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Anyone filing a 2018/19 tax return for the LC, based on the advice of a tax advisor

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    Anyone filing a 2018/19 tax return for the LC, based on the advice of a tax advisor

    You may not be able to rely on the fact that you acted on professional advice, as a defence, if it backfires.

    Your only recourse would be to try and sue the advisor.

    Bottom line; make sure you understand what the advisor is getting you in to.
    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

    #2
    Originally posted by DealorNoDeal View Post
    You may not be able to rely on the fact that you acted on professional advice, as a defence, if it backfires.

    Your only recourse would be to try and sue the advisor.

    Bottom line; make sure you understand what the advisor is getting you in to.
    No. Make sure you understand what your advisor is telling you. It always has been your responsibility to get it right, blindly acting on advice is never a defence.
    Blog? What blog...?

    Comment


      #3
      Originally posted by malvolio View Post
      No. Make sure you understand what your advisor is telling you. It always has been your responsibility to get it right, blindly acting on advice is never a defence.
      I suspect some people are going to land themselves in trouble.

      There's an advert for Hamilton Rose LC, which keeps popping up on CUK, selling a "solution" for the Loan Charge. That is almost certainly going to entail putting something "creative" on the 2018/19 tax return.

      Other advisors may have other ways of "dealing" with the charge, which may also change the nature of the disclosure on the return.

      At the end of the day, it's not the "clever" advisors who end up in the shyte.
      Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

      Comment


        #4
        Originally posted by DealorNoDeal View Post
        I suspect some people are going to land themselves in trouble.

        There's an advert for Hamilton Rose LC, which keeps popping up on CUK, selling a "solution" for the Loan Charge. That is almost certainly going to entail putting something "creative" on the 2018/19 tax return.

        Other advisors may have other ways of "dealing" with the charge, which may also change the nature of the disclosure on the return.

        At the end of the day, it's not the "clever" advisors who end up in the shyte.
        Knowing that HMRC can retrospectively amend any legislation that may have previously been deemed perfectly legal is enough to steer most of us off. This would get the QCs of the hook as well, they could argue their opinion was valid at the time.

        They can also put through any APN/Loan Charge type legislation to get you to pay upfront, while you wait till (if ever) the case ever gets to court.

        They seem to be awarded more and more teeth in recent years by central government.

        I expect this to continue in the post COVID19 world, maybe with greater vengeance. The pressure will be on HMRC by central government to recoup more and more of the money that was printed during the pandemic in order to balance the books and pay the debt to the central banks. Expect more draconian fiscal regulation/legislation in the coming years. This is becoming a fiercely hostile arena to operate in and best to stay out of it as much as possible.

        With regards to creative accounting, in Webbergs words, "a scheme to fix a scheme is never a good idea".

        Comment


          #5
          Originally posted by malvolio View Post
          No. Make sure you understand what your advisor is telling you. It always has been your responsibility to get it right, blindly acting on advice is never a defence.
          Pretty much this. Bit of a pointless thread really when you consider the info that's available here. Maybe someone wants to increase their postings total?

          Comment


            #6
            Originally posted by TheDogsNads View Post
            Pretty much this. Bit of a pointless thread really when you consider the info that's available here. Maybe someone wants to increase their postings total?
            Not really pointless.
            Unless you are a tax expert, have read, studied and understood all the relevant information from HMRC, then you are relying on the expertise of others.
            The posts that are available here are not necessarily made by qualified individuals, the questions asked may not contain all the relevant information, so taking an internet forum as a source of truth is not a good thing to do. Advice given on here is worth what you paid for it. At least this forum is free, unlike others where you have to pay a membership fee for the privilege.

            Although maybe your post above was just to increase you post count?
            {emotionless greeting}

            Three Word Slogan

            Comment


              #7
              Originally posted by WTFH View Post
              Although maybe your post above was just to increase you post count?
              He's my pet stalker.
              Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

              Comment


                #8
                Bear in mind that an adviser "advises". An adviser does not make decisions for you. In going to an adviser you are seeking knowledge and an opinion. You are not paying somebody to assume your legal obligations.
                Best Forum Adviser & Forum Personality of the Year 2018.

                (No, me neither).

                Comment


                  #9
                  Originally posted by webberg View Post
                  Bear in mind that an adviser "advises". An adviser does not make decisions for you. In going to an adviser you are seeking knowledge and an opinion. You are not paying somebody to assume your legal obligations.
                  The trouble is, advisors can be very persuasive. (They need to earn a living after all.)

                  "There are no cast iron guarantees but..."
                  "We are confident in our approach..."
                  "It has been approved by an eminent tax QC..."
                  "Counsel believes it has a better than 75% chance of success..."

                  Cue TheDogsNads.
                  Last edited by DealorNoDeal; 2 July 2020, 15:02.
                  Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                  Comment


                    #10
                    Originally posted by DealorNoDeal View Post
                    The trouble is, advisors can be very persuasive. (They need to earn a living after all.)

                    "There are no cast iron guarantees but..."
                    "We are confident in our approach..."
                    "It has been approved by an eminent tax QC..."
                    "Counsel believes it has a better than 75% chance of success..."

                    Cue TheDogsNads.
                    Accepting advice uncritically is why some people are in a mess now. Easy to say after the event, of course...
                    Blog? What blog...?

                    Comment

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