Originally posted by stonehenge
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Horizon exit opportunity (Non-Big Group discussion thread)
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Originally posted by FakeHorizon View PostI've done my own research and paid for my own advice, the two mantras of this forum, I'll be fine so I can either clear loans at 5% or pay tax at 20%. Toss a coin? Are there provisions for HMRC to tax me on repaid loans? Not according to my paid-for advice!"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...Comment
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Originally posted by FakeHorizon View PostI've done my own research and paid for my own advice, the two mantras of this forum, I'll be fine so I can either clear loans at 5% or pay tax at 20%. Toss a coin? Are there provisions for HMRC to tax me on repaid loans? Not according to my paid-for advice!…Maybe we ain’t that young anymoreComment
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Originally posted by WTFH View PostThese repayments that you make, are they from your personal account or your business one?Comment
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Originally posted by cojak View PostWell good luck for the future.Comment
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Originally posted by FakeHorizon View Postany repayments I make will be from personal funds. I and others in the same position have until the loan charge becomes law to clear outstanding loans, based on the decision made in the Rangers case. This is what is being advised.merely at clientco for the entertainmentComment
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Originally posted by eek View PostSo you've repaid the same amount in £ sterling that you were originally loaned? Was the advice just based on their best opinion and what are they offering if their advice is wrong - will you get a refund?
I would be interested to know what people think of paying the loans off on the 5th April 2019. I cannot see how the HRMC can demand that it comes from your personal account. As long as it is paid off and you can prove it. Surely it is up to you how you pay it off. As long as it is cash and not equities etc.
Admittedly there is then the question of how to get the cash back out of the EBT without incurring a huge tax bill.Comment
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Originally posted by eek View PostSo you've repaid the same amount in £ sterling that you were originally loaned? Was the advice just based on their best opinion and what are they offering if their advice is wrong - will you get a refund?Comment
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Originally posted by me206et View PostIf anyone has enough to pay the full loan in cash then I would suggest that the tax is not a problem. They are the very lucky or very prudent ones.
I would be interested to know what people think of paying the loans off on the 5th April 2019. I cannot see how the HRMC can demand that it comes from your personal account. As long as it is paid off and you can prove it. Surely it is up to you how you pay it off. As long as it is cash and not equities etc.
Admittedly there is then the question of how to get the cash back out of the EBT without incurring a huge tax bill.Comment
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Originally posted by FakeHorizon View PostI'd imagine they've taken QC opinion on this. This is a bona fide accountancy firm in the UK, not the usual chancers in IOM and Cyprus. Should I not rely on their advice? If they are spinning, then I lose the 5% trust fee and have to pay 20% tax, that's the risk. No refunds.Last edited by eek; 16 September 2017, 21:37.merely at clientco for the entertainmentComment
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