Adam

[Adam @JA12EGA]

@wealthagent @JoeJohn40273818 Well this part is clear!

[Adam @JA12EGA]

@wealthagent @lionheart_jon I’ve read and understood the new terms as HMRC have completely removed employers NI where it’s a PSC in its true form of 1 director/employee. They won’t be therefore charging the contractor employers NICs, only income tax and employees NI.

[Adam @JA12EGA]

@wealthagent @lionheart_jon The opportunity has also been missed to consider business expenses too which everyone will now be paying tax on. At least for those using PSC’s, they’re no longer being charged Employers NICs on top of Income Tax and NI. Now that was double taxation!

[Adam @JA12EGA]

@wealthagent @lionheart_jon You mean 45%! The problem is compounded because of the duration people used these schemes. Won’t comment on why HMRC took so long but people were either high earners or used for years upon years.

[Adam @JA12EGA]

@wealthagent Well they’ve subsequently increased a proportion of tax bills and possibly their own (unless they’ve already settled) as a result. Counter productive given their purpose. Why didn’t they just extend it to accountants fees too, might as well tax those whilst they are at it! 🤦‍♂️

[Adam @JA12EGA]

@wealthagent Thought LCAG are supposed to be campaigning for victims and from what I’ve read, the founders also faced large tax bills. Surely they understood the consequences of arguing the Promoters fees were earnings. What were they trying to achieve!

[Adam @JA12EGA]

@wealthagent I really don’t understand why the loans are being grossed up. How can the Promoter fees be taxed as income when they’re practically an expense. Any how, I’ve calculated my liability now and my liability is also higher using these new settlement terms.

[Adam @JA12EGA]

@abz4819 @JonnieBoyRacer Oh my, what’s all this about now.

[Adam @JA12EGA]

@JonnieBoyRacer @abz4819 Who’s that supposed to be?

[Adam @JA12EGA]

@Nervous_72 @LondonLovesBiz Wow! That isn’t anywhere near the suggested “discount.” The calculation is specifically designed in my opinion to remove liability for only low earners. Anyone earning a decent day rate, it’s either very similar or even higher to previous settlement terms.

[Adam @JA12EGA]

@wealthagent Clearly I need to get my head around all this. I was of the understanding they gross up the loans to take into consideration the fees for each year separately. Then deduct the promoter discount of £5-10k each year and calculate income tax and NI for each year from the remainder.

[Adam @JA12EGA]

@wealthagent Am I missing something? The new settlement terms are calculating the tax based on the year the loan was originally received as well as no late interest penalty

[Adam @JA12EGA]

@ElkHunter78 Me too

[Adam @JA12EGA]

@HannieEvan @wydAriaX @grok The 138 billion views are just views. He’s posted over 1,000 videos since his career has started so 138m followers that have all watched his videos once would be fair.

[Adam @JA12EGA]

@JonnieBoyRacer Not me

[Adam @JA12EGA]

@JonnieBoyRacer Lots of chat on UK Contractor forums about this and lots of support if you need it

[Adam @JA12EGA]

@glr_1990 Thanks Graf. Missed that but then raises questions on the scale up plan and progress. Bring that SPAC on and Germany online!

[Adam @JA12EGA]

@Towlie1981 @glr_1990 What am I missing? What doesn’t bode well for MKA?