Churchill Knight & Boox clients being investigated as Managed Service Companies

[GregRickshaw]

Exactly. At this stage I'm not going to waste too much time and energy trying to force this along faster than is possible.

How do you know what is possible?

I suspect you are assuming, if not we'd be keen to know what you know.

Quite a few of the experts, early doors anyway, were confident they could get cases thrown out before tribunal, I have no idea why they thought that.
I then haven't paid much attention to them (experts) since though, maybe they have managed to get cases thrown out, could be a USP for them and they are not willing to share how or maybe they changed their minds I don't know.

Like you, I do not know what is and isn't possible, but I'm not going to hang around a) waiting for this to all fall around my ears (and then go headless chicken - I have previous) b) assume the experts or anyone know what they are talking about at this point.

I don't consider what I have done so far to be wasted.

[Fred Bloggs]

How do you know what is possible?

I suspect you are assuming, if not we'd be keen to know what you know.

Quite a few of the experts, early doors anyway, were confident they could get cases thrown out before tribunal, I have no idea why they thought that.
I then haven't paid much attention to them (experts) since though, maybe they have managed to get cases thrown out, could be a USP for them and they are not willing to share how or maybe they changed their minds I don't know.

Like you, I do not know what is and isn't possible, but I'm not going to hang around a) waiting for this to all fall around my ears (and then go headless chicken - I have previous) b) assume the experts or anyone know what they are talking about at this point.

I don't consider what I have done so far to be wasted.

I don't know how these "experts" have engaged clients. But it's not really in the experts own interest to close things out early if there's monthly subscriptions involved. Given how long the previous examples of expert led groups seems to be running, I think anyone could justifiably be cynical about this. Especially when it's MSC legislation which has been expanded way beyond original scope so nobody has any actual valid experience. Maybe I am just a bit too cynical.

[jamesbrown]

Maybe I am just a bit too cynical.

I think you're exactly the right amount of cynical.

[GregRickshaw]

I don't know how these "experts" have engaged clients. But it's not really in the experts own interest to close things out early if there's monthly subscriptions involved. Given how long the previous examples of expert led groups seems to be running, I think anyone could justifiably be cynical about this. Especially when it's MSC legislation which has been expanded way beyond original scope so nobody has any actual valid experience. Maybe I am just a bit too cynical.

I agree with you totally about the "experts". They were all full of it at the start, quite buoyed me at the time...... and now they didn't even get the conditionals correct, despite having 'masses of' 'years of experience', 'knew how HMRC worked' etc.,

[gyrator]

I imagine so, but I had so much money in my business bank account when I stopped using my LTD Co, so I guess fortunate or unfortunate I don't know.

There is that caveat yes about the MCSP (without the P we cannot be MSC) but where is the action, what are CK doing. How will they be tried? We have been hit by everyone to say it's your case not theirs it's your LTD Co. etc.,

Hi, did you do the PAYE/NIC POA on the 2017/18 SAFE code? Did you check whether it can be stop interest running on the demands yet to come? It sounds like a good idea to me if it works.

[CA100]

Hi, did you do the PAYE/NIC POA on the 2017/18 SAFE code? Did you check whether it can be stop interest running on the demands yet to come? It sounds like a good idea to me if it works.

I very much doubt that's possible.

I would also just reiterate that the interest charged is about 3 - 3.5% (depending on year). You can earn more than that by investing the money, so if you have that money it generally makes more financial sense to invest it. I appreciate a previous poster's point about needing to keep finances liquid, but a) it'll be years before this is settled, b) I would expect you can negotiate time with HMRC to liquidise assets to pay them.

[GregRickshaw]

Hi, did you do the PAYE/NIC POA on the 2017/18 SAFE code? Did you check whether it can be stop interest running on the demands yet to come? It sounds like a good idea to me if it works.

If you pay on account then you avoid the interest charges for each year you have a letter for only, you can't stop interest on demands which have not yet come.

The years to come we have to deal the same way, note though the only amount ring fenced is the amount which applies to the letter amount in this case 17/18

So bear in mind if you put more than asked for on account (as I have done) and you have other tax debts such as SA returns etc., then the remaining is not ring fenced and not guarded against, when the next years come in I will try to get the next amounts ring fenced. One could argue it would be a smarter move investing the guess amounts elsewhere.

[GregRickshaw]

I very much doubt that's possible.

I would also just reiterate that the interest charged is about 3 - 3.5% (depending on year). You can earn more than that by investing the money, so if you have that money it generally makes more financial sense to invest it. I appreciate a previous poster's point about needing to keep finances liquid, but a) it'll be years before this is settled, b) I would expect you can negotiate time with HMRC to liquidise assets to pay them.

Genuine question where do you manage to get over 3.5% interest on if we expect this to take around 3 -5 years, a maximum of say 5 years.

Also the money has to be taken from business accounts without generating additional taxation.

Would be keen to know as this may be a decent route.

[DealorNoDeal]

The BoE base rate is expected to rise to 2.25% next month. HMRC charge base+2.5%, so that would be 4.75%.

With further rate hikes on the cards, the HMRC rate could be close to 6% by early next year.

It's not easy beating what HMRC charge, without taking on a lot more risk.

[CA100]

Genuine question where do you manage to get over 3.5% interest on if we expect this to take around 3 -5 years, a maximum of say 5 years.

Also the money has to be taken from business accounts without generating additional taxation.

Would be keen to know as this may be a decent route.

This is based on stock market investing. It's based on personal money as my business is closed, so a different situation from those looking at paying from business account. Although I guess may be possible to invest business funds in stock market?