Edge EBT thread

[dangerouswhensober]

Thanks again Webberg ...

... for the very interesting background.

IMO - every little thing we learn about the 'enemy' is useful (or could be in future)

Bet you're sleeping better since you cast off the helmet and renounced the Dark Side ...

[chr16v]

Indeed. I took from other discussions that if you ask HMRC "What's this settlement thing all about?" they'll give you a figure to start you off. At least that way I know how much to squirrel away before the APN arrives.

Correct me if I'm mistaken somehow.

Here are the basic details of my experience in asking for a settlement calculation.
I called them in January and after a brief conversation they were able to look up on screen my 05/06 and 06/07 tax returns. They said they would calculate a figure based on the loan amount detailed in my returns. I asked for the figure and they said they would send it me but this took 12 weeks !

What did they send:
A covering letter with an apology saying sorry for the delay. Also detailed in a table is my 2 years Edge exposure with boxes showing the loan amounts and additional boxes showing the income tax on those loans and the interest acrued as well.
No Inheritance tax
A letter from Jan 2008 telling me that they intend to enquire into the return for year end 2006
A letter from Dec 2008 telling me that they intend to enquire into the return for year end 2007
A tax summary from the 06 return along side their revised version showing the income tax due
A tax summary from the 07 return along side their revised version showing the income tax due
Then a sheet displaying a break down of the interest. I really dont understand this at all !
A settlement statement for anyone to complete who wishes to settle on the figures provided.

I have alsways read and been told that asking HMRC for a settlement calcualtion does not damn you or damage your position so i recomend finding out what figure they are talking about, without it you are running blind.

A word of warning though, i have heard if you are looking to join s29ers now (at this late stage) the joining fee has doubled to cover proposed actions. And there might be an additional gotcha fee if you have asked for a setttlement calculation. The figures HMRC want and then the groups fees on top are eye watering to say the least.

[Living life on the Edge]

Indeed. I took from other discussions that if you ask HMRC "What's this settlement thing all about?" they'll give you a figure to start you off. At least that way I know how much to squirrel away before the APN arrives.

Correct me if I'm mistaken somehow.

sorry, then I agree with your stance....you were very unclear in your original post and did not take the opportunity to clarify it when I questioned it (inserting the word 'HMRC' instead of 'they' is all it would have taken, in a post where you were otherwise talking about groups!).

[Living life on the Edge]

A word of warning though, i have heard if you are looking to join s29ers now (at this late stage) the joining fee has doubled to cover proposed actions. And there might be an additional gotcha fee if you have asked for a setttlement calculation. The figures HMRC want and then the groups fees on top are eye watering to say the least.

I think there is a moral in there somewhere.....seriously though, anyone wishing to join an established group now should not, IMO, expect to join on exactly the same terms as someone who had the foresight to join, say, 16 months ago. The landscape we are in has changed (Finance Act 2014 hadn't been published, APN's were probably just an idea on a whiteboard, for example) - call it a 'head-in-the-sand supplement' if you like. It is what it is....ultimately, individuals have a choice - they can seek to join a group for representation, or they can go it alone.

I also don't think it is appropriate to talk about the joining fees in a public forum, so perhaps we should just leave it there?

[chr16v]

I also don't think it is appropriate to talk about the joining fees in a public forum, so perhaps we should just leave it there?

Agreed, no mention of fee values, probably best to steer off this point. The danger now though is that we have a new breed of inquiring group joiner. The ones who no longer contract, werent aware of the seriousness of DOTAS, were getting on with their lives and most importnaly also cant afford to join because they are back with normal employment and dont have the earning potential of their compatriate long term contractor.
I sympathise with them, they have returned to being the PAYE tax payer with permantent employment and had no idea what was bubbling behind the scenes. Its not their fault.,

[SimonJones]

Here are the basic details of my experience in asking for a settlement calculation...

What did they send:
A covering letter with an apology saying sorry for the delay. Also detailed in a table is my 2 years Edge exposure with boxes showing the loan amounts and additional boxes showing the income tax on those loans and the interest acrued as well.

No Inheritance tax

No IHT, I would definitely get this checked out. As I understand, Edge schemes are subject to IHT!

[evildrome]

3 APN's dropped on the door mat yesterday from the c**ts at HMRC.
Also, what was the point of moving the settlement deadline to end of June when you've started sending APNs now.

The point is to put the frighteners on so you'll settle. Which may turn out to be a mistake.

If you received an APN and decided to settle now and it later transpires that the scheme is good, you could reasonably appeal the settlement on the grounds that you settled under duress.

Just one more consequence of a badly thought out piece of legislation.

[MercladUK]

The point is to put the frighteners on so you'll settle. Which may turn out to be a mistake.

If you received an APN and decided to settle now and it later transpires that the scheme is good, you could reasonably appeal the settlement on the grounds that you settled under duress.

Just one more consequence of a badly thought out piece of legislation.

Pay APN - if your scheme wins at FTT/UT then you will get your money back
PAY via the Settlement opportunity - YOU WILL NOT GET YOUR MONEY BACK EVER!!

[gettingangry]

Discovery Assessent

From HMRC**ts website - "Unless the loss of tax has been brought about carelessly or deliberately, if the information 'discovered' was already in the officer's possession when the self assessment became final, HMRC have no right to make a discovery assessment."

I have a letter stating the assessments are based on the P11D figures... hang on a God damn minute... these were on the tax return... so you f**kers aint discovered anything new.

Also see Gabelle Tax Analysis: Discovery assessments

[oldcoboler]

Hi,

I've received an advance notice of an APN for the 2005/6 and 2006/7 tax years for my time with Edge. The notice states that the APN will be issued in the next 1-8 weeks...

Admin,

Could I be granted pm access please?