Talent Resource Management

[hendrix12]

Talent

Yes I have the letters also and left the scheme in 2006, receiving my P45 and believing that was the last I'd hear of Talent - until now. I never really understood or do fully understand how it all works. I knew people using them and given it was legal that was good enough for me.

So I now have 3 letters, the first 2 noting the outstanding loan at approx. 35k and the 3rd letter for 2008 noting around 7k so much lower. In any case I too have been worried and pis*ed off so rallying with some people I still know use the scheme. I contacted Redding aka thefortgroup and the lady didn't even know why her name was on the letters. She was only passing everything over to Talent. So after saying that unless I got some feedback immediately I would get legal advice I received a call from Talent saying that they were reshuffling things to ensure they stay within the legal boundaries and assured me I have nothing to worry about. Well, that's great and actually I do believe they're just reshuffling BUT I can't leave something like this open and want to nip it in the bud now.

I have already contacted a few legal advisors but it's tricky getting someone with both tax expertise as well as someone with knowledge in these type of schemes. Ideally it would be good if people tried to get some advice individually to see if they find a solicitor with confidence in such a matter. I'm happy to be on a mailing list and potentially if we found a good solicitor to support a number of us I'm happy to help out with any incurred fees. If I find someone who I feel is suitable I'll pass the details on.

[gladiator]

Jon--contact info

I'm not sure how this affect others, but I have some information on TRM and how they operate. Personally I think the text from Colin O'Toole is interesting as it explains how the scheme works.

PLease PM me for details.

If anyone else has anything to add please contact me via PM.

Apologies to those who have PM'd me already. Sorry I've not had chance this evening to reply. I will reply to everyone tomorrow and by the end of the week I will have sorted out professional legal advice. I'd welcome others to join me and lessen to cost for us all.

Thanks

Jon

Jon I have contacted the forum admin in order to contact you by PM, waiting for reply- is this the right way to get through to you?

[Level390]

Talent Resource Management

Please PM me for details.

If anyone else has anything to add please contact me via PM.

Jon

Delighted this is getting some attention and some momentum.

If you are a concerned party who is a victim of this and want to join Jon's little band of concerned citizens please send him an email or a PM (Personal Message). If you do not know how to, contact the Administrator of this website who will upgrade your access that will allow you to do so.

So hendrix12 and Monkey Trousers, please contact him.

We have already learned a lot, gathered more and more information & been able to pool our evidence which will help build a sizable case against the Futurelink Group/Batchworth Management (Talent Resource Management) for dubious business practice which we can offer the Revenue should it be necessary, or to any potential creditor, should one arise.

That is not saying that it will arise, but it is clear there are serious questions to be answered.

Is this "loan" assignable to a third party? Is it even a loan at all when Members have it in writing from the Director himself that "the loan element is not something you will ever be asked or forced to pay back", and that it would eventually written off against future dividends?

There is no doubt from the letters now seen which have been sent to Members that there has been a lot of misleading and misinformation published by this Group of Companies from the top down which should help prove our innocence in this matter. Whether it is admissable, relevant, legal & binding or can be taken into consideration when the chips are down will require expert legal opinion which wont come cheap.

One thing is clear. Membership is growing and together we can pool resources and afford to fight any legal action brought against us.

[malvolio]

One question - did it ever occur to anyone that a non-repayable loan was perhaps not a sustainable concept? An that even if it was to be paid off by dividend income (from where?) then some tax would be due at that point?

OK, that's two questions. But don't lose site of the real problem here: the loan transfer is only part of it.

[Level390]

One question - did it ever occur to anyone that a non-repayable loan was perhaps not a sustainable concept? An that even if it was to be paid off by dividend income (from where?) then some tax would be due at that point?

OK, that's two questions. But don't lose site of the real problem here: the loan transfer is only part of it.

"did it ever occur to anyone that a non-repayable loan was perhaps not a sustainable concept?"

.....their paperwork states quite clearly that the loan element is "eventually" written off.... so it IS therefore a sustainable concept.

"An that even if it was to be paid off by dividend income (from where?)"

The dividend income comes from the income received from the agent or client, which TRM has already received.

"then some tax would be due at that point?"

IF the dividend is ever paid, yes.

But it is clear from TRM Directors letters that the loan would be written off before that ever happened.

Quoting directly from a letter from Craig Moss, Director, Batchworth Management 7th Sept 2007 "Even if TRM were to fall in the hands of creditors, at no stage would you be required to repay the loan back..... we have not had to fund your salary as it has been received from your agency or client"

[markduffy]

TRM Loans

Hi All

I found out about this scheme and the loan repayment letters from Redding through someone calling me for some advice and I thought I might pass that on to everyone else, I hope that's ok?

This is my first posting since joining so bear with me. I am a bookkeeper and accountant and thought I'd give you my view :-)

If the 'loan' from TRM is actually income, this could leave anyone with them with a potential tax bill, never mind the fact that Redding Finance may be looking to recoup the loan as well!

I am not 100% sure but think this may actually be illegal as no one is paying the tax due on these earnings. Regardless of how the money is paid over, someone should be paying tax on it and as far as I can see no-one is.

Am I right in assuming that people have not declared these on their tax returns? If so there could also be potential penalties for not declaring income. Loan schemes such as these are considered by the Inland Revenue as tax avoidance schemes and frowned upon. I would suggest that anyone within one of these schemes seeks advice asap.

Mark

[TykeMerc]

One question - did it ever occur to anyone that a non-repayable loan was perhaps not a sustainable concept? An that even if it was to be paid off by dividend income (from where?) then some tax would be due at that point?

OK, that's two questions. But don't lose site of the real problem here: the loan transfer is only part of it.

I must admit that while I was tempted by a similar scheme a while back those concerns are what put me off.

I'm not making any kind of "I have better judgement than you guys" statement here and I do hope that you guys potentially getting bitten by this situation come out of this ok, but I'm not able to see a way round you being liable in some form.

One for tax and financial specialist legal advice to sort out I'm afraid

[rahmed7]

Quote:
Originally Posted by JonC
I'm not sure how this affect others, but I have some information on TRM and how they operate. Personally I think the text from Colin O'Toole is interesting as it explains how the scheme works.

PLease PM me for details.

If anyone else has anything to add please contact me via PM.

Jon

------------------------------------------------

hi i am also new to this, JonC please can you add me to your list that you are collating. i dont think i can PM yet..?

[pan668]

Probably the last post on this subject until I've sought legal advice.

The purpose of this message is to ask if the following forum members wish to join me and a group of others in seeking legal advice and sharing the cost of this.

If the following could email me if interested I'd be grateful (as I can't contact you via the forum) :

Dark Knight
TruckerT
gd87
ramble
Nautique196
Hendrix12

Cheers in advance

Jon

PS Anyone else affected is also welcome please email me using the forum. If you are new and don't have the necessary priviledges yet please ask an admin bod or a moderator. Cheers.

Hi Jon,

I too am one of the people who have had the dreaded letters from Redding can you email me so I can see where i can help

pan

[rahmed7]

JonC,

I would also like to join, but am waiting for the mod to give me priviledges to PM you..

cheers