Property118 and Cotswold Barristers Rebuttal of Dan Neidle’s Allegations

I read the response from the KC & found it very difficult to understand as, most of it referred to the HMRC tax manual quotes.
I would have been much happier if, it was written in layman's terms, however this may have been difficult due to the referrals to the manual.
I wonder if Dan Neidle has now changed his opinion that this is not tax avoidance and has also if he has or is intending on substantially revising his articles.

Reply to the comment left by Leics Landlord at 04/10/2023 - 19:35
I was about to go down the same route as yourself it seems. On the one hand the outcome seems to suggest 118&CB are 'in the clear' but l, like you would like to see the actual findings and wording.

As everyone is pointing out, at the end of the day good advice or bad advice the bucks tops with the person who will be paying the tax bill and if HMRC come knocking then they will be ultimately looking at the person paying the bill for answers. If we need to have to prove at a later date that we took expert tax advice in full knowledge we did so for tax efficiency purposed (and not for tax avoidance) then we need to be able to see this info surely as part of what woudl be classed as due dilligence?

It will only take one ferret like HMRC inspector to start in on the 118 tax mitigation efforts to bring the whole edifice crashing down, or at least bring it to a halt for several years. The current users will be worrying themselves sick as well no doubt. We had an in depth tax inspection about 20 years ago which very nearly wrecked our marriage with all the nonsense the inspector came up with. Be very careful is all I have to say on the matter.

Hi Reluctant Landlord, folks. Our world is driven by sensationalism, internet click bate, etc. In the good ol days we had newspapers that was it, tomorrows chip paper. The past couple of years have beeen pretty traumatic, I could start a internet blog tomorrow, with the headline local councils to serve compulsory purchase orders on all landlords.... and off folks would go lol and then hopefully clicking on the we will buy you property, best mortgage deals, credit cards, etc. making me money and your life a misery. Now ive simplified it, but thats what you are basically seeing all the time, not just blogs but on facebook, tic tock, etc etc, eck how many are there now lol with respect my advice is unyoke from such, and plug in with something positive you can trust and rebuild ya faith in people.. I trust these folks they aint broke experts, sitting at home producing nowt but fear and doubt. We incorporated over a year ago, would have been sooner but I did my checks first. Impressed to say the least, They took on some lenders who tried to up the interest rates on folks like us on low interest rates. short version)......and won in High court. By comparison I can remember my then landlords association saying when this started oh we dont really get involved in financial matters lol, while dining out with MPs and trying to sell us so called educational courses lol Yep spending our money hob nobbin, and when section 24 was announced they knew nowt about it, so they said lol You may remember MPs actually clapped they really thought we were all greedy yuppie "o yeah I own a property" for investment purposes" while in reality many of us are hardworking hands on micro hotel owners lol now I pray for the folks who aint followed 118advice, our tax bill was previously horrendous and that was on low interest, before remortgaging many of our mortgages had tripled, the tax bill would have possibly killed us off, forcing us to sell, we are now able to carry on, things are tighter with the higher rates, but we feel safe, and as we remortage all of em are company mortgages anyway lol just like any other business. So I know what side of the fence im on, its a no brainer imho do or die, let me remind you of section 24... Section 24 removes a landlord's right to deduct the majority of their finance costs, including mortgage interest and arrangement fees, from their rental income before calculating their tax liability....the biggest robbery in history, fight it like we have, not a scheme, scam, avoidance, just rights in the tax manual, and mainly only top honest business folks highly trained tax barristers are aware off, the tax office aint gonna make ya aware of this, nor your bank or accountant lol nor landlord associations even if you are accredited lol This is not some secretive underhand scam, its our right under British law, sacred and to be fought for, eck it costs some, to sort with barristers, but long term so well worth it.. I believe its our jobs to be open on the facts, not become perceived tax dodgers nor boast in pubs etc. as previous yuppie property investors did lol We sacked our old accountant a friend bless him, kept saying it will be all right as our tax bill hit 10s of thousands lol no idea, I find it amazing that plumbers etc have to go on update courses but accountants dont, he would have bankrupted us, yes we are still friends, but our new charted accountants via 118 absolutely brill, not for fiddles lol but they understand the smart company structure, the tax manual,....and we feel part of that 118 family, I sleep at night now, nothing is guaranteed in this world Reluctant, other than "we are born pay taxes and die and pay taxes" if ya have worked hard own a home and over the inheritance tax threshold. How much we pay is dependent on our or an experts knowledge of that famous "tax manual" its our right to know, our fore fathers died so we have that right, please change ya handle to lovinit landlord lol the trolls on here will hate it, all they do is get off on fear and doubt, have you noticed all have assumed names, and never ever offer a solution, they hate people like me lol losers hate winners! for us anyway Propety118 rocks, I hope folks sitting on the fence seek their advice, not ol Freds down the pub, orworse still trolls you dont even know!, 118 have real names, not fake, love n peace Smiley 😊 fight back!

