Originally posted by handyandy
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Reply to: HMRC's top ten tips for contractors
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Previously on "HMRC's top ten tips for contractors"
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Last edited by DonkeyRhubarb; 11 February 2016, 09:45.
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Interesting that the phrase 'Contractor loan scheme' is used so often but no other types of scheme are. Is the focus all on loan schemes now?
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The 80/20 also overlooks all the cases which never get to court.
The statement also makes it sound like taxpayers are in the driving seat as to which cases get to court.
HMRC, damn HMRC and statistics.
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Originally posted by NotAllThere View PostI want to know about the schemes within the 20% they lost...
the win ratio is arrived at by combining results at all levels of the tribunals and Courts. If you strip the FTT and UT results then the ratio starts to return to 50/50.
There is little consistency and often comes down to how much personal sympathy the judge might have for the claimant.
There are a couple of cases where a con man ran an operation in which you could invest with him to buy expensive shotguns. When he "sold" them, he encouraged you to reinvest the proceeds in new guns. It was a Ponzi scheme. However for tax purposes, you made an investment, made a profit and that's taxable. the fact that you reinvested was a choice.
HMRC raised assessments even though victims never saw the cash. two investors went to Court to challenge the tax bills in two separate cases. The first guy lost on the grounds that he was a businessman who could/should have spotted the scam and was being greedy. The second guy looked doomed. However either he was in the same Lodge as the judge (a different judge) or he played the "poor innocent" very well and the judge held that HMRC should apply a discretion which meant no tax due.
So a bit like statistics, you can take your choice of which was correct and in the above case my suspicion is that the HMRC win is within the 80% value, but the loss is not as it was HMRC being told to apply a discretion.
Life is seldom fair.
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HMRC wins around 80% of avoidance cases that the taxpayer chooses to take to court
If only HMRC were as good at administering tax as they are at spin...
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HMRC wins around 80% of avoidance cases that the taxpayer chooses to take to court
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Originally posted by DonkeyRhubarb View PostIf I was a ruthless, unconscionable bastard, I might start up a scheme myself. It's easy money, and virtually all the risk is on the users.
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An underground scheme once discovered (and they will be), will have the proverbial domestic appliance with taps and several yards of plumbing thrown at it. Penalties are a certainty.
where will the providers and their "QC opinions" be then?
Watching from afar.
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Originally posted by DonkeyRhubarb View PostI think HMRC may, rightly, fear that the schemes are about to get a second wind.
APNs have killed off the DOTAS reporting regime. From now on, schemes will not be disclosed. Everything will be opaque. Usage will be much harder for HMRC to detect.
The latest onslaught on contractors (T&S, divi tax, revised IR35) will be music to the ears of the scheme promoters.
If I was a ruthless, unconscionable bastard, I might start up a scheme myself. It's easy money, and virtually all the risk is on the users.
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Surely their top two tips should be:
1. Become a global business, we won't chase you for tax.
2. Become an MP, we won't chase you for tax.
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The law of unintended consequences
I think HMRC may, rightly, fear that the schemes are about to get a second wind.
APNs have killed off the DOTAS reporting regime. From now on, schemes will not be disclosed. Everything will be opaque. Usage will be much harder for HMRC to detect.
The latest onslaught on contractors (T&S, divi tax, revised IR35) will be music to the ears of the scheme promoters.
If I was a ruthless, unconscionable bastard, I might start up a scheme myself. It's easy money, and virtually all the risk is on the users.Last edited by DonkeyRhubarb; 10 February 2016, 11:01.
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Originally posted by webberg View Posthttps://www.gov.uk/government/public...r-loan-schemes
The above was published last week.
I recommend you read this and commend the fact that, 10 years after they should have done something, HMRC is trying (weakly) to be proactive.
However, I think you then need to be aware that the "Guidance" is in some places (in my opinion) incorrect and in other places is making threats that would be action only in the most severe of criminal cases.
I'm sure this will bring a lot of opinions. I have made mine available to Big Group for now and will post them here in a week or so. Or you can PM.
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HMRC's top ten tips for contractors
https://www.gov.uk/government/public...r-loan-schemes
The above was published last week.
I recommend you read this and commend the fact that, 10 years after they should have done something, HMRC is trying (weakly) to be proactive.
However, I think you then need to be aware that the "Guidance" is in some places (in my opinion) incorrect and in other places is making threats that would be action only in the most severe of criminal cases.
I'm sure this will bring a lot of opinions. I have made mine available to Big Group for now and will post them here in a week or so. Or you can PM.Tags: None
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