Quote:
Originally Posted by Hugh
Discussing applying for a grant (and then not applying after discussions) ≠ using a dodgy tax scheme...
Loan Based Remuneration Schemes - People who use these schemes had their salary paid in loans, instead of being paid in the usual way. Normally, when you’re given a loan, you have to pay it back, often with interest added.
But these loans are paid to people in such a way that means it’s unlikely that they’ll ever have to repay them. In other words, the person receiving money from a loan scheme kept it all. And, they don’t pay any tax on this money, even though it’s clearly income.
Do you really believe professional people didn’t think/know that using a scheme that meant you avoided any tax on earnings was dodgy?
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Most just tend to shove everything into the hands of their accountants and leave them to it whilst they concentrate on their business/career. Unwise, but true.
My salient point was that people are expected to take an interest in their affairs and cannot hide behind the third parties working on their behalf.