HMRC enquiry into loan

[D15]

A few years ago i signed up to what i thought was a standard umbrella company (will call this company1). I was paid in 2 blocks, a salary and a loan.
I recently recieved a letter from HRMC requesting a self assessment. When i called them querying this they had a note on the system stating that i had recieved a loan which they think should be taxable.
The 'umbrella' company in question has since 'closed' and a new one created (conmpany2 ) which uses a JSOP method?
Haivng a word with company2 they have advised that the loan should not be taxed, as there is a loan agreement in place with company1.
Can any one offer some sort of advice on what i should do here please?

[LondonManc]

Is the basic premise that you'd be paid as a loan that would simply be defaulted and never chased?

[BrilloPad]

Join Big Group.

http://forums.contractoruk.com/hmrc-...big-group.html

[D15]

Is the basic premise that you'd be paid as a loan that would simply be defaulted and never chased?

Call me naive but maybe that is the case? Initially I thought i was signing up to a standard umbrella company.

[D15]

Join Big Group.

http://forums.contractoruk.com/hmrc-...big-group.html

50+ pages so will take some time later and have a whiz through. Could you give me a quick low down what big group is?

[BrilloPad]

Call me naive but maybe that is the case? Initially I thought i was signing up to a standard umbrella company.

Sadly too many contractors do not investigate thoroughly.

However you cannot change the past. Only learn for the future.

[D15]

Sadly too many contractors do not investigate thoroughly.

However you cannot change the past. Only learn for the future.

Yes... Looks that way.

Any suggestions on how I move forward from here?

[northernladuk]

And the fact they offered a loan didn't start the alarm bells ringing?

[D15]

And the fact they offered a loan didn't start the alarm bells ringing?

As I said previously ... It looks like I made a mistake - which is now done. Posted the original message to move forward and try to get this resolved.

[LandRover]

And the fact they offered a loan didn't start the alarm bells ringing?

Add into the mix slick salesmanship by Chartered Accountants and you may have a sense why some of us were not as careful...hindsight is wonderful.