HMRC enquiries for Talent Resource Management (TRM) / Cherrylon / Trentburg Schemes

[DonkeyRhubarb]

Template for replying to HMRC consultation

NTRT have prepared a template letter for people to respond to the consultation. Please alter it in your own words.

Latest News | No To Retrospective Taxation

HMRC will have to report to the Minister how many responses they got, so every letter counts !

[WAZZIE]

talent/cherrylon first time contractor

I used talent/cherrylon as a first time contractor, for around 3 years in total - and around 4 years ago.
I have had my 08/09 and 09/10 tax demands which are adding up to quite a lot of money. I have disputed both via my accountant.
this has now been bumbling along for a while, I have passed all the details I kept from my time under this scheme which wasn't much, to my accountant, who has in the last few days said the end is in sight and that I will be paying around the 20K mark..

anyone got any news on this ? is my accountancy firm selling me down the river...
if I am advised to pay up, will this leave me in credit with hmrc should any decision be made in favour of this not being a well structured ebt?

[jbryce]

I used talent/cherrylon as a first time contractor, for around 3 years in total - and around 4 years ago.
I have had my 08/09 and 09/10 tax demands which are adding up to quite a lot of money. I have disputed both via my accountant.
this has now been bumbling along for a while, I have passed all the details I kept from my time under this scheme which wasn't much, to my accountant, who has in the last few days said the end is in sight and that I will be paying around the 20K mark..

anyone got any news on this ? is my accountancy firm selling me down the river...
if I am advised to pay up, will this leave me in credit with hmrc should any decision be made in favour of this not being a well structured ebt?

>the end is in sight
Really? In what respect is the 'end in sight'? Is your appeal complete or have you accepted the amounts specified by HMRC?

For what it's worth, my accountant is telling me to be patient and wait.

[convict]

there is talk of an HMRC settlement "offer" appearing in the next 6 weeks. From what I've heard it's not really much of an offer so to speak. In reality the situation is still the same; no FTT case applicable to TRM et al.

[DonkeyRhubarb]

there is talk of an HMRC settlement "offer" appearing in the next 6 weeks. From what I've heard it's not really much of an offer so to speak. In reality the situation is still the same; no FTT case applicable to TRM et al.

These so-called settlement opportunities typically require payment in full including interest.

The only carrot is the exclusion of penalties, which probably don't apply to EBTs anyway.

I don't know why HMRC bother really because there's virtually no incentive to settle.

[Simon john]

Just picked up letter

Whats the best way to deal with this?

[vern19]

Whats the best way to deal with this?

Appeal in the first instance and then read the threads

[tomcroll]

Second letter for 09/10

Hi,

I received a letter last year and appealed as everyone else did.

Is the same letter valid for this year? I need to send it off soon but my accountant said that new legislation may mean it doesn't work this year.

My accountant is not that helpful though

[convict]

Hi,

I received a letter last year and appealed as everyone else did.

Is the same letter valid for this year? I need to send it off soon but my accountant said that new legislation may mean it doesn't work this year.

My accountant is not that helpful though

yes, reuse the 08/09 appeal/postponement for you 09/10 and/or 10/11 assessments. As per your accountant, the future (July 2014 onwards) is currently uncertain regarding appeals/payments etc.

[convict]

yes, reuse the 08/09 appeal/postponement for you 09/10 and/or 10/11 assessments. As per your accountant, the future (July 2014 onwards) is currently uncertain regarding appeals/payments etc.

I should also add, only you know whether or not appealing is what you really want to do and you need to understand the implications there (possible interest accrual etc.) The alternative is to pay it off.

Of course appealing/postponing is purely that; it does not resolve the matter.