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A useful round up

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    A useful round up

    Tax avoidance: recent developments - Commons Library briefing - UK Parliament

    Of how we got to where we are.

    can't say I agree with it all, but potentially useful.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    #2
    Originally posted by webberg View Post
    Tax avoidance: recent developments - Commons Library briefing - UK Parliament

    Of how we got to where we are.

    can't say I agree with it all, but potentially useful.
    Interesting as UKPLC defines three approaches to tax:

    Evasion - Illegality
    Avoidance - Not in spirit of the law, exploitation of loopholes
    Tax planning - Perfectly ok

    Comment


      #3
      So, this from parliament.uk:

      "Tax avoidance is to be distinguished from tax evasion, where someone acts against the law."

      Has anyone as yet challenged Stride on why he repeatedly states otherwise?

      Comment


        #4
        I find the statement "these people earn twice the average" rather annoying and misleading

        I assume HMRC have used the national average and not South East where the majority of contractors reside and work.

        Comment


          #5
          Having read more the 137 pages than I suspect is healthy, the answers to some of the above points are in the paper.

          The fact that Stride claimed that schemes were not legal and the reaction from many that this was misleading, is covered in the paper and it so noted that reference to the Ministerial Code which he may (or may not) have breached.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            #6
            A question probably for the Tax experts Phil or Webberg

            Do you think going perm will buy you a little more slack when dealing with HMRC over TTP. My exposure is huge and probably more than 2 times my annual salary.

            I have an offer on the table and am seriously considering it. If I am Perm I have a set amount. No need to do detailed assessments I'll just send them my DD's and they will already know what I earn by the time we have to settle...

            Whilst PAYE does not rid oneself of the Loan Charge they may decide to move on to other low hanging fruit. To be honest I could do without the stress.

            I will offer them £x amount and say that's it take it or leave it. I've heard they cant force a sale of your home when you have dependents.

            Also is this not what the Govt want. Everyone PAYE ?

            Comment


              #7
              I am already a permie & have been for over 2 years....my LC hit will be 3.5 x my basic annual salary...I do OT to fund extras but have not included these in my settlement pack as they could dry up at any time and not guaranteed income...also will not be doing any simply to hand ver the taxed proceeds to HMRC - feck that!

              So, based on outgoings I have £124 per month free - potential LC is £135k, settlement WTF knows so even if settlement was "only" £100k it would take me 85 years to clear without interest - 5 years away from being an OAP means I could never possibly clear this lot...they cannot have what I don't have. What assets could they take?...I own my home but only 1/2 of it rest is my wifes - this is NOT her "debt" so she should not be punished she does not have the funds to buy my 1/2....the could take my pension fund but if i cashed it they would take at least 40% of that in tax....I think I will wait for my day in court - only gonna pay IF a judge tells me to...and then I'll make 'em wait....can't jail me ain't broke no laws!

              Comment


                #8
                Originally posted by Jaxonius View Post
                I am already a permie & have been for over 2 years....my LC hit will be 3.5 x my basic annual salary...I do OT to fund extras but have not included these in my settlement pack as they could dry up at any time and not guaranteed income...also will not be doing any simply to hand ver the taxed proceeds to HMRC - feck that!

                So, based on outgoings I have £124 per month free - potential LC is £135k, settlement WTF knows so even if settlement was "only" £100k it would take me 85 years to clear without interest - 5 years away from being an OAP means I could never possibly clear this lot...they cannot have what I don't have. What assets could they take?...I own my home but only 1/2 of it rest is my wifes - this is NOT her "debt" so she should not be punished she does not have the funds to buy my 1/2....the could take my pension fund but if i cashed it they would take at least 40% of that in tax....I think I will wait for my day in court - only gonna pay IF a judge tells me to...and then I'll make 'em wait....can't jail me ain't broke no laws!
                Probably similar situation to me. By being permanent income is set. They can't argue. I have a house and still a mortgage but I have two relatively young children for someone my age. Will be at least 15 years before they are no longer dependents.

                Forcing me to sell my house would mean I would need somewhere to live... if I then buy somewhere a lot cheaper I will still pay stamp duty on the purchase. Also forcing me into a double taxation as I have no reason to move as kids settled at Infant and Junior schools.

                Cant wait to have this discussion with HMRC. I am preparing a list of questions for when that brown envelope arrives.

                Would be great if we could come up with some kind of consolidated list and all be ready to object and send them a list of questions they need to answer instead of vice versa.

                Just to mention once again - I joined LCAG and they are doing sterling work. We will have our day in court. I just hope the press when it gets there follow it extremely closely. I have a feeling there hundreds of thousands of people that would like to see LCAG defeat HMRC... shame these people don't register with them

                Comment


                  #9
                  Facts are your friend, unsupported speculation is your enemy.

                  HMRC cannot force you to sell your house, especially if you share it with a spouse or dependents.

                  Sure, they can and do apply pressure, unfairly in many cases, but selling a domestic property? No.

                  This is specialist territory.

                  Most insolvency people will give you half an hour for free.

                  Either Google one or PM me and I'll give you some names.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    #10
                    I will repeat.

                    LCAG are doing some good work, creating noise and publicity and now have some legal muscle.

                    I wish them well in their campaign and we continue to assist them with information and contacts.

                    Their action however will NOT solve the question of whether there is a tax liability.

                    They may have the loan charge delayed/removed. (This may not be known until after it becomes due and payable but may happen).

                    Even if that is the case however HMRC believe that there is a liability and losing the loan charge as a weapon will weaken them but will not solve the problem.
                    Best Forum Adviser & Forum Personality of the Year 2018.

                    (No, me neither).

                    Comment

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