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HMRC enquiry into loan

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    HMRC enquiry into loan

    A few years ago i signed up to what i thought was a standard umbrella company (will call this company1). I was paid in 2 blocks, a salary and a loan.
    I recently recieved a letter from HRMC requesting a self assessment. When i called them querying this they had a note on the system stating that i had recieved a loan which they think should be taxable.
    The 'umbrella' company in question has since 'closed' and a new one created (conmpany2 ) which uses a JSOP method?
    Haivng a word with company2 they have advised that the loan should not be taxed, as there is a loan agreement in place with company1.
    Can any one offer some sort of advice on what i should do here please?

    #2
    Is the basic premise that you'd be paid as a loan that would simply be defaulted and never chased?
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

    Comment


      #3
      Join Big Group.

      http://forums.contractoruk.com/hmrc-...big-group.html

      Comment


        #4
        Originally posted by LondonManc View Post
        Is the basic premise that you'd be paid as a loan that would simply be defaulted and never chased?
        Call me naive but maybe that is the case? Initially I thought i was signing up to a standard umbrella company.

        Comment


          #5
          Originally posted by BrilloPad View Post
          50+ pages so will take some time later and have a whiz through. Could you give me a quick low down what big group is?

          Comment


            #6
            Originally posted by D15 View Post
            Call me naive but maybe that is the case? Initially I thought i was signing up to a standard umbrella company.
            Sadly too many contractors do not investigate thoroughly.

            However you cannot change the past. Only learn for the future.

            Comment


              #7
              Originally posted by BrilloPad View Post
              Sadly too many contractors do not investigate thoroughly.

              However you cannot change the past. Only learn for the future.
              Yes... Looks that way.

              Any suggestions on how I move forward from here?

              Comment


                #8
                And the fact they offered a loan didn't start the alarm bells ringing?
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment


                  #9
                  Originally posted by northernladuk View Post
                  And the fact they offered a loan didn't start the alarm bells ringing?
                  As I said previously ... It looks like I made a mistake - which is now done. Posted the original message to move forward and try to get this resolved.

                  Comment


                    #10
                    Originally posted by northernladuk View Post
                    And the fact they offered a loan didn't start the alarm bells ringing?
                    Add into the mix slick salesmanship by Chartered Accountants and you may have a sense why some of us were not as careful...hindsight is wonderful.
                    http://www.dotas-scandal.org LCAG Join Us

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