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Recent content by Vallah

  1. V

    I always knew we were right....

    Trustees of offshore schemes will ONLY pay into bank accounts belonging to the individual for the loan element.
  2. V

    Unreliable Umbrella- Not being paid on time- Furious

    All of the major UK high street banks use Faster Payments. This means that any payments between these banks (and the upper limit is commonly £100,000) automatically go via Faster Payments, which for 99.99999% of payments means an almost instantaneous transfer. 3 days BACS would only be used if...
  3. V

    Offshore schemes

    Who says? HMRC? Despite what they think, they don't make the law and the weight of law firmly says that loans aren't income. Even the decision in the badly run Rangers case came down against HMRC on this. The current investigations into the old EBT scheme are nothing more than a try on by HMRC.
  4. V

    Balance Sheet - how to calculate...

    Trade debtors, cash and assets are on the debit side, creditors and share capital are on the credit side. The reason non-accountants get confused is because bank accounts show positive cash balances on your bank statement as a credit. This is because they owe money to you.
  5. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    Some of the promoters listed above are still in existence, and where this is the case I think the people with an enquiry would be best contacting the companies concerned. Not everybody is going to have to pay twice.
  6. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    Indeed.
  7. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    That might be true in their case, but not in the majority of cases.
  8. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    Where has anybody been misled Michael? The overwhelmong response from everybody has been to say "get your appeal in".
  9. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    At this early stage I'm not sure it really matters as long as you appeal, as you say. However if you do put a few technical points in, you can always bat it back to them when they invariably don't answer the points when they send the next auto-generated letter out.
  10. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    If anybody who is worried about the 08/09 letters, (especially those who can't get in touch with old providers) would like a suggested reply to HMRC, I'd be happy to provide some wording. I'm not interested in touting for new business so don't need to know anybody's real name, but obviously...
  11. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    There have been two recent letters from HMRC recently, the first asking for details of loans received in the year 10/11, and the second more recent one where they state that the loans received in 08/09 should be taxed as income, with demands for payment. As Donkey Rhubarb says, the second is a...
  12. V

    HMRC Enquiry letters on Loans from EBT and other schemes

    Victory for the taxpayers in the Charlton case as the UT confirms that HMRC's discovery assessments were unlawful - RPC Tax Take The above case makes it very likely that the discovery notices are unlawful in any case. HMRC are acting outside their powers, and are trying to scare people into...
  13. V

    Loans from EBTs and other Trusts

    Anybody receiving letters (or even phone calls in some cases) from HMRC should not deal with HMRC themselves, but should get in contact with the scheme promoter asap. We have the expertise to deal with HMRC accordingly, and we are duty bound to defend you, as we said we would.
  14. V

    Bedouin Tax Solutions

    I haven't heard that they've stopped trading, and gossip like that normally spreads around the IOM like wildfire.
  15. V

    Invoice Factoring Firms

    I think you need to do a bit more research into how factoring actually works. You're on the hook for all of the money unless you take out very expensive bad debt protection, and normally they won't offer this if one customer makes up a large proportion of your total debts.
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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
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