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

[DonkeyRhubarb]

Is this tool accurate?
https://debtguard.co.uk/CMS/Home/Ind...live?MenuId=70

Doesn't look relevant to tax debt.

[nazar]

From Salios -

Assignment Solutions (ASIOM) EBT Loan scheme - SUPPORT
You are not alone!

A great deal of work is and has been done to support contractors in other very similar arrangements and those doing that work, myself included, are willing to share the benefit of it with those formerly employed by Assignment Solutions. This has not previously been available to former ASIOM employees because we have had no way of identifying or contacting you (for reasons that shall be apparent if you follow the instructions below).

If you received loans from ASIOM and have either an open enquiry or discovery assessment from HMRC in respect of those years please send an email [email protected] providing your full name and address, loans received and the tax years under enquiry or assessment and arrangements will be made to give you access to a secure website containing a large amount of advice and information on the issue and your options. That includes either the current Settlement Opportunity or litigation, for which arrangements are being made.

Simply posting here or DM'ing me will not get you that help.

There will be no cost to you for being given access to that advice and information.

If you have no open enquiry (typically opened under s9A TMA 1970) or discovery assessment you can relax. HMRC cannot now assess or collect income tax in respect of loans made by the ASIOM EBT. They are out of time to do so.

I emailed them yesterday (and I think Mrs B had already done that). How responsive are they?

[neil99]

I emailed them yesterday (and I think Mrs B had already done that). How responsive are they?

I got a response pretty quickly.

[100Steve33]

I emailed them yesterday (and I think Mrs B had already done that). How responsive are they?

Does anybody have any reading material on the implication of not getting loans written-off? PM me if too sensitive for the thread please.

[neil99]

Does anybody have any reading material on the implication of not getting loans written-off? PM me if too sensitive for the thread please.

Nothing specific except the settlement with HMRC will not be final and you may expect more tax bills. But best ask a specialist.

[nazar]

Does anybody have any reading material on the implication of not getting loans written-off? PM me if too sensitive for the thread please.

what do you mean by "not getting loans written-off"? My understanding so far is that our loans were deemd to be dividents paid because they were never loans in the first instance. It makes it more complicated that we now have now one to pay back the loans to as the companies have all disappeared. So, we can't demonstrate they are loans by partially paying them back (even if 2% pa). surely if we can pay something back then we are demonstrating that these are genuine loans..... right ?

[MrsB1974]

Apologies if this is explained elsewhere, but why don't APNs include interest? If that's the case then why would anyone settle rather than wait for an APN?

Aslo, how is interest calculated? so if we are looking at an ammount from 2006/2007 to date, then what percentage would be the interest (if anyone can reverse calculate this)?

Definitely contact Hector for a calculation - you've got nothing to lose. But FYI here are the interest rates and timings from my SO calc:

- from 29/9/09 = 3.0%
- from 24/3/09 = 2.5%
- from 27/1/09 = 3.5%
- from 6/1/09 = 4.5%
- from 1/1/09 = 5.5%
- from 6/12/08 = 5.5%
- from 6/11/08 = 6.5%
- from 31/1/08 = 7.5%

[DonkeyRhubarb]

Apologies if this is explained elsewhere, but why don't APNs include interest? If that's the case then why would anyone settle rather than wait for an APN?

The APN legislation only allows HMRC to collect the tax.

There seems very little incentive to settle.

Settling means paying all of the tax + interest, with no chance of ever getting it back.

When you pay an APN there is still the possibility of getting the money back if a court subsequently finds that the scheme worked.

[MrsB1974]

Thanks DR. No brainer then - unless jury is still out on whether NICs will be applied for APNs? The interest amount in my settlement calc is around £1.7k so probably NIC would equate to more than that.

Thanks also Neil99 for your PMs.

[Boobetty]

If we are looking at an ammount from 2006/2007 to date, then what percentage would be the interest (if anyone can reverse calculate this)?

On mine the interest worked out as follows:

2005/06 - 33%
2006/07 - 25%
2007/08 - 18%
2008/09 - 15%
2009/10 - 12%
2010/11 - 9%

It seems astounding that a tax bill from a decade ago can increase by a third due to incompetency and/or resource issues within HMRC. As for the Settlement Opportunity, it is for this reason that I am (as they say in Dragon's Den) 'out'.