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.
I'm not a tax expert and acted on advice I was given. This was a mistake and I accept the ruling without reservation.
— Chris Moyles (@CHRISDJMOYLES) February 21, 2014
Upon advice, I signed up to a scheme which I was assured was legal. Despite this, my knowledge of the dealings of the scheme were naive.
— Chris Moyles (@CHRISDJMOYLES) February 21, 2014
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