HELP! HMRC letter demanding more than 30K! Desperate!

[leenudge]

Previous Loans

This

If people can get through to 2019, if they are a Ltd Company contractor and can save enough personally before then, they will be able to take no salary/divs and just declare their previous loans as income. This will bring down the liability

I haven't had this confirmed, however everything I have read suggests this to be true

Apologies if it isn't

Hi all, First Post

Reason I joined is that I have just been asked to fill in a self assessment for 14/15 due to previous loans.

I was with Dynamic Partners who used Darwin as their Ltd company, I think I am going to declare the loans as income as above, will they tax the loan amount or expect you to pay the whole loan back? very confusing. Also, was this an illegal scheme in the first place? why now?

Any help would be greatly appreciated.

Le

[RJJ85]

Hi all, First Post

Reason I joined is that I have just been asked to fill in a self assessment for 14/15 due to previous loans.

I was with Dynamic Partners who used Darwin as their Ltd company, I think I am going to declare the loans as income as above, will they tax the loan amount or expect you to pay the whole loan back? very confusing. Also, was this an illegal scheme in the first place? why now?

Any help would be greatly appreciated.

Le

HMRC consider loan amount as income and will apply tax on it as PAYE