HMRC Enquiry letters on Loans from EBT and other schemes

[Chods]

Payment of this assessment could be an admission of liability for 2008/09 and earlier/later years (if applicable). Read my previous posts for further guidance on what to do.

Surely this cant be true. Seems the HMRC have already accepted this is careless on our part. They've scrambled to get in before the 4 year deadline, why bother doing this if they feel its lawful to back as far as 2002 or whatever.

[DonkeyRhubarb]

Also what period of time do you think it will be until another letter is sent out or will it go very quiet for a while?

According to a recent National Audit Office report, HMRC (conservatively) estimate that there were around 70 promoters of ebt/loan schemes and 20,000 users. The scale of the challenge facing HMRC is truly staggering.

HMRC's current strategy is pretty obvious. They are fishing among these 20,000 for people who will surrender and pay up. That's why they came up with the so-called "Settlement Opportunity" to try and draw folks out.

If you appeal then I would expect it to go quiet for a long time.

[Monicas knee pads]

All sorted.

Hi, could you assign me PM rights too please? Thanks

[Monicas knee pads]

(also posted in SANZAR thread)

I, for one, am interseted interested in Michael's offer.
My understanding is that he is suggesting an approximately 2 hour seminar: part information part questions (preferrably questions prepared in advance)
Covering things such as who he is (obviously), history of EBT schemes and HMRC investigations,
what to expect next and some mistakes to avoid.

If anyone would be interested in attending one in London, in the next couple of weeks. (or knows how to get a good deal on a hotel meeting room in London). PM me and I will try to co-ordinate

Dan

Dan - have not got PM yet, but am interested

[Chods]

So by paying up, dont you think you admitting you did something wrong?

I think you can not ask others what to do, ultimately it's your call. But tax planning, which tax avoidance is, is not a criminal offence, and what HMRC think and what is the actual law at the time of 08/09 are totally different.

Seek professional advice and contact firstly whoever you were employed by. AIMO

But, its only tax avoidance if the scheme was not breaking the law. If HMRC challenge the scheme and find that it was never indeed legal, then surely they can legally ask for the unpaid tax.

[TheDandy]

But, its only tax avoidance if the scheme was not breaking the law. If HMRC challenge the scheme and find that it was never indeed legal, then surely they can legally ask for the unpaid tax.

You are in danger in tying youself up in knots listening to the virtual angel and devil on each shoulder. This is exactly what your new friends want.

I wouldn't add to your pressure by imagining worse case scenarios like Tax Evasion. Ultimately you must decide what is right for you after weighing up the pros and cons. HMRC wll be more than happy to take your money. Once they have issued a closure notice then I imagine the matter is closed (for the respective year in question) but only the experts can confirm for sure. Maybe if you catch Hektor on a good day you can negotiate the years you want closure for (expert advice needed - would ADR procedure be relevant?).

Most of all whatever you do don't have any regrets and don't dwell too heavily on this. Good luck with your decision!

[Csg]

I received the letter from hmrc today, asking me to pay a few thousand pounds for my loans from Penfold for 2008/9.
Assuming a similar letter will come for 2009/10.

Has anybody else on here also used Tract Management?

[JustAContractor]

JustAContractor

I'm interested in attending.

Thanks.

[varunksingh]

I received the letter from hmrc today, asking me to pay a few thousand pounds for my loans from Penfold for 2008/9.
Assuming a similar letter will come for 2009/10.

Has anybody else on here also used Tract Management?

Quite a few used Penfolds through cascade. We have formed a group here
http://forums.contractoruk.com/hmrc-...de-london.html

Was Penfolds also available through others like Tract Management? Are Tract Management still around?

[varunksingh]

But, its only tax avoidance if the scheme was not breaking the law. If HMRC challenge the scheme and find that it was never indeed legal, then surely they can legally ask for the unpaid tax.

I say all decisions should be based on facts. Now AS FAR AS i have been able to research, I have not found a case where HMRC has won against an EBT using loans. I for one will only start talking about paying it or settlment once i have some FACTUAL information confirming what HMRC are saying is correct