Edge EBT thread

[varunksingh]

Here is the link to HMRC's recent announcement:

https://www.gov.uk/government/news/h...avoidance-case

You can PM me if you need a copy of the full judgement or you can find it on the Government website.

It is unlikely that Mr Boyle will appeal the decision.

Expect some important developments in the early New Year.

Michael would really appreciate and will help a lot of people if you can explain how My Boyle's affects an EBT case. Is Ranger's case not more related to EBT's?

[ammark]

An Email from Edge on Oct 21, 2010

Was just searcing through emails from Edge in my Inbox and found the following.....Just wondering what responses have Advantage Accounts submitted so far.
---------------------------------------------------------------------------------------------------------

Dear All
It has come to our attention that a small number of Edge Consulting employees have received a letter from HMRC requesting information regarding their Self Assessment Tax Return for 2008/09 and previous years.

As previously advised the Edge Consulting EBT scheme is a tax avoidance scheme registered with HM Revenue & Customs under the Disclosure of Tax Avoidance Scheme (DOTAS) rules and along with most other such schemes has inevitably attracted the attention of HMRC.

The scheme has been under review for some time and we have received similar inquiries in previous years; however, please rest assured that the scheme has been subject to regular review and scrutiny by expert legal counsel whose opinion is that the scheme is compliant and fully satisfies the relevant legislation.

In order to assist you with the latest inquiries of HMRC, we have appointed Advantage Accounts Ltd to respond to HMRC on behalf of all our employees that have been affected. Accordingly, if you have received correspondence from HMRC regarding the enquiry please contact Advantage Accounts in the first instance on 0844 800 6985.

Advantage Accounts will be providing a response to HMRC shortly on behalf of all employees effected, however if you have any further queries please do not hesitate to contact us.

Kind regards,
Edge Consulting Ltd

[ammark]

Independent Chartered Tax Accountants

Hello

If someone knows a Chartered tax accountant whom he can trust, would it be any good for him if he works with him instead of Dandy/Saleos?. The proposal from Saleos is attractive, but there are somethings in the detail which are making me uneasy:

e.g.

"...The initial fees quoted in our engagement letter is based on the information available to us. We reserve the right to revise the estimate if it becomes necessary to do work which is additional to that anticipated at any stage."


My fear is that estimate would be revised down the line, and there are no powers with us. It would be all down to the service provider and his interpretition of the circumstances.

Secondly, if the critical mass of 25 is not achieved, the proposal says that then Saleos will be happy to engage with individuals and his fee is £250/hour. However, there are no guaratees here that if someone is not happy to continue (if critical mass is not achieved), then the full amount of £750 + VAT will be returned.

Thridly, there is no mention that the fee can actually be reduced if for example many more people join the proposal than that of critical mass of 25?

Could someone comment who is supporting Saleos position e.g. DonkeyRhubarb

[Ron Swanson]

Hello

If someone knows a Chartered tax accountant whom he can trust, would it be any good for him if he works with him instead of Dandy/Saleos?. The proposal from Saleos is attractive, but there are somethings in the detail which are making me uneasy:

e.g.

"...The initial fees quoted in our engagement letter is based on the information available to us. We reserve the right to revise the estimate if it becomes necessary to do work which is additional to that anticipated at any stage."


My fear is that estimate would be revised down the line, and there are no powers with us. It would be all down to the service provider and his interpretition of the circumstances.

Secondly, if the critical mass of 25 is not achieved, the proposal says that then Saleos will be happy to engage with individuals and his fee is £250/hour. However, there are no guaratees here that if someone is not happy to continue (if critical mass is not achieved), then the full amount of £750 + VAT will be returned.

Thridly, there is no mention that the fee can actually be reduced if for example many more people join the proposal than that of critical mass of 25?

Could someone comment who is supporting Saleos position e.g. DonkeyRhubarb

Sorry - was going to respond to your PM today
Re your concerns above - its best to email him directly, but my understanding is:
i) If he doesn't make the numbers required for it to be worth his while, he will refund the money
ii) Price is fixed - whether he gets 25 or 250 - take it or leave it
iii) Re reserving the right to vary the estimate etc - I guess that this Clause could be 'abused' - but nothing so far seems to suggest that he is the type of person that would

[DonkeyRhubarb]

Sorry - was going to respond to your PM today
Re your concerns above - its best to email him directly, but my understanding is:
i) If he doesn't make the numbers required for it to be worth his while, he will refund the money
ii) Price is fixed - whether he gets 25 or 250 - take it or leave it
iii) Re reserving the right to vary the estimate etc - I guess that this Clause could be 'abused' - but nothing so far seems to suggest that he is the type of person that would

£750+vat wouldn't go far if someone hired their own advisor.

A lot of the work involved is the same whether an advisor is representing one user of the scheme or a group of users. Hence there are economies of scale with a group, and it works out a lot cheaper for all the members. This would certainly be true if it ends up in litigation (FTT).

[ammark]

Thanks

Hello

Thanks Rhubarb. Your reply makes sense, but this deadline of Dec 27....Is it written in stone? I happened to talk to Michelle Booth (now in Redstone) today and she was saying that she may come up with her suggestions in the next 2-3 weeks on the way forward and group representation.

Any comments?

Thanks

[greddy]

Hello

Thanks Rhubarb. Your reply makes sense, but this deadline of Dec 27....Is it written in stone? I happened to talk to Michelle Stone today and she was saying that she may come up with her suggestions in the next 2-3 weeks on the way forward and group representation.

Any comments?

Thanks

Who is Michelle Stone? Or do you mean Michelle Booth at Redstone

[ammark]

Who is Michelle Stone? Or do you mean Michelle Booth at Redstone

I beg your pardon. Yes, it is Michelle Booth. Mind is completely blown off right now. I have corrected the original post as well.

[ramzanamin]

Hello

If someone knows a Chartered tax accountant whom he can trust, would it be any good for him if he works with him instead of Dandy/Saleos?. The proposal from Saleos is attractive, but there are somethings in the detail which are making me uneasy:

e.g.

"...The initial fees quoted in our engagement letter is based on the information available to us. We reserve the right to revise the estimate if it becomes necessary to do work which is additional to that anticipated at any stage."


My fear is that estimate would be revised down the line, and there are no powers with us. It would be all down to the service provider and his interpretition of the circumstances.

Secondly, if the critical mass of 25 is not achieved, the proposal says that then Saleos will be happy to engage with individuals and his fee is £250/hour. However, there are no guaratees here that if someone is not happy to continue (if critical mass is not achieved), then the full amount of £750 + VAT will be returned.

Thridly, there is no mention that the fee can actually be reduced if for example many more people join the proposal than that of critical mass of 25?

Could someone comment who is supporting Saleos position e.g. DonkeyRhubarb

I have joined Saleos, if you have questions please contact directly, we really need to stop airing everything in public as HMRC monitors this site

[CanPayButWouldRatherNot]

secret squirrel

I am a bn66er but will also caught when the ebt loan scheme unravels with montpelier ... I have to say this thread is very interesting so will be sad to see you folks go private.

if you could do the odd summary for the rest of us bystanders I for one would be very grateful.

CPBWRN