Loan - self assessment

[Socialsarah]

Thanks all no can't find anything about them in this site and can't contact them despite lots of attempts as think it's a good suggestion to tie up the loan aspect.

However I am mindful of my self assessment and due date so I think I will just declare "earnings" on my self assessment 2016/2017 as this will avoid interest and penalties in the future and can't cope with further worry.

Much appreciated

[ConfusedEasily]

MyxALot, Just let it go.

This thread is not about your ego. Its about trying to help people who need it. If you have something to add on-topic please do, but no point trying to pumpup your ego to me, I really dont care

You do seem to have an obsession with bashing BG - not quite sure why.

[ConfusedEasily]

Speak to an accountant.

Stupidly I signed up to umbrella company who offered loan as part payment when I temporarily became a contractor for 5 month before moving to paye. I have to complete my self assessment due to property and plan to ensure this additional income is entered in other payments not on p60 to ensure any tax due is paid.

Anything else I should be doing? Should I be phoning HMRC or just put everything down on the self assessment and pay tax due. Thanks in advance as have been sick with worry

The tax on 21K is unlikely to ruin you (although it may hurt).

I'd suggest either calling WG, they'll probably give you a steer for free, or just speaking to an accountant. Get a recommendation from a friend.

Ignore 'advice' or opinion on these forums.

Who was the Umbrella - name and shame!

[MyxALot]

The tax on 21K is unlikely to ruin you (although it may hurt).

I'd suggest either calling WG, they'll probably give you a steer for free, or just speaking to an accountant. Get a recommendation from a friend.

Ignore 'advice' or opinion on these forums.

Who was the Umbrella - name and shame!

I'll second the comment about getting professional advice, be it with WTT, BG or any other advisor that has experience in this area.

I'm not sure a generic accountant will do as there are additional implications to be aware of around getting the loan released and circumventing HMRC's misguided attempts at foisting IHT on top of any income tax they say is due. It's not just a case of stumping up some tax via self-assessment, sadly.

[Fred Bloggs]

The tax on 21K is unlikely to ruin you (although it may hurt).

I'd suggest either calling WG, they'll probably give you a steer for free, or just speaking to an accountant. Get a recommendation from a friend.

Ignore 'advice' or opinion on these forums.

Who was the Umbrella - name and shame!

All fine and dandy then, pay the income tax. Then what happens when the loan is called in?

[nucastle]

As said before, there are people who were involved in these schemes who are in the bag for upwards of 500k, facing financial ruin, broken homes amongst other things.

The tax on 21k is what, a month or two worth of what you would normally make in average monthly billings after tax?

Either give HMRC a try, or get in touch with an accountant to hopefully sort it out. Either way you have 0.1% of the worries that some other poor sods on here have. Don't sweat it.

[eek]

As said before, there are people who were involved in these schemes who are in the bag for upwards of 500k, facing financial ruin, broken homes amongst other things.

The tax on 21k is what, a month or two worth of what you would normally make in average monthly billings after tax?

You are making a hell of an assumption there. When the scheme providers ran out of rich fools they started to pretend to be umbrella companies and targeted people who didn't earn much but the agency didn't want to do payroll

There are a lot of supply teachers / nurses / care workers who are going to be caught up in this. And for them £500 is a lot of money that many don't have...

[webberg]

For the sake of tax on 21k save yourself £200 joining fee & £18/month just to get access to a private forum. BG will also charge you a generous percentage of the settlement amount!!

Just manage your income for the next tax year and absorb as much of the 21k in to the 2019 charge year. You've already saved some tax on the 21k that you should have paid, so your actual over and above liability is minimum.

Can I suggest that you give me a call as you are plainly not in possession of the facts around Big Group.

Big Group, only ever makes two charges. One is for joining and one is £18 a month for access to the forum.

That forum would explain to the OP what his/her options are, what HMRC is doing, what could be expected by settling to not, how to go about settling if he/she wants to do that for themselves, provides templates for letter responses to HMRC, etc etc.

if, and only if, the OP wanted some help in settling - and we have discussed here before just how far from "!full and final" the HMRC version is and how is does not deal with the loan, then he/she can engage WTT. Our fee for that is fixed. We do not charge on a percentage basis.

Other firms are available and some may be on a fixed price and others I suspect are on a time charge.

Given that HMRC is entirely inflexible in their settlement calculation, beware of any firm saying that they charge a percentage as it requires no more work than that for a fixed or hourly charge. Certainly the chance of a major reduction for anything except a basic arithmetic error is very low.

I appreciate that Big Group is not for everybody.

It would however help people like the OP if he/she had facts to balance rather than incorrect assumptions.

[ConfusedEasily]

Can I suggest that you give me a call as you are plainly not in possession of the facts around Big Group.

Big Group, only ever makes two charges. One is for joining and one is £18 a month for access to the forum.

That forum would explain to the OP what his/her options are, what HMRC is doing, what could be expected by settling to not, how to go about settling if he/she wants to do that for themselves, provides templates for letter responses to HMRC, etc etc.

if, and only if, the OP wanted some help in settling - and we have discussed here before just how far from "!full and final" the HMRC version is and how is does not deal with the loan, then he/she can engage WTT. Our fee for that is fixed. We do not charge on a percentage basis.

Other firms are available and some may be on a fixed price and others I suspect are on a time charge.

Given that HMRC is entirely inflexible in their settlement calculation, beware of any firm saying that they charge a percentage as it requires no more work than that for a fixed or hourly charge. Certainly the chance of a major reduction for anything except a basic arithmetic error is very low.

I appreciate that Big Group is not for everybody.

It would however help people like the OP if he/she had facts to balance rather than incorrect assumptions.

My accountant pointed me at BG, I joined recently and it's been a help.

[ConfusedEasily]

You are making a hell of an assumption there. When the scheme providers ran out of rich fools they started to pretend to be umbrella companies and targeted people who didn't earn much but the agency didn't want to do payroll

There are a lot of supply teachers / nurses / care workers who are going to be caught up in this. And for them £500 is a lot of money that many don't have...

That's a very fair point.