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TheCountOfNowhere

EBTs

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EBTs are in the news....

 

you know...you're a contractor, they pay you, you take it out as a loan....spend it....never pay the tax, never repay the loan.

if it's too good to be true...

https://www.telegraph.co.uk/tax/news/mp-targets-immoral-hmrc-retrospective-taxation-contractors/

 

Bloke I know has done exactly this....everything in his wives name, spent every penny, happy to go bankrupt.

What a ***t.

It all started in Glasgow....seems it's the done thing....

https://www.dailyrecord.co.uk/news/scottish-news/former-rangers-captain-barry-ferguson-10861191

 

Anyone worried ?

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It is absolutely clear that if the only purpose of the scheme is to avoid paying tax* than it is tax evasion and they can come knocking.   This is so absolutely plain that I don't see why people go for these schemes.

I run & own companies.  I do okay.  But even then I don't take the piss -- most of my income from them is paid paye and I don't muck about with the normal tax perks (eg, I don't have a company car), let alone get up to mischief with dodgy expenses and stupid perks.  Sure, I don't get so much cash, but I do get to sleep at night.

But it is so desperately clear.

I can accept that it might work out -- but IMO the only way you'll get away with this sort of thing is if you're very clever at it -- and if you're a mid-ranking wealth sort of person you're not going to be clever at it, nor able to buy your own clever tax advisors.  Relying on others to be clever on your behalf isn't clever if they're also telling thousands of others to do the same and they've got no skin in the deception.  

[*other than the ones clearly allowed by government, which even then are usually actually tax-delay, such as pensions]

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Doing this for x years and then fucking off back to your home country appears one way in which people could get away with it.

Aside from that bit nuts imo.

Rife in Aberdeen O and G apparently. 

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25 minutes ago, ccc said:

Doing this for x years and then fucking off back to your home country appears one way in which people could get away with it.

Aside from that bit nuts imo.

Rife in Aberdeen O and G apparently. 

I suffer from these scams, 2nd hand - winging in the pubs.

The NE is full of people who've got a 'good' accountant. Then, a few years later, find out theyve a fucking useless accountant.

Tax planning seems based on 'man in the pub' tax advisors.

I always ask them if they are working overseas/outside of UK territorial waters. Thats the first fuck they used to make, when the rigs moved closer to shore or thye started working on a gas rig in shallow coast water.

Then I ask if they are working for the same company for > 12 months. This is the current shitstorm thats going arounds . Loads of people who fail the IR25 employment test - working for a single company for too long, were 'too long; is arbitrary determined by HMRC rather than this magic '24 months' they keep telling me.

 

 

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3 hours ago, ccc said:

Doing this for x years and then fucking off back to your home country appears one way in which people could get away with it.

Aside from that bit nuts imo.

Rife in Aberdeen O and G apparently. 

Aberdeens about to see a different kind of down turn in that case

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Posted (edited)
6 hours ago, TheCountOfNowhere said:

EBTs are in the news....

 

you know...you're a contractor, they pay you, you take it out as a loan....spend it....never pay the tax, never repay the loan.

if it's too good to be true...

https://www.telegraph.co.uk/tax/news/mp-targets-immoral-hmrc-retrospective-taxation-contractors/

 

Bloke I know has done exactly this....everything in his wives name, spent every penny, happy to go bankrupt.

What a ***t.

It all started in Glasgow....seems it's the done thing....

https://www.dailyrecord.co.uk/news/scottish-news/former-rangers-captain-barry-ferguson-10861191

 

Anyone worried ?

They can only go back to 2015  (GAAR 2015 rules IIRC)i know many that have been caught and more that are waiting for the letter  

The worst part for them is they were paying a huge fee/ %  to a company(s) for arranging the scam  so they never seen all the gains but are liable for every penny ..... none of them would listen to me they are now paying 

Edited by Long time lurking

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6 hours ago, TheCountOfNowhere said:

EBTs are in the news....

 

you know...you're a contractor, they pay you, you take it out as a loan....spend it....never pay the tax, never repay the loan.

if it's too good to be true...

https://www.telegraph.co.uk/tax/news/mp-targets-immoral-hmrc-retrospective-taxation-contractors/

 

Bloke I know has done exactly this....everything in his wives name, spent every penny, happy to go bankrupt.

What a ***t.

It all started in Glasgow....seems it's the done thing....

https://www.dailyrecord.co.uk/news/scottish-news/former-rangers-captain-barry-ferguson-10861191

 

Anyone worried ?

They had a lot to do with bringing down rangers fc. There was a big tax case and a wee tax case where hmrc were trying to prove they were wages. All very dodgy and most amusing for non huns fans.

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