User Profile

[Fred Bloggs]

Indeed. Though I expect there's loans or other dodgy stuff from this -...

[Fred Bloggs]

OP, run like crazy from this if you already haven't. You are in a tax avoidance loan scheme and it's going to end badly if you don't exit now.

[Fred Bloggs]

Yes it's been done to death already. But the reality is that there is a serious attempt underway by HMRC to raise substantial revenue by labelling certain accountants as MSC providers. If they win their case against boox and/or CK then it seems it's open season chasing any small Ltd Co that has used...

[Fred Bloggs]

Two hopes here, Bob Hope and No Hope?

[Fred Bloggs]

The answer is nobody knows. But if CK and boox lose their MSCP cases then it's game on. The smart move right now is use FreeAgent properly and use an accountant of your choice for ad hoc one off tasks like year end. Do the annual confirmation at Companies House, HMRC VAT and MTD submissions yoursel...

[Fred Bloggs]

Sad, but true....

[Fred Bloggs]

Quite

...

[Fred Bloggs]

Undoubtedly true. But despite all the publicity, there's still far too many people out there who only hear what they want to hear. Until that changes, this is going to run and run. Sadly....

[Fred Bloggs]

Well done on being proactive, you have come to the right place....

[Fred Bloggs]

I hope you're sending a link to that post to your colleagues for them to read. The sooner they decide to untangle themselves from tax avoidance schemes, the better it is for them. The clock is ticking for them. At the very least, they should immediately quit from the tax avoidance scheme and go with...

[Fred Bloggs]

But Sacco can just carry on if he wishes by using a sock puppet for his directorships. Really, this type of practice that results in nothing substantive in the way of punishment is effectively a green light for others to carry on. It's very sad.

[Fred Bloggs]

I have wondered how this came about with CK and Boox myself. There's the angle that both are quite big businesses. But not so big they can defend themselves with the very top tax barristers.

My present theory is that there were a couple of pretty ordinary IR35 or VAT type investigations...

[Fred Bloggs]

The enquiry opened in 2007 has no natural expiry date. Time to pay up, I would say. Despite what you were told and believed, the scheme was a tax avoidance vehicle. In the end, you are the person responsible for paying the correct tax on your income, not the scheme. Your accountant can help you check...

[Fred Bloggs]

It's a sad outcome, but I have long held they are part of "the problem" more than part of "the solution"....

[Fred Bloggs]

I think you already have the answer, right there....

[Fred Bloggs]

I guess they can afford to. With Dom Perignon all round....

[Fred Bloggs]

+1. Probably the best piece of advice on the entire thread. No point caving in if you can pay the same on account where there's a chance of getting your money back within the next 5 or 6 years. I have fair confidence myself that the majority of contractor limited companies will eventually be exonerated....

[Fred Bloggs]

Indeed. Perhaps the agenda has widened a lot more than I had recognised. Self employment was always seen as a good and aspirational thing to be encouraged by Conservative governments. But we no longer seem to have a Conservative government. I suppose that explains it all. Silly me ...

[Fred Bloggs]

In bold. I'd like someone who is talking to these tax advisers to ask that very question. I still cannot believe a book keeping service classifies an individual as an MSC without an individual case being heard on request. If it does, then the entire self employed sector of the economy is pretty much...

[Fred Bloggs]

Sad but true. Not to mention the stress and suffering of many families in the meantime. That's where my sympathy lies....