Norla EBT Loan Scheme

[contractor58]

Simple. I think it comes under the heading of "one born every minute". While they are renewing your never-to-be-repaid loan, they're getting commission on the service and interest on the retained income. You don't think they care about your ultimate tax bill, do you? It's not actually their problem, is it.

Yep, looks to me like I've been totally had here (unless I'm missing something!)

Would I have a case for claiming I was 'mis-sold' the scheme? - ie their claim was that it would reduce my tax bill but it is going to increase it. Got a feeling that may be a bit of a long shot however!

[Swiss Tony]

With regards to being mis-sold yes you do have an argument, in fact a big one if they have made your tax bill larger.

However, where are they registered? If they are operating this style of scheme, I would expect them to be part of the Nigerian Railway Company!

I think that you will find their regulators will not be UK or Isle of Wight based.

------------------Edit

I would look for which Financial Regulation they are part of rather than their VAT and office registration

[goldfish]

Outcome?

Hi contractor58, what did you end up doing?

I'm in a similar situation. I left the offshore company after six months to go ltd, but now have a loan hanging around as well. I'm keen to get it resolved - would be great to find out what you did.

Goldfish

[scott_free]

Hi contractor58, what did you end up doing?

I'm in a similar situation. I left the offshore company after six months to go ltd, but now have a loan hanging around as well. I'm keen to get it resolved - would be great to find out what you did.

Goldfish

Did you recieve any paperwork relating to the "loan" to sign, i haven't, out of the scheme now. What's the situation if I declare the income, I'm prepared to pay the NIC and Tax, rather than get a huge tax bill a few years down the line

[Rusty!]

Surely you can't have a P11D if you're not an employee anymore, therefore the loan won't show in the tax year following the year you've left? Or am I being too simplistic?!?

[dezze]

There was a reference to an investigation into Norla at a high level in April 2007. Does anyone know what happened with this, or is it still ongoing?

[SantaClaus]

Yep, looks to me like I've been totally had here (unless I'm missing something!)

Would I have a case for claiming I was 'mis-sold' the scheme? - ie their claim was that it would reduce my tax bill but it is going to increase it. Got a feeling that may be a bit of a long shot however!

I wouldnt listen to Malvio on these matters. We kicked him off the BN66 thread

Got straight to Norla and get it from the horses mouth.

[BrilloPad]

I wouldnt listen to Malvio on these matters. We kicked him off the BN66 thread

Got straight to Norla and get it from the horses mouth.

Mal got "promoted" out of gthe bn66 thread - I still miss him/her.

[TheFaQQer]

Mal got "promoted" out of gthe bn66 thread - I still miss him/her.

I think it's a shame that Mal can't post on CUK these days - I always welcomed his opinions, which were usually more informed than a good number of people round here.

However, he's obviously doing something that he feels is more worthwhile and may (hopefully) benefit us all, and so I wish him well with it.

[BrilloPad]

I think it's a shame that Mal can't post on CUK these days - I always welcomed his opinions, which were usually more informed than a good number of people round here.

However, he's obviously doing something that he feels is more worthwhile and may (hopefully) benefit us all, and so I wish him well with it.

That is all true - but he started doing all the "contractor union" stuff - I used to call him brother Mal. For bn66 he used to troll alot....

At the end of the day herding contractors is harder than herding cats.....