Talent Resource Management

[SteveO]

Trm

Hi Jon,

I'm another one of the new guys on here that would like to join your group.

I've read the letter and understand that they are transferring the loan to a separate company. This is to clearly separate the pay you receive from the loan facility. Having both in the same company probably raises eyebrows at the Gov.

In terms of having the HRMC rule these as pay and charge you the tax.... Well I think there is some precedence set when they closed down the offshore trust schemes. Their main driver is to make more tax money which they will do if the change the laws. I don’t think they would then waste all of that by expensive court cases to recoup … what… 10K of tax on an average case.

Not to mention the risk they would incur if they lost a single one of these and the further precedence that would set for the other cases.

Having said that I’m still not sure if I will sign the new contract or take this opportunity to find something else.

Anyone know if Mt Pellier is still in business?

[architect]

Hi JonC,

I have also received a letter from Redding yesterday. Please put me in your list as I currently cannot email or PM you.

Can someone advice me on the following?

1. I understand from other posts that most of us are not signing and returning the letter back to Redding? This is fine for a while but we do need to take some action(s). Some of them may be as follows:
a) Email TRM/PaySchemePlus for clarification and refuse to accept/sign the letter from Redding.

b) Tell your agency/client to stop releasing any funds to this company explaining that you wish to switch to some other umbrella company or create your own limited company.

c) Terminate your contract with TRM by resigning from their so called permanent job.

2. The so called 'loan' is not funded by TRM itself, as it is funded regularly by the contractors themselves out of the weekly/monthly invoice payments TRM receive from contractor's agency/client, can they still legally qualify it as a loan and demand it to be paid back? Please consider the loan statements t you have received that mention the contractor's invoice amount and the suggested drawdowns to be made against it.

3. Has anyone (who has been associated with TRM for a few years) received any loan writeoffs in written for e.g an email or a letter?

4. The letter from Redding shows the loan amount plus compounded interest hence > £30K. But as per the loan statements, we pay them interest (1% above bank rate) every week/month as it is clearly stated to be included in their 5% management fee. So, there is no interest due.

5. PaySchemePlus's website is still up and running and they even advertise on ContractorUK website. Is there nothing/no laws that can stop such companies from fooling us by making us victims of their schemes? How can they operate so freely pretending that everything is perfectly legal? Should not HMRC/Inland Revenue/Agencies be equally responsible for not safeguarding us from these rip-off schemes?

It is important for all of us to know what steps we should be taking now.

JonC, do you have any plan? Please email us. Others, please feel free to advice if you have any suggestions.

[malvolio]

Anyone know if Mt Pellier is still in business?

Just about. Start with the thread at http://forums.contractoruk.com/accou...ight-back.html

Their clients are in even deeper doodoos that you lot...

[adrian_hipgeek]

Hi Jon,
....
In terms of having the HRMC rule these as pay and charge you the tax.... Well I think there is some precedence set when they closed down the offshore trust schemes. Their main driver is to make more tax money which they will do if the change the laws. I don’t think they would then waste all of that by expensive court cases to recoup … what… 10K of tax on an average case.

Not to mention the risk they would incur if they lost a single one of these and the further precedence that would set for the other cases.
....

Well they are currently losing 98% of IR35 cases, yet they continue to bring them to court, don't underestimate their bloody mindedness - they are the civil service remember not a for profit organisation.

[zohan]

TRM & Redding

Hello All,

I have also received a letter from Redding yesterday and was very surprised to see that TRM is transferring the loan to Redding.

Looking at the previous posts I can see there are many others like me who are affected with this recent move from TRM.

I would be interested in joining JonC and all others to fight back this with TRM.

I am new to this forum and kindly add me to your group.

I am not sure how to proceed now, Any advice on further move will be really appreciated.


I agree with "architect" on the previous post that we need a plan of action to proceed.

Should I terminate my contract with TRM and start a company on my own or do you guys recommend any other Umbrella comp who is reliable ?? Not sure what to do... very confused....

[markduffy]

Hi
I'd be happy to help you if I can.
Mark

Hi
Not sure how the PM thing works yet as I don't seem to be able to do it, but I'd be happy to try and help you guys if I can with this mess.
Please feel free to contact me if you would like me to help.
Either way, good luck with this, what a mess!
Cheers
Mark

[architect]

Hi All,

...
....
I went to see my accountant yesterday who states that the "loan" as stated on recent statements is a "suggested loan" and that it is EGB which basically will be written off
Her advice was still to ditch TRM and not sign the documents as this then makes the loan legal

...
when it comes down to it my accountant stated that I would not have to As I only have 3 weeks left of my contract I have ditched TRM and requested my P45 - and will invoice the last 3 weeks myself through a new company I already own

Mark

Can anyone define what actually is a 'suggested loan' and EGB? I am guessing that EGB may be Employer Granted Bonus but it is just a wild guess.

Also, in the TRM loan statements there are words such as 'suggested drawdowns'. What does that mean?

Balrogrocks, did you get anything in writing from TRM or Redding? Also, does your agency allow you to change your umbrella company during your contract? Mine has told me that it is not possible to do so during the contract but can be done at the time of extension.

[jammin2008]

another Niave individual duped by TRM

Hi JonC
I would like to be part of your distribution list aswell, yes sadly im another niave nutcase who managed to land himself in to this very frustrating and stressfull situation, im waiting for PM Rights but please add me to your distro to speed things up please so I can be part of this struggle

Your Comrade

[SteveO]

Trm

I talked with another scheme i may move onto.
http://www.antonyjholdsworth.co.uk
He explained the scheme really well. He alos pointed out that the money goes into an employee trust fund run by trust directors. The directors are mandated with never acting against the trustees best interests. So that would mean they would never recall the loan as this would never be in your best interest.

And yes i stand corrected. The gov is pretty mindless and would risk the court cases. Not worried about this as there is precident set in the House of Lords.


Unless you sign this form and become liable......Doh!

[ChimpMaster]

Did you all declare the beneficial value of these loans in your Tax Returns?

Is this an "employee loan"?

Was the loan paid directly from TRM or from a discretionary trust?