EBT Repayment question

[eventide]

During the period 2003-2010 I was paid via an EBT loan. From the look of the HMRC website apparently I'm going to have the whole amount paid through the trust treated as income and thus pay tax on it and that's happening in 2019 where they will treat the principal sum loaned as income and tax accordingly.

I'm interested to know what the best approach is to this. Should I just contact HMRC directly and negotiate. Would I be better off getting specialist advice first before doing this? And if so, from whom?

Another question that springs to mind is that HMRC clearly state that I have the option to repay the loan. I do have the ability to do that as the company in question is still active but I'm wondering what then happens to the monies. Are there any recommendations as whether it's worth repaying the loan and if yes, what then happens to the money.

[northernladuk]

Have tried a quick search to see if your provider is already mentioned here and if you can piggy back on the advice given to others in the same boat?

Try putting the following in Google.
(yournprovider) site:forums.contractoruk.com

[eventide]

Thanks for the info.

I was with Horizon/Lutea and as far as I can see there has been no discussion recently about them.

[northernladuk]

Thanks for the info.

I was with Horizon/Lutea and as far as I can see there has been no discussion recently about them.

The search says there is something but yes nothing recent
http://forums.contractoruk.com/accou...ml#post1696223

A couple of threads down says...

Hi,

I also got one of these notices. Horizon support is still around ... call 0870 778 0063 as they are dealing with these claims through their lawyer.

HTH

It's an old post but possibly something?

[Tucker]

Thanks for the info.

I was with Horizon/Lutea and as far as I can see there has been no discussion recently about them.

I was also with Horizon. Have seen some very old threads a few years back with them mentioned so expect other members are watching these pages. I was involved for approx 18 months.

Believe that the big group is currently closed for new joiners. I haven't decided whether to contact HMRC directly to settle or whether to go via a specialist. Settling with HMRC is my plan though

[Invisiblehand]

I was also with Horizon. Have seen some very old threads a few years back with them mentioned so expect other members are watching these pages. I was involved for approx 18 months.

Believe that the big group is currently closed for new joiners. I haven't decided whether to contact HMRC directly to settle or whether to go via a specialist. Settling with HMRC is my plan though

It's unlikely you'll get a reduction either way.

[QCApproved]

Horizon/Lutea users are a constituency established in Big Group
Please review WTT Big Group and consider if you want to join to seek advice from people in the same situation.

[Tucker]

It's unlikely you'll get a reduction either way.

I agree, but I don't see a need to settle immediately. I plan to settle this year rather than wait until 2019 just to get it done. Interest on the amounts I owe will not change much for an additional few months.

Will be (pleasantly) shocked if that is not the case

[Tucker]

Horizon/Lutea users are a constituency established in Big Group
Please review WTT Big Group and consider if you want to join to seek advice from people in the same situation.

Thanks for the confirmation. Holding is the right approach for me today then. I have contacted webberg but not received a reply. I am aware that the group is currently closed to new joiners so that is fine.

Hopefully will get some information soon as to whether the big group is a future option for me or not

[eventide]

Apparently Big Group is closed. I did phone them and they didn't return my call.