Well there was another article in the Mail on Sunday last week about Chancery UK, a film finance and tax planning firm, going under.
Is this is surprise?
Of course it’s not.
When these various plans were promoted one of the issues was how to get business in.
Well the obvious answer was get somebody else to sell it for you so accountants, financial advisors, tax consultants and goodness knows who were approached to sell these plans to their clients.
What was the incentive?
Huge commissions payable to the introducers.
We were approached many times and always rejected them because when I read through one plan and pointed it out to my client, a premier football player, I said I’ve read it, it sounds wonderful but just look at this and read it please.
The paragraph simply says in very straightforward language well this is the plan but of course we don’t undertake or guarantee its right – the risk is with you.
My guy said thanks very much, walked away, put his £400,000 back in his pocket and – as far as I know – has kept it ever since.
So these plans are going up and blowing up in everybody’s faces. HMRC were very slow to get onto attacking these plans and as a result people who actually thought they were bona fide put their money into them and there is no reason why they shouldn’t.
They are advised by professional people they are bona fide, they are legal, a great way of saving tax and of course it had gone on for a few years. Then suddenly boom – it’s all going off.
We have been approached now by numbers of professional people and firms who entered into these contracts saying what do we do, our business is going under, we’re losing our houses, there must be a way of trying to settle this.
Well there is – you come to KinsellaTax. We have dealt with these matters with HMRC, we have successfully negotiated long-term settlements that have effectively allowed people to pay back debts over a period of time and save their businesses, their houses and quite frankly I believe in some cases their lives.
So whether or not you are in a scheme that might be affected, get in touch with KinsellaTax. We have an expert dealing with this matter, speak to him, his name is Kevin Kinsella Jnr and he (along with his team) will guide you through this minefield and take the strain off your shoulders.
Mind you it’s not easy, there will be persistent worry, there will be delays, there will be negotiations with HMRC but everything that needs to be done will be done to lead you through this shocking problem.