Talent Resource Management

[Peachy]

JonC,

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

cheers

And me also...

[caferaca]

concerned too!

hi got back from work to find the letter from Redding saying I owe them £38k. Shocked to say the least. I started a new contract this week and was about to sign up with talent resource again until I found this thread. I am VERY concerned.

Please keep me in the loop. Can an admin please allow me to PM.

Thanks again.

p.s. my own personal opinion is that the worst that could happen is we all owe more tax. We don't owe talent resource or anyone else a penny, and with so much evidence in our favour, statements / agency payments etc. I also have the below email from them a year ago.
--------------------------------------------------
Hi xxxx

Thanks for your e-mail

1) You do not pay the loan back
2) We have to show that your are paying interest on the loan separately for the benefit of HMRC. However, the 5% fee 'includes' the interest on the loan
3) It is legal. You are paying PAYE as normal on a base salary - the loan is a discretionary company one.
4) Funds will be released to you on receipt of cleared funds from your agency
5) Approx 500

Kind regards

xxxxxxx xxxx
Sales Office Manager
Tel -
Mob -

----------------------- Original Message -----------------------

From: "" <>
To: <>
Date: Tue, 26 Jun 2007 12:17:36 +0100
Subject: RE: Batchworth Management Ltd - Payscheme Plus

xxxxxxxx,

Thank you for the information. I started a 3 month contract on the 18th June, and was currently in the process of setting up my own limited Company, until I heard about payscheme plus. A couple of contractors here use your services and seem happy with the results.

I do have a few of concerns though. Firstly receiving the bulk of your payment in the guise of a loan? This sounds ok except I do not pay the loan back? Is this correct? 5% of my gross is taken as your fee, but this is shown as the interest on the loan?

Is it legal? If I were to be investigated, would I be deemed fraudulent? Tax evasion etc?

When will I be paid? My agency pay invoices at the end of the month.

How many contractors do you have on your books?

Thanks you

Regards
Me

[pan668]

jonC,

I to would like to help but am waiting for te admin to grant me PM/email privs

[markduffy]

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

[Brandy]

Hi JonC,

I have also received the Loan letter from Redding and would be interested in joining your group. I cannot e-mail or PM you at the moment as i'm a new member.

Cheers

[malvolio]

"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"

Yes, but the point is, if you manage to prove they can't simply sell the loan - which is simply a corporate asset in real terms - to a third party, then clearly it isn't a loan, it's some kind of deferred payment or other income. At which point the whole pack of cards falls down adn the taxman will take an immediate interest (literally...).

By all means fight your corner, but be aware of the end game.

[dezze]

What have TRM actually said about this? Are they saying that the loan now has to be paid back in full (to Redding)??

[Armin_Bitter]

The Loan

How can they ask for the loan back when each person has already paid up front the amount due

there is 2 possibilities i believe

1 TRM have set up this company to handle the loan side of the arrangement to show hmrc that it is in fact a loan

2 HMRC will ask for the tax due on the loan side of the arrangement and the contractor will ask for his interest back

[malvolio]

How can they ask for the loan back when each person has already paid up front the amount due

there is 2 possibilities i believe

1 TRM have set up this company to handle the loan side of the arrangement to show hmrc that it is in fact a loan

2 HMRC will ask for the tax due on the loan side of the arrangement and the contractor will ask for his interest back

Sorry - didnt' understand a word of that...

[Balrogrocks]

TRM &amp; Redding

Hi All,

I am new on this site but here is the situation so far...

I have been with TRM since June 2007, I too received the dreaded letter yesterday for 31k

Which like so many sent me into a state of panic etc...

I rang TRM who have confirmed that the "loan" does not need to be paid back I also received a letter in my last pay slip to confirm this.

I also rang the loans officer for Redding Finance who also confirmed that these loans do not need to be repayed, she also said that after my contract finishes if I receive another letter then to contact them and they would sort things out.

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
She claims the reason why they have done this is that the HMRC are breathing down the necks of TRM and so they are now getting people to sign the documents to legalise the loan (and therefore we are responsible not them)- basically a tax fiddle!!

when it comes down to it my accountant stated that I would not have to pay the loan back but may end up declaring the money to the tax man

I have also spoken to the legal team of the agency I am under and they have also confirmed the above

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

Feel free to add me "Fight Against TRM"

Cheers

Mark