Reply to: Anyone using Kinsella or PaySchemePlus?

[BrilloPad]

This thread not been active for nearly 11 years, Chamu. Not seen Rebecca Loos since that year. Allowing the post to stand in case anyone else can help but you might be better off looking or posting in the HMRC Scheme Enquiries forum here HMRC Scheme Enquiries

And in particular try big group....

[administrator]

Hi Rebecca,

I used this scheme between 2008-2010. HMRC had back come to me in 2013 saying the loan income is taxable. Did
you ever face this issue?

Regards,
Chamu

This thread not been active for nearly 11 years, Chamu. Not seen Rebecca Loos since that year. Allowing the post to stand in case anyone else can help but you might be better off looking or posting in the HMRC Scheme Enquiries forum here HMRC Scheme Enquiries

[chamsuresh]

Payscheme

you're right, I should have said "if people use them and achieve savings through spurious expenses claims, then they haven't fully understood the mechanism"
But whatever
Yes it is reassuring to have an exit strategy

May I point out though that the scheme is not actually illegal as the rules stand now.
But since HMRC is allowed legally to change the rules at any moment, retrospectively too, it is very likely that the scheme will become illegal whenever HMRC happen to look at it and decide they don't like it.
But surely this is true of any scheme, including people who think they are outside IR35, people who pay themselves dividends worth £000s from one company share only, .... anything has got the potential to be retrospectively illegal - in theory.

The fact that Payscheme+ offered you poor customer service is disappointing however. I think I only ever have to call them when I got started, and never since. It's not a good look.

cause you have to sign a get out clause for them

No. I never had to sign any such clause. Not sure what you are referring to.

Hi Rebecca,

I used this scheme between 2008-2010. HMRC had back come to me in 2013 saying the loan income is taxable. Did
you ever face this issue?

Regards,
Chamu

[ASB]

The point is rather than relying on the enthusiastic but amateur legal advice on here, go and pay a tax specialist for a proper legal opinion.

Probably the most sensible words written for some time. Mind you a qualified formal opinion from a tax barrister is not cheap.

It may well be the case that any scheme is viable, without knowing the full details of it how can anyone tell? It is also fair to say that they are certainly a bit "dodgy" and skirting at the margins of legtimate tax planning.

EBT's for example were largely decried as "that won't work". However the fact is they did - when properly set up and administered. In fact they worked so well that the treasury introduced explicit legislation to ensure that EBT's operated in this way became ineffective. Of course any EBT based schemes now are probably on dodgy ground.

[Mordac]

"Taking advice from this forum could be seriously bad for your financial health "

That's never a good sales pitch, insulting your potential victims - sorry customers.

[ChimpMaster]

Yeah you're right, and payschemeplus's still running, what should i do?

So OK, you're with PSP. They seem to have a very dodgy reputation but apparently are still growing - my mate was interviewed for a job there as an account manager (or sales person?) but didn't get it.

[cojak]

I'm not going to tell you the result of my findings cos I paid good money to get a legal opinion,

Oh, right. How about getting good tax/accounting advice (of which there are a couple of real accounting/tax advisors contributing here - hallo Darren, Simon, ASB... )?

I'm sure they'ed be happy to talk to anyone in a professional capacity.

And I wonder what their advice be regarding composites vs Umbrellas vs Ltds?

No, don't tell me - let me guess

Or even better - read the stickies, newbies!

So - bets are on...

[malvolio]

I wonder if he's read the press about a certain record-breaking composite going into administration - and who is being chased for the missing tax. (hint: it's not the administrators of the scheme...)

[DaveB]

The point is rather than relying on the enthusiastic but amateur legal advice on here, go and pay a tax specialist for a proper legal opinion. As for explaining thread ressurection and why I specifically joined the forum to you - now that is pointless.

Well since most of us use good specialist accountants who know how the contracting world works I think we already get our tax advice from reputable sources. Many of those here have been in the contractiong game for decades - you know who you are - and know their way around the tax system pretty well in their own right. One or two are directly involved in the PCG as well.

As far as the explanation goes it would at least establish that you have no connections with Kinsella and no ulteria motive for trying to put a positive spin on a thread with negative views of them and their tax schemes.

Right now you look like nothing more than a Kinsella stooge.

[ojock]

Possibly explain to us why you specifically joined the forum to ressurect a thread that died on it's arse 9 months ago just to try and put a positive spin on the schemes involved?

The point is rather than relying on the enthusiastic but amateur legal advice on here, go and pay a tax specialist for a proper legal opinion. As for explaining thread ressurection and why I specifically joined the forum to you - now that is pointless.

[DaveB]

Yeah you're right, and payschemeplus's still running, what should i do?

Possibly explain to us why you specifically joined the forum to ressurect a thread that died on it's arse 9 months ago just to try and put a positive spin on the schemes involved?

[ojock]

And this thread is soooo old too

Yeah you're right, and payschemeplus's still running, what should i do?

[Ardesco]

And this thread is soooo old too

[ojock]

Taking advice from this forum could be seriously bad for your financial health

Listening to the likes on malvolio and so forth on here, you would've thought you needed to ask the taxman permission first before you can fart.

Your best bet is to seek a proper legal opinion on payschemeplus, which is what I did. Yes it does cost money up front, but at least these people are experts on case laws and precedents, and can give you an educated opinion on the risks and issues with running these schemes. They can ask the right questions and prove the validity of their claims. They can also advice you on future steps you should take to mitigate your tax position.

I'm not going to tell you the result of my findings cos I paid good money to get a legal opinion, so I believe you should do the same. And I especially wouldn't want people on here who diss the scheme getting a freebie on me, they might well be right with their rather unsubstaniated opinions, but when was the last time they went to lawschool?

[ASB]

Guys

I do understand what you are saying, and if I wasn't in any doubt or had no morals what so ever then I would have just gone and done it, without even airing it on here, but I did, because I wanted the valuable opinion of my peers.

Now.. who knows anything about buy-to-let through a limited company. I realise I can't use my existing one as lenders don't especially like that, but if I had a sister company, which did the property thing to my existing company, how would that work??

Can work quite well. Can completely screw you up. Especially if you emigrate. The property board on the motley fool is probably a good place to start you research.