Talent Resource Management

[facefacts]

Hi,
newbie here ..... anybody concerned with potential liabilities (like my self) or are here just to gloat (Mal), can take a look at the following documents that I managed to find :-

This one is a brochure from Ernst and Young promoting EBT schemes

http://www.evatassurance.com/NR/rdon...rformance7.pdf (search for ebt)

The second is the a judicial decision on the Sempra case. Just go down to the last page for the findings - again this is very encouraging :-

http://clients.squareeye.com/uploads...pra-080708.pdf

Any views would be welcome.

Well done... some good reading. At last somebody is providing some bona fide material.

[u9k82]

I've just joined this forum. I spoke to TRM to request P45 and mentioned on what would happen to the loan. The person mentioned that it would not be written off and it will just disappear??. The sounded a bit strange to me. Anyway, I'm up for joining you guys in getting the best result for us.

You can assume "closing the loan" is the same as writing off the loan if the debt is wiped out ?!

[TDog]

Hi all, I am in the same boat having received a letter from Redding Finance to inform me that I still have a loan for 24K. I left TRM in 2006 and have operated a limited company ever since. I am glad to stumble across such an active discussion on the topic.

Moderator - would you kindly make it possible for me to private message to JonC so I can join the e-mail group? Many Thanks.

<mod note>PM use enabled</mod note>

[Lewis]

The second is the a judicial decision on the Sempra case. Just go down to the last page for the findings - again this is very encouraging :-

http://clients.squareeye.com/uploads...pra-080708.pdf

Any views would be welcome.

Interesting read. My only thought is that the circumstances are going to be slightly different in your case. In the Sempra case they stopped using an EBT due to legislation change in 2002 and moved to a family trust. Presumably your loans are not from a family trust as you are the beneficiary not a family member. However, I agree it looks like these loan schemes can definitely work. Out of interest, what form of trust are you being lent money from?

[Tru64]

What do you think?

I am currently using a solution which offers a loan from a family trust, I get offered a 50yr loan with the opportunity to recieve another 50yr loan on the 50th anniversary of the first one. I have been told this is a commercial loan and is bearing an interest rate, however, this is rolled up over the 50yrs.....

Do you think this sounds more secure than TRM?

[jlay]

Redding letter

Thanks Ferret.

For anyone on here who has received one of these letters please send me your contact details and I'll compile a mailing list where we can share information. I'll upload everything to some space on the web tonight and let you all know when its done. As and when I receive info from others I'll add this to the web also. That way we'll obtain a clearer picture.

At the moment I'm waiting to hear back from a legal helpline in order that they can put me in contact with a lawyer specialising in financial law.

I don't know about everyone else, but the more I think about this the sicker I feel. On Friday I just thought it was bulls**t, but the longer this goes on and the more I learn from others the more worried I get. Haven't slept since Friday and I'm really worried all the cash I put into TRM will be lost and I'll owe 32k to some other company who've not paid me a bean. Christ how hard do life's lessons have to be? I strongly suspect we'll be liable for the tax and NI too should the HMRC come looking later on to compound matters.

Anyone know any legals suitable to take this on ? Not having such a speedy response from the PCG helpline (I suspect they are overloaded right now).

TBH I feel an utter utter dork right now. I've spent 41 years preaching that 'if it looks too good to be true then it probably is' to others and then fall for this. Gutted !

Will be back on later to confirm contact details.

Cheers

Jon

Jon

I too have had one of these letters and am still waiting for them to get back to me as thought it was dodgy when I received last week. After speaking to a couple of other people I know they also have the letter and told me about your link on this site.

I will pm details once I can.

Many thanks

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[jlay]

Trm

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.

Add Payscheme +plus to that list as well as on of the girls I work with is with Batchworth but they use this company to pay her.

[jlay]

TRM again

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?

Have only been with them for 1 tax year and not yet completed my tax return as yet.

[ASB]

Interesting read. My only thought is that the circumstances are going to be slightly different in your case. In the Sempra case they stopped using an EBT due to legislation change in 2002 and moved to a family trust. Presumably your loans are not from a family trust as you are the beneficiary not a family member. However, I agree it looks like these loan schemes can definitely work. Out of interest, what form of trust are you being lent money from?

The commissioners found it was ineffective for deduction of corporation tax. Also the fact that there had been a pattern of bonus etc. seemed to carry some weight. i.e. the mechanism was to retain staff in a slightly more efficient manner.

Also it seems clear that the promoters were sure that if the payments post 2002 had been paid into an EBT for employees then an income tax charge would have arisen (as is quite clear by the legislation). I think it is also fair to assume there will be some further changes to the finance act next year to tighten up the EBT rules further.

It's also interesting that the company only paid in 70% of the potential bonus - it was clearly (rightly as it turned out) worried that it would become liable to CT on this payment.

So yes, it is interesting. Loan schemes prior to 2002 definitely worked (hence the FA changes). The question is whether the workarounds work. This particular one has partly worked.

I'm not saying that this TRM scheme doesn't work. Only that nobody really knows if it does or doesn't - and in my view it will probably fail.

[jlay]

Trm

Just a thought I initially joined the scheme using Futurelink so another name to add