EBT HELL: Assignment Solutions Isle Of Man / Premier Tax Strategies / DMS

[Rab]

Oh wow - how did you find this? Is MGC Hayles a reputable organisation? Has anyone contacted them to find out whether they (the individual) was covered by the 'fighting fund'?

I just found this by accident looking for EBT info. We need to contact RSM Tenon and ask them if this statement is true.

[webberg]

I just found this by accident looking for EBT info. We need to contact RSM Tenon and ask them if this statement is true.

Sorry to harp on, but I've not been able to find any statement on whether RSM Tenon or Premier Strategies put funds on deposit for contesting with HMRC, nor, if that is the case, how those funds can now be accessed.

There is a "review" by AVN that says they prefer EDF Tax as a party to contest claims but they want a minimum of £2k from members. (Search for "mytaxclub").

I'd appreciate a pointer please.

[Rab]

Sorry to harp on, but I've not been able to find any statement on whether RSM Tenon or Premier Strategies put funds on deposit for contesting with HMRC, nor, if that is the case, how those funds can now be accessed.

There is a "review" by AVN that says they prefer EDF Tax as a party to contest claims but they want a minimum of £2k from members. (Search for "mytaxclub").

I'd appreciate a pointer please.

Positive (and not cynical) help to former Tenon-Premier Strategies SME Clients | MGC Hayles

[webberg]

Positive (and not cynical) help to former Tenon-Premier Strategies SME Clients | MGC Hayles

Thank you - appreciated.

Seems to indicate that users of Premier schemes had to pay into some kind of fund which is now held outside the original companies (long since in administration/liquidation) and that if you had paid in, you were entitled to use of those funds in a defence.

Hayles seem reluctant to say where those funds are and how they are accessed. Presumably though other firms could also access those funds?

Presumably also the trustee of the funds would/should/could contact the potential beneficiaries and keep them up to date with expenditures?

Not trying to be cynical here but I'm a tad worried that the prospect of free advice is a great marketing ploy and I wonder how deep those funds actually are?

[MrsB1974]

IHT decision from HMRC

Just received my final calculation for settlement and they've decided that IHT is *not* applicable.

They've enclosed a form where you say yes / no whether you agree with their calculation, and you have to give an indication of how long you need to pay (30 days, 90 days, longer than 90 days).

I've chased the tax advisor (who initially said to pay up) to try and get some answers to my questions but I'm not holding out much hope.

What's the general feeling fellow ASIOMers? Will you settle or fight?

[StrengthInNumbers]

I will pay the APNS and not settle. Not at least until a proper contractor EBT scheme is tested in courts. Cannot see any benefit in settling.

[Boobetty]

Thanks for the update MrsB. Personally, (assuming IHT is omitted from mine) I shall have a go at settling. However, as I do not work at present I would need several years to pay off my liability. I am not a homeowner and my car is sh1t. Hence the decision on whether to settle or not is in the hands of HMRC. If they agree to a time to pay offer over five years then I may go for that. But the funds would have to come out of the allowance my wife gives me to pay the bills, runs the house, look after the nippers, etc. If they don't agree to it then I have little choice but to fight it.

If they include IHT they won't get a penny. Most of my neighbours are wealthy farmers who won't pay IHT when they die so I am buggered if I am paying it while I am alive. HMRC can just foxtrot oscar.

[frodo]

Just received my final calculation for settlement and they've decided that IHT is *not* applicable.

They've enclosed a form where you say yes / no whether you agree with their calculation, and you have to give an indication of how long you need to pay (30 days, 90 days, longer than 90 days).

I've chased the tax advisor (who initially said to pay up) to try and get some answers to my questions but I'm not holding out much hope.

What's the general feeling fellow ASIOMers? Will you settle or fight?

Would love to fight but there don't seem to be any groups defending ASIOM so we would have to hire our own counsel which could run into six figures. As for waiting to see what happens to other EBTs, I don't think that strategy will work. Sure, HMRC issue FNs for schemes that are similar to the ones they beat but I doubt it will work the other way. I can't see HMRC saying to ASOIM members "here's your money back because we lost to a similar scheme to yours". They will hang on to APN cash for dear life and we will have to prise it out of their lifeless hands at tribunal. And it will take years.

[DonkeyRhubarb]

Would love to fight but there don't seem to be any groups defending ASIOM so we would have to hire our own counsel which could run into six figures. As for waiting to see what happens to other EBTs, I don't think that strategy will work. Sure, HMRC issue FNs for schemes that are similar to the ones they beat but I doubt it will work the other way. I can't see HMRC saying to ASOIM members "here's your money back because we lost to a similar scheme to yours". They will hang on to APN cash for dear life and we will have to prise it out of their lifeless hands at tribunal. And it will take years.

Don't take this the wrong way, I'm not having a go at you.

So, you would hand over a 5- or 6-figure sum and then do nothing to try and get the money back?
Basically just write it off.

[frodo]

Don't take this the wrong way, I'm not having a go at you.

So, you would hand over a 5- or 6-figure sum and then do nothing to try and get the money back?
Basically just write it off.

Well if it's going to take 6 figures to hire a QC, with no guarantee you'll get the costs back even if you win, years of stress and then potentially lose anyway then settlement is worth considering. It's a personal choice for everyone. There's no right or wrong.