Reply to: Kinsella Solutions Limited

This government gets more and more ridciulous every day. My pal has a Ltd. company in Canada - the government there doesn't chase him around for his pension and EI contributions.
At least we know whose backs all this family money is going to come from.

And this is "supposed" to be the easiest place to run a business in europe? No wonder the American's kick everybodies asses.

Elvis.

Re: Re:EBTs

Perhaps if the government made NIC workable there wouldnt be so many farken schemes to get out of paying this extra tax.

Mailman

Re:EBTs

Quote from the Revenue's 2004 Annual Report

National Insurance Avoidance – We have set up a National Avoidance Unit that will co-ordinate how we tackle a large number of NICs avoidance schemes. Specifically we are tackling around 13,000 schemes that rely upon exotic assets or trusts to avoid NICs

So the Revenue are targetting EBTs or anything that avoids NIC.

Re: Anybody use Kinsela ?

Consulting Overseas don't use an EBT structure. I've posted here before asking if anyone is using them, but no answer. The returns are good and I'm told is backed by Qdos insurance. However, if the scheme went tits up I wonder how good this will be.

Anybody use Kinsela ?

Anybody use Kinsela then ? What about a similar company with a similar scheme called ConsultingOverseas.com ?

Re: Re:Re: PBR

My understanding is that any existing arrangement was probably ok, as long as it wasn't advertised anymore...EBT based schemes taking on new people was a no-no?? Kinsella look like they are actively advertising their scheme.

Re:Re: PBR

From the Pre-Budget report

Avoidance of tax on remuneration
5.89 The Government is taking action in this Pre-Budget Report to remove the ability to avoid Pay As You Earn (PAYE) and national insurance contributions (NICs) liability on certain remuneration arrangements. This follows action by the Government in recent years against a variety of schemes, particularly ones designed to avoid tax and NICs on bonuses received by higher paid employees. To prevent exploitation of similar loopholes, the Government has also announced in a statement issued alongside the Pre-Budget Report
that it is prepared to bring forward legislation to counter any schemes of this type which are developed in the future. If necessary, such legislation would be effective from today.

So even if they get future legislation wrong they're still right. What's next - umbrella companies?

Re: Re:PBR

it will be challenged in the European Court of Human Rights (apparently it goes against our human rights)

Re:PBR

>will be retrospectively closed down

I think this may prove to be illegal but I wouldn't want to be the first to prove it in a court of law.
Think about it. It was legal yesterday. Legal today. Tomorrow it becomes illegal in the past. Think in 4 dimensions ...
Now, unless your name is Dr. Who and you have a time machine handy, how are you going to change it to comply with the law ?

No court would stand for it (or I bloody well hope so) !

Re:PBR

Agree with Malvolio

All forms of tax avoidance involving employee remuneration that the Government don't like in the future (they get to choose!) will be retrospectively closed down.

It might not be a bad idea...

...to wait and see what the outcome of the PBR's mention of "anti-avoidance legslation" turns out to be. You might suddenly find that such things are no longer legal.

I notice Hector has also reserved the right to make such legislation apply retrospectively. So there went another tenet of British democracy. >:

Kinsella

Did you ever get any advice on Kinsella Consulting ? Are you using them now ? Their figures look quite good, I'm thinking of joining.

Steve...

Milan

:rollin :rollin :rollin

Re: EBT Schemes

> it's still lying about awaiting to be ressurected at a later date

We're always on the lookout for good products to market - when it's ready give us a prod.

Have fun in Prague

We were looking for some cheap digs but Milan's mum kept waffling on about nice clean girls and wanted to charge by the hour for some reason. Perhaps her English isn't too good.

EBT Schemes

Due to time pressures, etc the new scheme has been completely shelved but it's still lying about awaiting to be ressurected at a later date.

The Prague trip isn't until 1st Oct...you guys coming across?

Oops...hijacked this thread, apologies!!

EBT's.....:x