Friday, February 21, 2014

Used

Former Radio 1 DJ Chris Moyles was trying to avoid paying £1m in tax in 2007/8, through a scheme called "Working Wheels". A tribunal has now declared that the scheme is not legitimate, after an appeal, and another 450 individuals who have claimed against it, will be contacted and asked to pay up.

The wheeze was the creation of a company called NT Advisors, run by Matthew Jenner and Anthony Mehigan; by participating, Chris Moyles claimed he was in the second-hand car trade. In his 2008 self-assessment form, he stated that his turnover from the trade in used cars was £3,731, that he had paid an interest charge of £63, the cost of goods sold was £3,827 and he had incurred other finance charges of £1,000,000, resulting in total loss of £1,000,159.

The tribunal said the real aim of the scheme was to make it appear, “as though by magic”, that members had incurred vast fees in order to borrow modest amounts of money they did not need in order to invest it in a “trade” they had no desire to pursue.








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