msi Posted September 14, 2023 Share Posted September 14, 2023 22 minutes ago, hurlerontheditch said: is this undeclared income? or what is it? Total amount of tax/duty on which penalties are based Quote Link to comment Share on other sites More sharing options...
spacedin Posted September 14, 2023 Share Posted September 14, 2023 (edited) When Section 24 was brought in, Mark said it would lead to his bankruptcy. Looks like he was right but not in the way he imagined. Oh the irony. Edited September 14, 2023 by spacedin Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted September 15, 2023 Share Posted September 15, 2023 The last I recall about Mark Alexander was his scheme to avoid the s24 tax by moving to Malta and become the Schodingers cat of Landlords, somehow simultaneously in and out of the UK for tax/mortgage purposes. Anyone know if this scheme paid off? Quote Link to comment Share on other sites More sharing options...
steve99 Posted September 15, 2023 Share Posted September 15, 2023 On 13/09/2023 at 17:01, PropertyMania said: Zahawi would be in jail if in the USA. Don't think he even got fined. HMRC are a joke Laws and taxes are for the small people in the UK. Quote Link to comment Share on other sites More sharing options...
bearishonhouses Posted September 22, 2023 Share Posted September 22, 2023 It gets worse. https://www.taxpolicy.org.uk/2023/09/22/amazing/?utm_source=substack&utm_medium=email Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted September 22, 2023 Share Posted September 22, 2023 42 minutes ago, bearishonhouses said: It gets worse. https://www.taxpolicy.org.uk/2023/09/22/amazing/?utm_source=substack&utm_medium=email Made my weekend. Quote Link to comment Share on other sites More sharing options...
msi Posted September 22, 2023 Share Posted September 22, 2023 1 hour ago, bearishonhouses said: It gets worse. https://www.taxpolicy.org.uk/2023/09/22/amazing/?utm_source=substack&utm_medium=email Quote The scheme should have been disclosed to HMRC under the “DOTAS” rules, but wasn’t – Property118 potentially face penalties of up to £1m. Oh God yes.... Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 22, 2023 Share Posted September 22, 2023 7 minutes ago, msi said: Oh God yes.... Quote Link to comment Share on other sites More sharing options...
btd1981 Posted September 22, 2023 Share Posted September 22, 2023 7 minutes ago, Si1 said: Now now, no need to cry! Oh, hang on... Quote Link to comment Share on other sites More sharing options...
Timm Posted September 22, 2023 Share Posted September 22, 2023 2 hours ago, bearishonhouses said: It gets worse. https://www.taxpolicy.org.uk/2023/09/22/amazing/?utm_source=substack&utm_medium=email Wow. The only tax I have ever paitd is PAYE, so I obviously don't have a clue what I am talking about, but this is so obviously fraud that it makes my giggles bounce. Avoidance? don't make me laugh. No, seriously don't, please don't make make laugh again - my insides hurt and I can't stand it. Evasion? Well yes, but by being so stupid and lying so much you have just made things so much worse. If I made the rules, they would just go to prison. In the real world? Financial ruin. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 22, 2023 Share Posted September 22, 2023 14 minutes ago, Timm said: Wow. The only tax I have ever paitd is PAYE, so I obviously don't have a clue what I am talking about, but this is so obviously fraud that it makes my giggles bounce. Avoidance? don't make me laugh. No, seriously don't, please don't make make laugh again - my insides hurt and I can't stand it. Evasion? Well yes, but by being so stupid and lying so much you have just made things so much worse. If I made the rules, they would just go to prison. In the real world? Financial ruin. I wonder if he still has his Russian girlfriend? Quote Link to comment Share on other sites More sharing options...
Timm Posted September 22, 2023 Share Posted September 22, 2023 34 minutes ago, Si1 said: I wonder if he still has his Russian girlfriend? You what? Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 22, 2023 Share Posted September 22, 2023 34 minutes ago, Timm said: You what? https://www.property118.com/im-getting-married-next-month-legacy-protection/ Quote Link to comment Share on other sites More sharing options...
dragging boot straps Posted September 22, 2023 Share Posted September 22, 2023 I don't believe hmrc will do anything because they are supremely incompetent. I know loads of undeclared landlords. Before any of you say... it isn't my job to tattle on them. It's the process put in place by the state to find them. Quote Link to comment Share on other sites More sharing options...
captainb Posted September 23, 2023 Share Posted September 23, 2023 8 hours ago, dragging boot straps said: I don't believe hmrc will do anything because they are supremely incompetent. I know loads of undeclared landlords. Before any of you say... it isn't my job to tattle on them. It's the process put in place by the state to find them. That's the thing that gets me. For all this big bad HMRC chat... They have had a computerised list of who owns what property for decades. And those who own multiple.... They have had a computerised list of who declared rental income for decades. And yet undeclared rental properties are still rife. Quote Link to comment Share on other sites More sharing options...
