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  1. #1

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    Default Big Group or tax adviser?

    So I have discovered as evidently many others have that I was in a loan scheme (Redstone) that HMRC have since deemed I must pay tax on despite thinking it was all above board at the time etc etc...naive and stupid...

    I was only in the scheme for a little over a year - one tax year and a few weeks of the previous tax year. Won't say exactly how much I got in loans but between 80 and 100k total. I have received one discovery assessment notice for the previous tax year which I have appealed and postponed as the amount stated was completely incorrect as I was only in the scheme for a few weeks that tax year. Still waiting to hear back from HMRC on that one.

    My strong preference would be to be transparent with HMRC and find out exactly what I owe for both tax years including the one they haven't issued a discovery assessment notice for yet and settle it. I probably do not have enough to pay the whole thing upfront but could pay a large lump sum initially.

    I have read a lot about big group and would be interested in joining. Is it better to join big group and seek settlement with HMRC myself using the resources there or is it better to engage a tax adviser (thinking about WTT as seen them recommended on here) to act on my behalf?

    The thing I am really concerned with is gaining finality/closure and that includes all the inheritance tax and loan liability etc etc I have read about on these forums.

    I would appreciate any tips about which route to go down. I have a severe anxiety disorder and as you can imagine the financial uncertainty is triggering this massively. I just want to make it go away if I have the means to do so.

  2. #2

    TripleIronDad

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    Tax adviser will just get you to settle.

    If you want to fight, join Big Group. They might help you get a better settlement or stop the loans being recalled. However this could take years.

    Your anxiety disorder - is your doctor aware? Are you on the HMRC vulnerable list? Feel free to PM me for more details.
    We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender.

  3. #3

    Nervous Newbie


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    Quote Originally Posted by BrilloPad View Post
    Tax adviser will just get you to settle.

    If you want to fight, join Big Group. They might help you get a better settlement or stop the loans being recalled. However this could take years.

    Your anxiety disorder - is your doctor aware? Are you on the HMRC vulnerable list? Feel free to PM me for more details.
    Thank you for your response. I am sure I would not be classed as vulnerable by HMRC as my disorder does not stop me working and I am a fairly successful professional (have a permanent job now, no longer contracting).

    That is my concern - the fact that it might take years and then the outcome will be that I get slapped with an even bigger tax bill. I want to remove the financial uncertainty so that I am able to work towards doing things like moving home etc.

    I am wondering whether I could settle now with a tax adviser and then join Big Group to try to protect myself against the last piece of the puzzle which is of course the loans being recalled.

    I am just not sure mentally I am up to fighting it when I could probably pay it, but I also don't want to receive a request for loans to be repaid in 10 years' time.

  4. #4

    TripleIronDad

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    Quote Originally Posted by MoreCandles View Post
    Thank you for your response. I am sure I would not be classed as vulnerable by HMRC as my disorder does not stop me working and I am a fairly successful professional (have a permanent job now, no longer contracting).

    That is my concern - the fact that it might take years and then the outcome will be that I get slapped with an even bigger tax bill. I want to remove the financial uncertainty so that I am able to work towards doing things like moving home etc.

    I am wondering whether I could settle now with a tax adviser and then join Big Group to try to protect myself against the last piece of the puzzle which is of course the loans being recalled.

    I am just not sure mentally I am up to fighting it when I could probably pay it, but I also don't want to receive a request for loans to be repaid in 10 years' time.
    It would be up to a psychiatrist to write a letter to HMRC explaining if you should be on the vulnerable list. HMRC are liars, cheats and bullies. The often tell different stories - especially verbally. The vulnerable list would give you space from that.

    Why do you need a tax adviser? Just contact HMRC and tell them you want to look into settling. And that you may need TTP(time to pay). Try to record the conversation, and get them to put why they say in writing. At least write down afterwards everything you can of the conversation.

    I would suggest joining BG as they can probably talk you through it further. And will help protect you against loan recall.
    We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender.

  5. #5

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    Quote Originally Posted by BrilloPad View Post
    It would be up to a psychiatrist to write a letter to HMRC explaining if you should be on the vulnerable list. HMRC are liars, cheats and bullies. The often tell different stories - especially verbally. The vulnerable list would give you space from that.

    Why do you need a tax adviser? Just contact HMRC and tell them you want to look into settling. And that you may need TTP(time to pay). Try to record the conversation, and get them to put why they say in writing. At least write down afterwards everything you can of the conversation.

    I would suggest joining BG as they can probably talk you through it further. And will help protect you against loan recall.
    Thank you. I am not currently under psychiatric care but I could probably get seen if necessary. I will consider this.

    If I'm honest I was thinking of a tax adviser as a buffer between HMRC and I, pathetic as that sounds. I am also not sure I trust myself to deal with HMRC - if for instance they demanded all the tax upfront, well then I just couldn't pay that - I reckon I have about a half to three quarters of what they will decide I owe and the rest I would have to pay in installments or postpone til a later date.

    I require a lot of reassurance and support and just wouldn't want to be a burden to those in Big Group.

    My partner is also really worried about the whole situation - if anything its affecting her mental health more than mine at present and we have a young child to care for.

    The main thing I'm worried about is the possible loan recallment/inheritance tax, it is true.

    The tax on its own is luckily just about payable for us given thank GOD I only used the scheme for a year. I am so thankful it wasnt more than that I can't tell you.

    Thank you for your advice, appreciate it.

  6. #6

    TripleIronDad

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    Quote Originally Posted by MoreCandles View Post
    Thank you. I am not currently under psychiatric care but I could probably get seen if necessary. I will consider this.

    If I'm honest I was thinking of a tax adviser as a buffer between HMRC and I, pathetic as that sounds. I am also not sure I trust myself to deal with HMRC - if for instance they demanded all the tax upfront, well then I just couldn't pay that - I reckon I have about a half to three quarters of what they will decide I owe and the rest I would have to pay in installments or postpone til a later date.

    I require a lot of reassurance and support and just wouldn't want to be a burden to those in Big Group.

    My partner is also really worried about the whole situation - if anything its affecting her mental health more than mine at present and we have a young child to care for.

    The main thing I'm worried about is the possible loan recallment/inheritance tax, it is true.

    The tax on its own is luckily just about payable for us given thank GOD I only used the scheme for a year. I am so thankful it wasnt more than that I can't tell you.

    Thank you for your advice, appreciate it.
    There are several on the big group forums who will help. Or I can assist - either via PM or over the forum.

    I suggest you give HMRC a call and tell them you want to settle. And ask them for a settlement amount. Tell them you will then think about how much you can pay initially and in installments.

    Try to record the conversation, and get them to put what they say in writing. At least write down afterwards everything you can of the conversation.

    Feel free to PM me if you prefer.

    BP
    We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender.

  7. #7

    More time posting than coding


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    Default

    WTT, as well as being behind BG, will provide individual Tax support. The advantage being they understand the issues in depth. They have a total transparency approach with HMRC.

    As for BG, it's not costly and will provide some comfort that you are not alone.

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