helped. Its a great pity. Which sums up my problem. I am just way too nice. I need to find some sort of training to make me a nastier person.Comment
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Originally posted by BrilloPad View PostLast Saturday night I got a call from someone using schemes until a month ago. I have helped quite a few over the years, particularly montpelier people.
I was asleep. Withheld number. Refused to give name, even their CUK username.
I asked them to call back tomorrow. "I might not be here tomorrow". Took me 40 minutes to chat.
Now I know other people have got issues. However I have 2 disabled kids. And other issues too.
When I found out he was meeting webberg on Monday I told him to do whatever webberg said. Even where I disagreed with one piece of advice.
After taking advice (many thanks to the mod - you know who you are) I have decided to advise anyone using schemes since 2008 to go the WTT/BG.
CUK does a huge amount of unpaid work to notify people to the dangers. Which should be done by HMRC(IMO).
However some people cannot be helped. Its a great pity. Which sums up my problem. I am just way too nice. I need to find some sort of training to make me a nastier person.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by Iliketax View PostYou see more contractor schemes than I do. But the ones I've seen are, in my opinion, slam-dunk in the original disguised remuneration rules. The ones that I've seen that I do not think are is where the loan that is taken is so large that it clearly has nothing to do with an employment.
But if you are going to have to get to grips with the close companies' gateway, good luck. It is the hardest "gateway" into a piece of legislation that I know.
I remain concerned.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostHowever, I then put it alongside a series of enquiries from HMRC on arrangements in which a contractor who owns his own company is supplied to a client by another (offshore) company. Invoiced funds go into Own Co and are then paid to offshore service co. Offshore co, via a trust or other mechanism, lends money to contractor. We call these double limiteds.
Originally posted by webberg View PostIn this area, I think HMRC are still smarting from their failure to win in Arctic Systems and this legislation could be another means to plug that perceived gap.
Originally posted by webberg View PostArguably the HMRC policy and track they set out on in 2000 with Rangers and which has now been abandoned in favour of the DR charge (without being announced)
The December 2010 changes were (almost) all about prospective loan schemes. That was very well publicised at the time. So there is nothing hidden when DR came in. The March 2016 changes were all about old loans. Again, that was well publicised. So I'm confused about what you mean by "without being announced".Comment
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What about schemes that weren’t loan orientated? E.g receiving dividend via a trust.
I assume you don’t need to mention this in your tax return as they are simply not Loans...Comment
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