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About PaulParanoia

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  1. Just got back from Morzine in France. You can ski across to Switzerland without showing a passport. The only thing separating them is a 'Welcome to Switzerland' banner.
  2. https://www.moneyadviceservice.org.uk/blog/what-the-changes-to-overdraft-fees-mean-for-you "Interest on all overdrafts will be charged at a single annual interest rate (APR). No daily or monthly fees for using your overdraft. The same interest rate for arranged and unarranged overdrafts." So it looks like the banks are ramping up the interest rate to make up for the money lost on daily and monthly fees.
  3. Unfortunately the upcoming IR35 changes do nothing to increase the rights of the low paid who have been forced to use a contract.
  4. No issue with that at all. Key word here is 'sanctioned'. Following dodgy advise from fly-by-night internet accountants who don't have indemnity insurance is a recipe for disaster.
  5. Despite the pages of debate here I'm still to see any evidence that HMRC ever approved one of these 'loan the money to yourself and never pay it back' schemes. While it is legal to take a loan instead of a salary, not paying said loan back in order to evade income tax has never been an HMRC 'approved scheme'. It doesn't matter weather you stated the scheme on your tax return or not. Simply disclosing such a scheme on your tax return DOES NOT MAKE IT LEGAL. There may be a valid argument that HMRC should have queried these schemes sooner and asked for evidence of repayment schedules for the loans. But again, just because they didn't do that, it doesn't mean that they approved the scheme or considered it a legal method of tax avoidance.
  6. Glad to hear you don't have an issue with paying the back tax, there's many people out there who do. Did you ever have it in writing from HMRC that the scheme you set up for yourself and your employees was approved? If so, that would be very different from most one-man-band contractors who entered into these schemes with little or no diligence. If you have documented proof that HMRC approved your scheme it should be possible to challenge their retrospective demands.
  7. I was offered one of these EBT schemes back when I was a contractor. 10 minutes of googling at the time showed that these schemes were not approved by HMRC and could be investigated in the future (just ticking the 'declared scheme' box on your tax return did not make it 'approved'). Other contractors I worked with decided to go for it. IMO, people joined them out of either ignorance or greed and shouldn't be whining now they have to pay back the evaded tax.
  8. My comment was written before this new round of funding was issued. I agree, the new funding seems very expensive.
  9. Everyone in the UK got all there money back when they IceSave went under. I have friends who got more than the FCA protected amount back. Could the same happen with UK banks?
  10. That's probably positive news for the share price. He comes across as being 'out of touch'. Some fresh blood will be good for the business.
  11. https://www.mortgageintroducer.com/metro-bank-sell-521m-mortgage-book/ Metro is well capitalised. It has a Tier 1 capitalisation of 12.7%. I read this is better than all other UK banks (but don't know if it's true). 16% jump up in the share price during the last few hours of trading today. I should have bought in after posting the above this morning. Coulda, shoulda, woulda.
  12. I think they sold this off recently at a small loss. IMO this could be a great value play. The current share price seems disconnected from the underlying financials of the business. Could be worth a punt on a medium term hold (1 to 2 years) at the current prices.
  13. I'm sure English is the big draw. But I'm also sure there's plenty of people who came to the UK just because of the open benefits system too.
  14. Looks like Canada have some form of Tax Credits too. So 4 of the top 6 preferred migration destinations offer this sort of 'incentive'.
  15. As far as I'm aware, and I'm no expert, only the US, UK and Australia operate such a system.
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