Originally posted by flamel
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Reply to: Today's Budget
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Previously on "Today's Budget"
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Originally posted by dmc View PostAnyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
How about you go and Foxtrot Oscar, being a speck of a useless spunk trumpet.
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Originally posted by webberg View PostI'll leave it to others to say what it makes you.
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Originally posted by dmc View PostAnyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
I think everybody here realises that when hindsight is applied they have allowed themselves to be fooled into something inappropriate.
(OK, I accept that some may have taken a punt, but I can honestly say that they represent less than 1% of the people I speak with).
Coming in with smug comments protected by anonymity of a forum name does not make you a philosopher or keeper of the moral high ground. I'll leave it to others to say what it makes you.
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Originally posted by dmc View PostAnyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
Why not turn up at the next CUK meeting and make your comments face to face?
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Originally posted by LandRover View PostGo and do one...you have no clue of individuals circumstances of why they ended up where they did.
What a righteous idiot!
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Originally posted by dmc View PostAnyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
What a righteous idiot!
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Originally posted by SomeDude View PostThat's probably exactly what you will hear from someone else in a year or two, when HMRC/HMG will start to retrospectively punish the use of LTD companies by contractors.
It's less aggressive than the marketed schemes but it's still regarded by the authorities as tax avoidance.
IR35 was anti-avoidance legislation after all.
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Originally posted by dmc View PostAnyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
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Originally posted by Mojito View PostSo does the above in effect over-ride the discovery windows of 4/6 years - can the "charge" (plus interest presumably) be levied on loans where no enquiry has been raised?
It looks like HMRC have picked an arbitrary (although highly tactical) date to cut through annoying "out of time" constraints. Is that the case?
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Is anger justified?
Anyone who took one of these loans knew what they were doing. It wasn't wise planning it was just evasion.
So why the righteous indignation? You took a punt, tried to pay no taxes, it didn't work.
I can't honestly believe that anyone entered into one of these and didn't give themselves a sly chuckle at how smart they were getting one over on the man.
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Over-rides the 4/6-year discovery windows?
Originally posted by flamel View Post10.The charge will apply where:
a. The loan was made at any time prior to the amendments to Part 7A, outlined in Chapter 4, coming into force (including where the loan was made before Part 7A was first introduced);
b. If the same loan was made after those amendments came into force it would be taxable under Part 7A (including if it would already have been taxable under Part 7A if made before it was amended); and
c. The loan, or part of the loan, is outstanding on 5 April 2019.
It looks like HMRC have picked an arbitrary (although highly tactical) date to cut through annoying "out of time" constraints. Is that the case?
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Tax charge on loans
The timing of when the charge comes into effect, 5 April 2019, is no accident.
This is during the final year of this Parliament, before the May 2020 election, when the Govt has set itself the target of having a budget surplus.
A big windfall tax like this would be very convenient in that year.
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Originally posted by westtester View PostIf an agency is responsible for determining your status AND drawing up your contract, presumably they could be persuaded to word the contract in such a way that you are able to be declared outside IR35? Otherwise they might find it much harder to find contractors willing to take on PS roles. I look forward with trepidation to the next round of consultation on what HMRC considers to be business rules.
Suffice to say that my firm has a number of clients (more than a few dozen) to whom we supply services and we used a similar tool which returned a "borderline" result for us!
I think it safe to conclude that 90% or more tests will come back as "employee".
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