Originally posted by mjcp
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£50K Interest Free Loan for 12 Months
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Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishing -
Originally posted by uncle_albert View PostSame with me. Applied for 40 large ones last night and got the money into my account this morning via Santander. Incredibly easy. £600 for 3 mins work.Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by d000hg View PostWhat was the £600?
Does make me wonder about the level of fraud though (not accusing anyone here, but just w/r to how lax it is).
If you're still earning, still in contract, you cannot apply for these loans, in principle. If you lost at least some business, you can apply, I think. There are probably gray areas and it's all self-certified, so there's no one to stop you. But if it's BAU for you and you're just doing this to earn some interest, that's morally bankrupt IMHO, regardless of whether you're challenged down the line.Comment
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As if a contractor would do something morally dubious to make a few quid from the taxpayer! That would risk making the public and HMRC think we're just operating the way we do to game the system!
It's 1 or 2 days income you don't need, for adding 40k - an entire person's salary - to national debt. And presumably someone else is paying the 600 too, so a wealthy contractor can get some free cash. Doesn't sound entirely wonderful.
I wonder if this will be the next bn66 we're talking about in 5 years as people are hounded over improper loans. Interesting to hear what accountants are advising to clients who are not benched by CV... Clearly those who are are, are exactly the target audience for this?
Sent from my ONEPLUS A6003 using TapatalkOriginally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by d000hg View PostClearly those who are are, are exactly the target audience for this?
Sent from my ONEPLUS A6003 using TapatalkComment
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Originally posted by d000hg View PostIt's 1 or 2 days income you don't need, for adding 40k - an entire person's salary - to national debt. And presumably someone else is paying the 600 too, so a wealthy contractor can get some free cash. Doesn't sound entirely wonderful.
But it's not really adding a big amount to national debt unless you default on the loan. The only addition to the national debt is that the government is paying the bank the first year's interest. That's hardly a life-changing amount. If you default, yes, you've added to the national debt but if you default it's probably because you did end up needing it.
I've not taken a loan but if I were a one-man band with insufficient reserves I might, even if in contract, because there are reasonable chances that the next contract isn't coming. It's not as if the government support that ltdco contractors are receiving is at all comparable to what employees are receiving. They want us to pay the same tax but they aren't giving the same support. So I just might do it if I were at all concerned about the next twelve months.
And as for the £600 interest he'll receive, he's actually providing liquidity to the bank with which he'll deposit it. They are paying £600 but it helps them offer loans to others. That's not a bad thing, and it's largely irrelevant to the moral question. The moral question is solely on whether it is appropriate for someone who doesn't need it to have the government pay interest for a year.Comment
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Originally posted by plutocrat View PostLong time, lurker here.
I applied to HSBC where I have my business account last Thursday. Didn't have to submit much info just last year's turnover. Money arrived in my business account yesterday. Easiest bit of finance that I've ever applied for.Comment
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Originally posted by d000hg View PostJust how desperate for this cash are you? It's going to run for months.
Lady luck smiled and I have picked up a 2nd fiddle option on Agency PAYE terms... but the principle is that HMRC said no, and this is my way of settling the score in my mind!
MComment
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Originally posted by WordIsBond View PostLet's not over-egg it. I completely agree that it is at best dubious to take these loans if you don't need them.
But it's not really adding a big amount to national debt unless you default on the loan. The only addition to the national debt is that the government is paying the bank the first year's interest. That's hardly a life-changing amount. If you default, yes, you've added to the national debt but if you default it's probably because you did end up needing it.
I've not taken a loan but if I were a one-man band with insufficient reserves I might, even if in contract, because there are reasonable chances that the next contract isn't coming. It's not as if the government support that ltdco contractors are receiving is at all comparable to what employees are receiving. They want us to pay the same tax but they aren't giving the same support. So I just might do it if I were at all concerned about the next twelve months.
And as for the £600 interest he'll receive, he's actually providing liquidity to the bank with which he'll deposit it. They are paying £600 but it helps them offer loans to others. That's not a bad thing, and it's largely irrelevant to the moral question. The moral question is solely on whether it is appropriate for someone who doesn't need it to have the government pay interest for a year.
I think increased liquidity HAS been mentioned as a legitimate reason (?) though that is more relevant for people with considerable outgoings (stock, employees etc) but either way that doesn't seem the same as explicitly stating you're taking the loan as an investment. If you're cynically doing it for the interest, I really wouldn't go boasting about that online!
Sent from my ONEPLUS A6003 using TapatalkOriginally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by d000hg View PostInteresting points. But given the loan scheme seems set to remain for some time, taking a loan just in case you lose work later seems a stretch. Why not wait and see? DO we know when the scheme will run until by the way?
I think increased liquidity HAS been mentioned as a legitimate reason (?) though that is more relevant for people with considerable outgoings (stock, employees etc) but either way that doesn't seem the same as explicitly stating you're taking the loan as an investment. If you're cynically doing it for the interest, I really wouldn't go boasting about that online!
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You want the moral high ground over IR35 and how HMRC views/treats contractors? Don't be a douchebag and do this and crow about it online."Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
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