Need help completing self assessment !

[D15]

Recieved a letter from HRMC asking me to complete a self assessment as they think I have recieved loans which they believe should be taxable.

My "umbrella" company has advised that "loans" do not have to be declared on my SA and if I wish they can complete the SA on my behalf, i am a little reluctant to let them do this?!

Can any of you recommend a company who could advise me on my situation please ?

Thanks

[LondonManc]

Vaseline Incorporated.

Either that or take a look at this thread:
http://forums.contractoruk.com/hmrc-...to-loan-2.html

Looks like you're two months behind them.

[northernladuk]

And did you?

[cojak]

Recieved a letter from HRMC asking me to complete a self assessment as they think I have recieved loans which they believe should be taxable.

My "umbrella" company has advised that "loans" do not have to be declared on my SA and if I wish they can complete the SA on my behalf, i am a little reluctant to let them do this?!

Can any of you recommend a company who could advise me on my situation please ?

Thanks

Are you still with your "umbrella" company?

I would suggest throwing your "umbrella" company's name into the search box and seeing how other "employees" have filled out their SA.

[QCApproved]

A new scheme in the spotlight has been posted elsewhere on this board.
The scheme may well be legally sound however this is now completely irrelevant as decisions in Huitson and other cases allow retrospective changes in the tax laws as and when required.
I'm amazed there are people still using schemes and receiving loans from 5th Apr 2013 onwards when all the enquiries were re-animated by HMRC in late 2012 and these boards kicked off.
As an aside I think there should have been a Huitson health warning by promoters enforced by HMRC in 2011 or 2012 when those judgements were lodged.
Please use the limited company avoidance method until further notice or an actual umbrella company.

[LondonManc]

A new scheme in the spotlight has been posted elsewhere on this board.
The scheme may well be legally sound however this is now completely irrelevant as decisions in Huitson and other cases allow retrospective changes in the tax laws as and when required.
I'm amazed there are people still using schemes and receiving loans from 5th Apr 2013 onwards when all the enquiries were re-animated by HMRC in late 2012 and these boards kicked off.
As an aside I think there should have been a Huitson health warning by promoters enforced by HMRC in 2011 or 2012 when those judgements were lodged.
Please use the limited company avoidance method until further notice or an actual umbrella company.

Are you saying that the "umbrella" company that the OP used/was taken advantage of by was legally obliged to advise them of the Huitson situation?

[DonkeyRhubarb]

The BN66 retro legislation, which was the subject of the Huitson appeal, was enacted in 2008.

I remember at the time quite a few ebt loan promoters did draw attention to it on their websites but only to say "nothing like this could happen to our scheme".

BN66 was dismissed as a special case, whereas the reality is it was the writing on the wall.

[D15]

So, apart from WTT (who I have emailed and waiting a call back), which other tax specialists are well regarded on this forum?

[QCApproved]

Hello LondonManc what I'm suggesting is that the Huitson decision was an opportunity for HMRC to do the following:
Publish it widely (on here for example) - with a warning that any scheme could effectively be shot down retrospectively and ask all promoters to issue a warning to their subscribers. Failing that issue such a warning to all people whom they has an ongoing enquiry against with the taxation equivalent of a diseased lung.


All of which they are discussing now to address a problem that should be small and reducing by the day

Agreed DR re 2008 and Walter J who seemed to be on an HMRC crusade - but the actual case ran mostly out of steam by 2010/11. A lot of people have been told by their promoters that this type of action could not be foreseen - this is clearly not the case at or around the time of Huitson - it was both possible and forseeable. After Huitson there were other cases that made it more possible and more forseeable. However, Huitson being mentioned now with abandon by same promoters.

[neil99]

So, apart from WTT (who I have emailed and waiting a call back), which other tax specialists are well regarded on this forum?

Talk to WTT because they have bespoke packages for contractors.

Abbey Tax should be able to help too. They do the IPSE tax services,

Ignore all the unhelpful comments on here. A lot of people have remarkable powers of hindsight but talk out their rears.