Horizon exit opportunity (Non-Big Group discussion thread)

[Iliketax]

As HRMC are not offering any incentives to settle then it looks like sit and wait is the only option.

HMRC said this last week. I doubt if there will be any "incentives" though, just certainty:

HM Revenue and Customs (HMRC) will discuss potential settlement with all users of DR schemes who are interested in putting their use of DR avoidance schemes behind them. Later this year high-level settlement terms will be published so that all DR users have a clear indication of what they will need to pay to settle with HMRC.

But you probably will have to wait a month or two longer.

[ChimpMaster]

As HRMC are not offering any incentives to settle then it looks like sit and wait is the only option. All my years have been closed for years. It's been over 10 years since I had contact from anyone.

Good luck to those who try this.

10 years closed. You would have thought HMRC might have at least opened an enquiry if they were at all concerned about your tax affairs.

It will be interesting to see how HMRC can justify attacking older closed years. One of the reasons for the "6 year rule" is that after a certain amount of time there is supposed to be certainty for taxpayers.

[BrilloPad]

10 years closed. You would have thought HMRC might have at least opened an enquiry if they were at all concerned about your tax affairs.

It will be interesting to see how HMRC can justify attacking older closed years. One of the reasons for the "6 year rule" is that after a certain amount of time there is supposed to be certainty for taxpayers.

The idea is that they attack any loan amounts outstanding as at 2019. Which could be fun given how many promoters have gone under.....

[ChimpMaster]

The idea is that they attack any loan amounts outstanding as at 2019. Which could be fun given how many promoters have gone under.....

But they aren't attacking the promoters.

It's more a case of HMRC not knowing everyone who took out these loans, and their plan is to ask those people to step forward and notify HMRC so that they can then be taxed

[stonehenge]

There are an incredible amount of obtuse posts and posters on this thread, all from people with no relevance to the topic.

I wasn't with Horizon but I did use another EBT scheme, so there is definitely no schadenfreude from me.

My worry would be that their solution will just get you into a whole new heap of trouble with HMRC.

[cojak]

I wasn't with Horizon but I did use another EBT scheme, so there is definitely no schadenfreude from me.

My worry would be that their solution will just get you into a whole new heap of trouble with HMRC.

I'm beginning to think that you should worry less over this particular issue, stonehenge...

[BrilloPad]

But they aren't attacking the promoters.

It's more a case of HMRC not knowing everyone who took out these loans, and their plan is to ask those people to step forward and notify HMRC so that they can then be taxed

I recently calling HMRC up to report a promoter. Of course I never heard any more.

So promoters said that loans did not need to be declared on tax returns. So it will be very hard for HMRC to find out.

I suspect one certain promoter will demand 10% of "loan" amount in return for not reporting users to HMRC. Though they will have to be careful - rangers taught us that the promoters might be liable.....

[eazy]

AccountingWeb : Another Finance Bill

https://www.accountingweb.co.uk/tax/...r-finance-bill


Disguised remuneration

The new tax charge (loan charge) on contractors loans, which are not fully repaid by 5 April 2019, is introduced by the second Fi Bill 2017, Sch 11. But this policy paper announces changes to that law, which in general strengthen HMRC’s hand against the taxpayer. The changes include:
•A new close company 'gateway' to the tax charge to catch the owners of close companies, to ensure the tax charge doesn’t rest on the company which may then be liquidated.
•Genuine commercial arrangements which don’t have a tax avoidance purpose will not be caught by the loan charge.
•Where the loan could be caught by the loan charge and also by corporation tax charge for loans to participators in close companies, only the loan charge will apply.
•Requirements for the taxpayer and others to provide information to HMRC for the purposes of calculating the loan charge.

[me206et]

I notice "go outsourcing" are still pushing their solution.
I am afraid that 7.5% of the loan is a lot to pay for something that seems to good to be true.

[luxCon]

Has anyone progressed this with Go Outsourcing?

Has anyone progressed this with them?