Gordon Berry

Business Adviser. Chartered Certified Accountant and Chartered Tax Adviser. NLP Master Practitioner.

[Gordon Berry @wealthagent]

@jayhornby_lfc @itcontracting Not one single person invited by LCAG to meet with the APPG on 2nd December, to discuss the outcome of the McCann Review, was someone who’d agreed a settlement only to find that astonishingly the ex-CIOT President then recommended better terms for those who hadn’t!

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro It’s a travesty that those with pre-DR loans haven’t been offered these improved terms. Nor have those who stretched themselves to the limit to settle by the 2020 deadline & who may still be paying & still in danger of default.
Some struggled to pay the tax but still face fhe IHT

[Gordon Berry @wealthagent]

Times up for those who simply refuse to settle?
#loancharge

[Sky News @SkyNews]

🗣️ "I will be giving HMRC funding to improve compliance and stronger powers to collect overdue tax from those who can clearly afford to pay, but ignore repeated contact." - Chancellor John Healey

https://t.co/0rrF1kP4kU

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro HMRC likely to be looking to settle all schemes within the parameters of post 9/12/2010 and 5/4/2019 as stated in the McCann Review terms of reference.

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro Do you mean pre-DR?

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro The new settlement offer basically asks you to pay income tax & NI on what you received (untaxed), with no interest, no penalties and no IHT. Plus a deduction for fees and an extra £5k deduction.
Very fortunate compared with facing #Loancharge plus 6 years interest!

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro There was no interest on any charge that I dealt with back before the 30/9/2020 deadline. So ironically it was an interest free loan! Payable on the earlier of moving house or from your estate. Can’t be sure if that’s still available now for those who didn’t engage previously.

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro You would need to complete an assets & liabilities statement. At 30/9/2020 HMRC didn’t access the pension & they made a commitment in Parliament that they wouldn’t ask anyone to sell their house in order to settle. HMRC would though take a charge on the house.
All that can change

[Gordon Berry @wealthagent]

@pm12396674 @TheSecretAcct Indeed.

[Gordon Berry @wealthagent]

@pm12396674 @PedantPedro There can’t be emotion in a tweet. That’s why emojis were created. And it can’t be my emotion if it’s a quote.
You & I have discussed this before. Some people have decided they’re a victim & so that prevents them from looking at what could be done.

[Gordon Berry @wealthagent]

The body speaks (unconsciously).
Watch him shake his head each time he makes a false claim.
It’s almost comical.

[The Secret Accountant @TheSecretAcct]

Is this a parody account? Founders Tax is a proper chocolate fireguard.

[Gordon Berry @wealthagent]

@PedantPedro The new McCann settlement terms are the opportunity for people to agree what can be paid. Refusal to engage with HMRC means the #loancharge will apply and HMRC may seek to enforce. It’s been 6 years since the settlement deadline.

[Gordon Berry @wealthagent]

@MattBofStoke As it stands: pre-DR there may be no liability for HMRC to collect unless a s684 notice or an unpaid APN.
But post-DR the liability is the #loancharge (or Discovery) if they don’t accept the new settlement terms within 60 days. The LC is an actual liability under the law.

[Gordon Berry @wealthagent]

@Mick_Sewell2000 @StuartMaggs Yes interest if the claim to reduce is genuinely over estimated, but also there is the potential for penalties if there is little or no basis for the reduction claim i.e. if we just reduce the POA to £nil with no reasonable estimate or basis.
S59A(6) TMA1970

[Gordon Berry @wealthagent]

Wait, I thought HMRC said the CCM’s were there to help. I’m sure tax club said the billionaires would welcome them. Reckon HMRC just want to help make sure their “customers” don’t miss out on any tax reliefs, or expense claims.

[Politics UK @PolitlcsUK]

🚨 NEW: HMRC has created a list of more than 200 UK billionaires and assigned each of them a personal "Customer Compliance Manager" to ensure they pay their taxes

[Gordon Berry @wealthagent]

@StuartMaggs Yes, as you say based on last year’s earnings so how would this interact with a claim to reduce payments on account, and the penalties for doing so carelessly.

[Gordon Berry @wealthagent]

@_adamcherry_ When a company is in financial difficulties it will often look to accelerate its income....same thinking if its a country in financial difficulties.

[Gordon Berry @wealthagent]

@GuidoFawkes Not as helpful as we might have hoped 👇

[Gordon Berry @wealthagent]

@LoanChargeBurst Yes quite possibly related.
https://t.co/5GuaI442zb

[Armadillo - Tax Support @ArmadilloSupprt]

After the "carrott" of the McCann Review settlement terms (for some!) here comes the stick....2.35 "The government will shortly publish a consultation on a package of measures to tackle the promotion and use of tax avoidance, including: 1/2

[Gordon Berry @wealthagent]

Income £1.392 trillion
Expenditure £1.506 trillion
Shortfall (Deficit) £114 billion
https://t.co/wHON0IL3o8