Not a member of either but member of AVN, www.avn.co.uk
Going to their masterclass session again next week (Tuesday - Thursday)
On Monday going down to see Phil Ellersby from NorthernAccountants who is one of AVN success stories who has went from a shed in his back garden to a practice with turnover of more then £500k in 5 years with average fees per client of £3,200 and says his success is built on using AVN products. So going to see what his secret is.
Will probably look to join up with AVN at either foundation or advanced level. Although expensive can now afford to invest in it.
Currently on the starter package which get me access to some of their tools and also a member of proactive tax group which provides tax support. Using one of their advanced tax planning scheme, Alpha Trades, and pushing it out to a few clients. Client needs to either have £100k profits in year or £100k cash for it to work. The company behind the scheme is coming up in a couple of weeks to explain how it works to 4 clients who are interested in using the planning.
What I was predominantly looking for in the above two is the tools to the trade of accounting - The logistics of pulling everything together - working papers / schedules / general compliance tools not generally found in your average textbook.
These sites clearly come at a premium, 2020, I believe is a notable player in the subject matter I seek.
IMO Tax planning is the stage above tax compliance, considering the potential legal issues that may be there.
Tax planning, at that level of equity is an interest of mine, if only on a purely amateur level.
Your double dutch / double irish / mixed in with your isle of man scheme make up fantastic reading.
Then on the other side of the coin you have your k2 scheme, mixed with Mrs Hodge and the public accounts committee.
Still as I say, fascinating stuff!!!
-- Edited by abacus12345 on Friday 26th of February 2016 10:50:56 PM
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
The site is not in any way associated with any scheme mentioned by or discussed amongst any site members or casual visitors to it.
Readers are reminded that avoidance schemes that are deemed legal under current tax regulations may, as an exception to the generally accepted rule of prospective regulatory change, be altered retrospectively.
Any post promoting any such scheme, linking to those who may promote such scheme's or fascilitating meeting with such people will be removed from the site immediately.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Interestingly (well to me anyway) I have just been with my footballer client who has been telling me all about lots of his footballing colleagues and pals being caught up in one tax scheme which was legal when it was set up, but HMRC are now going after them. Fortunately my man didn't partake, despite what I'm sure was a clear temptation at the outset. He has already seen a few bankrupted.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Yes, the courts have upheld the principle of retrospective change. I think that the key case for this principle override related to the Blackfriars tax avoidance scheme. That sets presedent for other schemes to be overturned in a similar manner.
Another thing to a wary of is that known schemes are given a number. That is simply an HMRC reference number, it does not imply HMRC acceptance of the scheme, only that it is already known to them. Some people confuse schemes having a number as the scheme being accepted rather than it simply being on HMRC's to do list.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Some of these have earned mahoosive amounts, paid lots of tax but not as much as they would've done without the scheme, paid mahoosive fees for advice and now have demands for tax.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi
I wasn't referring to footballers. It goes without saying they earn silly money. Same with the biggest companies in the world - pay for the best tax advisors, best legal advisors. Big 4 come to mind. They are even allocated their own HMRC contacts. Money talks. Awesome if you can legally get through it all. Destroying if you lose.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Hi I wasn't referring to footballers. It goes without saying they earn silly money. Same with the biggest companies in the world - pay for the best tax advisors, best legal advisors. Big 4 come to mind. They are even allocated their own HMRC contacts. Money talks. Awesome if you can legally get through it all. Destroying if you lose.
I know you werent, but I was after it cropping up this morning, in talking to one of my clients. Could give you loads of other examples of more 'ordinary' folk being impacted and indeed some of the biggest companies.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I think it's fair to say the ordinary person always comes worst off. For the rich it's just another form of capitalism. I'm not sure of the cost of a second tier tribunal - I hear they can be expensive - I guess those with moderate schemes give up after losing the first tier due to costs.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
