Hello guys,
I've been searching for a group thread of contractors who used ICS (still going in UK) and Isle of Man EBT/loan companies Merchant and Marra, roughly from years 2007 through 2010.
The scheme and loan setups used sound extremely similar to those I've read about from Edge, Sanzar etc., and I know they had at least several hundred contractors (if not more) involved. However I haven't seen any dedicated thread dealing with these companies.
I've been caught up in the CLSO with HMRC claiming my loans are taxable income for the years 2007-2008, 2008-2009 and 2009-2010 (I left the scheme at the start of 2011 so I don't exactly know what happened after that).
ICS is being utterly pathetic about the whole thing. They are still replying to emails but are frankly refusing to really engage. It isn't even clear if they have funding or coverage to fight any potential litigation in the courts.
Anyone else in the same position, and if so, what are you planning to do about the 30th June settlement deadline? For my part I've started taking out Certificates Of Tax Deposit, but am still unsure whether to pay up, since I really do feel like HMRC are taking the piss with the retrospective legal change.
If I did pay up, I'm also not clear as to whether that means that any loans I had are rendered illegal/void/unenforceable, should Merchant or Marra actually ever want me to repay them. Whilst this might seem unlikely, I'd want HMRC to underwrite this in some way.
thanks
hairyaardvark
I've been searching for a group thread of contractors who used ICS (still going in UK) and Isle of Man EBT/loan companies Merchant and Marra, roughly from years 2007 through 2010.
The scheme and loan setups used sound extremely similar to those I've read about from Edge, Sanzar etc., and I know they had at least several hundred contractors (if not more) involved. However I haven't seen any dedicated thread dealing with these companies.
I've been caught up in the CLSO with HMRC claiming my loans are taxable income for the years 2007-2008, 2008-2009 and 2009-2010 (I left the scheme at the start of 2011 so I don't exactly know what happened after that).
ICS is being utterly pathetic about the whole thing. They are still replying to emails but are frankly refusing to really engage. It isn't even clear if they have funding or coverage to fight any potential litigation in the courts.
Anyone else in the same position, and if so, what are you planning to do about the 30th June settlement deadline? For my part I've started taking out Certificates Of Tax Deposit, but am still unsure whether to pay up, since I really do feel like HMRC are taking the piss with the retrospective legal change.
If I did pay up, I'm also not clear as to whether that means that any loans I had are rendered illegal/void/unenforceable, should Merchant or Marra actually ever want me to repay them. Whilst this might seem unlikely, I'd want HMRC to underwrite this in some way.
thanks
hairyaardvark
Comment