Staffsknot Posted September 23, 2023 Share Posted September 23, 2023 HMRC will wait and see how many and how much easy money is on offer Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 23, 2023 Share Posted September 23, 2023 9 minutes ago, Staffsknot said: HMRC will wait and see how many and how much easy money is on offer Irrespective of that isn't property118 itself separately in a fair bit of trouble for not declaring the scheme to HMRC in the first place? Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted September 24, 2023 Share Posted September 24, 2023 HMRC have just taken on loads of inheritance tax specialists. They know full well where to put their efforts to get maximum return. my best guess with the BTL lot, is that HRMC have realised that when they do try to chase back-dated taxes, they just end up putting lots of efforts in followed by the target just sticking two fingers up and going bankrupt? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 4, 2023 Share Posted October 4, 2023 For anyone on twitter I suggest a quick pop over to Dan Neidle's timeline. There's an interesting exchange from today. Essentially HMRC post a tweet linking to Dan's article on the myths of tax avoidance schemes, KC opinions etc and Cotswolds Chambers fire off a tweet calling the article "factually inaccurate" then quickly delete. Someone is rattled. Oh and 118 have got another KC opinion. They're not telling anyone, but like arseholes, everyone has an opinion. Quote Link to comment Share on other sites More sharing options...
msi Posted October 4, 2023 Share Posted October 4, 2023 57 minutes ago, 2buyornot2buy said: For anyone on twitter I suggest a quick pop over to Dan Neidle's timeline. There's an interesting exchange from today. Essentially HMRC post a tweet linking to Dan's article on the myths of tax avoidance schemes, KC opinions etc and Cotswolds Chambers fire off a tweet calling the article "factually inaccurate" then quickly delete. Someone is rattled. Oh and 118 have got another KC opinion. They're not telling anyone, but like arseholes, everyone has an opinion. KC opinions aren't football cards, you don't get through on the biggest collection. https://www.linkedin.com/posts/danneidle_property118-a-tax-avoidance-scheme-for-buy-to-let-activity-7107625159863197696-qTpN and for 'balance...' https://www.property118.com/allegations-made-by-dan-neidle-of-tax-policy-ltd-statement-from-property118-and-cotswold-barristers-2/ tldr: We are fine because this plan has never been sued before.... Quote Link to comment Share on other sites More sharing options...
bearishonhouses Posted October 5, 2023 Share Posted October 5, 2023 (edited) That Dan Neidle chap’s organization is really turning stuff up. They have dug up another non-working tax-avoidance/evasion scheme. https://www.taxpolicy.org.uk/2023/10/05/lt4f/ Extract Less Tax for Landlords is a high profile firm. They sponsor the National Landlord Investment Show and are promoted by the National Residential Landlords Association. They’ve sold hundreds of landlords a “hybrid partnership” structure which is supposed to avoid income tax, capital gains tax, stamp duty land tax and inheritance tax. It’s flown under HMRC’s radar, and so avoided about £50m in tax to date. But in reality the scheme doesn’t work, and triggers significant additional taxes. HMRC have just confirmed this. Worse, the scheme will in many cases default the landlord’s mortgage. Edited October 5, 2023 by bearishonhouses Clarity Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 5, 2023 Share Posted October 5, 2023 37 minutes ago, bearishonhouses said: That Dan Neidle chap’s organization is really turning stuff up. They have dug up another non-working tax-avoidance/evasion scheme. https://www.taxpolicy.org.uk/2023/10/05/lt4f/ Extract Less Tax for Landlords is a high profile firm. They sponsor the National Landlord Investment Show and are promoted by the National Residential Landlords Association. They’ve sold hundreds of landlords a “hybrid partnership” structure which is supposed to avoid income tax, capital gains tax, stamp duty land tax and inheritance tax. It’s flown under HMRC’s radar, and so avoided about £50m in tax to date. But in reality the scheme doesn’t work, and triggers significant additional taxes. HMRC have just confirmed this. Worse, the scheme will in many cases default the landlord’s mortgage. I cannot wrap my head around the fact that these people could have checked with multiple sources on the effectiveness of the scheme and been told its a pile of ******. Yet will belive the outfit asking 30k plus, that this will solve all your tax problems... it's absolute mad what victims we are to marketing. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 5, 2023 Share Posted October 5, 2023 6 hours ago, bearishonhouses said: That Dan Neidle chap’s organization is really turning stuff up. They have dug up another non-working tax-avoidance/evasion scheme. https://www.taxpolicy.org.uk/2023/10/05/lt4f/ Extract Less Tax for Landlords is a high profile firm. They sponsor the National Landlord Investment Show and are promoted by the National Residential Landlords Association. They’ve sold hundreds of landlords a “hybrid partnership” structure which is supposed to avoid income tax, capital gains tax, stamp duty land tax and inheritance tax. It’s flown under HMRC’s radar, and so avoided about £50m in tax to date. But in reality the scheme doesn’t work, and triggers significant additional taxes. HMRC have just confirmed this. Worse, the scheme will in many cases default the landlord’s mortgage. https://www.propertytribes.com/hybrid-tax-planning-hmrc-deliver-verdict-t-127661162-1.html Another great read if anyone is bored. Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted October 6, 2023 Share Posted October 6, 2023 (edited) Slightly different to these schemes - but perhaps more common? Watched a few property youtuber videos and some of these are pretty openly describing tax evasion. The typical example seems to be a property flipper - putting down a small amount of their own money, but using a larger amount from an "angel investor" and a bridging loan. Doing the property up and then selling and claiming Private Residence Relief, claiming all profit is tax free. Using an investor clearly shows the intent is to make a gain. Quote Private Residence Relief You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply: ....... you did not buy it just to make a gain Edited October 6, 2023 by Clarky Cat Quote Link to comment Share on other sites More sharing options...
no_dependent4663 Posted October 6, 2023 Share Posted October 6, 2023 (edited) On 9/24/2023 at 7:26 PM, jiltedjen said: they just end up putting lots of efforts in followed by the target just sticking two fingers up and going bankrupt? I dont know why this made me laugh 😂 Surely they would claim the guys assets? worth far more than the fine? Edited October 6, 2023 by no_dependent4663 Quote Link to comment Share on other sites More sharing options...
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