HMRC compliance check letter regarding disguised remuneration scheme

[min123]

So I’ve spoke to WTT and he has advised if you don’t want this hanging around just give them what they want
and wait for a settlement figure. Or if you want to fight then I can join The Big Group and fight this. I’ve already signed upto LCAG, but I didn’t realise there were 2 groups taking HMRC to court.

Anyway, I think I will settle, it’s the best thing- I don’t want my family being dragged along this, I just want a quick resolve. Issue is they have asked for me to look at the ‘schedule’ and send documentation according to that - I didn’t receive a schedule, shall I call HMRC and ask them to send it?

Also, should I get a tax advisor to deal with this on my behalf rather than me dealing with HMRC? Or will HMRC be lenient if they deal with me personally?

[dammit chloe]

So I’ve spoke to WTT and he has advised if you don’t want this hanging around just give them what they want
and wait for a settlement figure. Or if you want to fight then I can join The Big Group and fight this. I’ve already signed upto LCAG, but I didn’t realise there were 2 groups taking HMRC to court.

Anyway, I think I will settle, it’s the best thing- I don’t want my family being dragged along this, I just want a quick resolve. Issue is they have asked for me to look at the ‘schedule’ and send documentation according to that - I didn’t receive a schedule, shall I call HMRC and ask them to send it?

Also, should I get a tax advisor to deal with this on my behalf rather than me dealing with HMRC? Or will HMRC be lenient if they deal with me personally?

There are several legal cases going on. The only one I have any hope in is the Hoey case which would remove any pre-2010 open years if the court finds in Hoey's favour.

If you are happy dealing with HMRC direct a tax advisor adds very little. Just make sure you read and double check any figures. HMRC make mistakes. Often.

[eek]

There are several legal cases going on. The only one I have any hope in is the Hoey case which would remove any pre-2010 open years if the court finds in Hoey's favour.

If you are happy dealing with HMRC direct a tax advisor adds very little. Just make sure you read and double check any figures. HMRC make mistakes. Often.

Did you read the actual thread before posting your comment.

What has Hoey got to do with income / payments from 2017 onwards.

[Fred Bloggs]

Did you read the actual thread before posting your comment.

What has Hoey got to do with income / payments from 2017 onwards.

Precisely. I guess some folks come here and believe some of this stuff they read. It's not clear to me what the OP's exposures is from the "annuities" nor how to unwind them. I'm guessing legally they're going to be just another name given to loaned money like the other failed schemes.

[eek]

Precisely. I guess some folks come here and believe some of this stuff they read. It's not clear to me what the OP's exposures is from the "annuities" nor how to unwind them. I'm guessing legally they're going to be just another name given to loaned money like the other failed schemes.

It's actually sneakier than that.

A loan would be x months of paying £y until the debt is repaid.
An annuity is paying £y a month from the specified start date for evermore.

The odds anyone who signed up for this scheme had a clue as to what they were agreeing to has to be zero. But it looked fancy and gave them a few more quid.

[dammit chloe]

Did you read the actual thread before posting your comment.

What has Hoey got to do with income / payments from 2017 onwards.

Commenting on the legal cases going on as per post.

I don't spend all day on the boards like you obsessively do.

[DealorNoDeal]

Anyway, I think I will settle, it’s the best thing- I don’t want my family being dragged along this, I just want a quick resolve.

Wise.

The chances of this annuity scheme succeeding in court are virtually nil.

--------------------

It's a shame that rogue outfits, often purporting to be legitimate brollies, still appear to be able to freely peddle these scams.

[luxCon]

So I’ve spoke to WTT and he has advised if you don’t want this hanging around just give them what they want
and wait for a settlement figure. Or if you want to fight then I can join The Big Group and fight this. I’ve already signed upto LCAG, but I didn’t realise there were 2 groups taking HMRC to court.

For the tax year 2018-2019 schemes you will have ZERO chance of challenging anything with HMRC in courts. Their argument is solid and all was very much clear that the schemes were fully taxable.

Save yourself professional fees to WTT and anyone else, Use a tax calculator and an accountant to verify your full PAYE liabilities and settle with HMRC. I would in fact start by paying some Cash on Account NOW to HMRC just to stop the interest HMRC will charge you.

As I said earlier, your biggest issue in fact is not HMRC and what you owe them. Its the scheme promoter who will ask you to pay the loans back in a few years time.

Even worse than that is the scheme company will shut down, owing millions and a legitimate liquidator will come after you for the loan. What you need is to start the process to nullify the loan agreement as it was a misrepresentation of the law as it stood for the tax year 2018-2019. For that you will need professional advise but not sure if WTT is who you should go to .

[Fred Bloggs]

It's actually sneakier than that.

A loan would be x months of paying £y until the debt is repaid.
An annuity is paying £y a month from the specified start date for evermore.

The odds anyone who signed up for this scheme had a clue as to what they were agreeing to has to be zero. But it looked fancy and gave them a few more quid.

Yes, I understand that. An annuity is paid from a pot of capital. It's unclear to me what the scheme user's liability is to paying off the pot of capital which must belong to others. Presumably the trustees of the scheme will are making the annuity payments. So, once HMRC are happy, how does the scheme user unwind him/her self from the annuity stream? Someone somewhere us going to have to pay somebody to unwind the mess. Not at all clear to me how it works. Loans are simple to understand in comparison? Or am I missing something?

Anyway, in the first instance, annuities are very much taxed as income. There cannot be any doubt really about that. Would have loved to have heard the sales blurb about this scheme.

[borisbike3]

There are several legal cases going on. The only one I have any hope in is the Hoey case which would remove any pre-2010 open years if the court finds in Hoey's favour.

Is Matt Hall litigating this case ? I am trying to catch up! Paid up my LCAG this week.