It is interesting that that Property 118 seems to be deleting any posts that I have made on this issue, even though I have not referred to any detail of the KC opinion, mainly I have commented on what was NOT included in the opinion.

Reply to the comment left by MessiahOfBodmin at 04/10/2023 - 14:16
lol there you go again, 1 tax adviser, out of 50 lol that is bloody brill I will take them odds. So positive in a world that just as an example has the following odds lol. Divorce rate 1 in 3 im still married, smoking causes 20 per cent of cancers 1 in 5. dying in a road accident (usa) 1 in 107, Any business, 20% 1 in 5 of new businesses fail during the first two years of being open, 45% during the first five years, near 1 in 2 and 65% 1 in 2 during the first 10 years. Only 25% of new businesses make it to 15 years or more. thats 1 in 4 chances of me rambling on when on a mission 1 in 1 lol respects mate, enjoy the banter, Smiley x

Reply to the comment left by MessiahOfBodmin at 04/10/2023 - 14:49
ditto lol and yeah love ya handle, lol sorry to be a bit harsh ref names, Smiley really is my name lol Respects to ya, you keep us on our toes, and nowt wrong with that, im really hoping the old yuppie investors are a thing of the past and landlording can be seen as a real business and service to our communities.

Reply to the comment left by Michael Holmes at 05/10/2023 - 12:11
wait until ya have the VAT man at ya house lol Tax inspections that comes with any business. imho

Reply to the comment left by Seething Landlord at 04/10/2023 - 14:00
lol I can take that that, trolls normally pick on me spelin as a last resort before f ing and blinding, nowt like taking control of a trols emotions lol I relate with the seething like yourself we worked very hard and at 68 was looking forward to some major travelling, all on the back burner, back in the saddle making sure we are safe and secure, I decided to embrace and move on, before I had a firm grip on been scorned by the government and events, just thinking about it is so frustrating. . cheers Smiley

I have now read and had time to digest an article on the website taxpolicy.org.uk and have the following comments.

They would be right about generic advice but my husband and I had bespoke advice.

They advise anyone that has already entered into dealings with Property118 as follows “………We would strongly suggest you seek advice from an independent tax professional, in particular a tax lawyer or an accountant who is a member of a regulated tax body (e.g. ACCA, ATT, CIOT, ICAEW, ICAS or STEP)………”

How wonderful, I am so glad because I was put in touch with a member of STEP via Property118 when it came to finalising our plans. Said person never once raised any warnings or advised us to hesitate or reconsider.

I do not have a crystal ball so I shall refrain from make predictions, but I would like to take a step back in history and compare and contrast how far professional ethics and standards have fallen over the past couple of decades.

I used to work for a large firm of London solicitors in the 70s and none of them would ever have put an article like that into print. They would have had a genuine fear of “bringing the profession into disrepute”. Besmirching and denigrating fellow professionals would have been considered beneath them. Differences of opinion would be settled behind closed doors, in Court or at a lawful tribunal.

The writer of the article seems to be acting as some sort of “agony uncle” at the behest of a would-be client or at least to someone curious as to the business model of Property118. They no doubt think they are a “whistle blower” trying to save people from both their own greed and that of Property118.

It is people’s own greed that makes them go into business in the first place. Or to save or to work or to study. They want more and better and there is a fine line between greed and ambition.

Depending upon your own ethics and politics ambition, enthusiasm and drive are welcome and admired or classed as greed and avarice.

Is it greed to want to keep more of what you earn, or your assets generate for you and your family? That is the question behind any and all tax and accounting inquiry.