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Loan - self assessment

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    #11
    Originally posted by Invisiblehand View Post
    I think what he meant to say was that the fee to settle (fixed) may not be worth while given the amount of loans.
    He/she may have been meaning that but it's definitely not what they said and was misleading, either deliberately or unintentionally.

    Comment


      #12
      Originally posted by MyxALot View Post
      He/she may have been meaning that but it's definitely not what they said and was misleading, either deliberately or unintentionally.
      Here it is;

      Look at thread "Loans from EBTs and other Trusts" #829

      https://forums.contractoruk.com/acco...ml#post2482615


      Quoting webberg :

      "We have always been open and transparent about what we charge.

      The settlement fee is for those who joined us after 31st July 2016 only. If you joined before then, you continue at £18 a month until we settle or you choose to leave.

      The settlement fee is payable in instalments spread until April 2019.

      We have always told those joining us that we offer no guarantees of settlement - how could we when HMRC are in such chaos?"


      Add to Settlement Fee BG will charge him separately for individual advice.

      He be better off saving money and settle 21k direct with HMRC as part of the current settlement offer or add it to his 2019 Self assessment.

      There is an unhealthy obsession by a few posters to direct people to BG without understanding BG does not stand for Big Group Action .

      Comment


        #13
        Originally posted by luxCon View Post
        Here it is;

        Look at thread "Loans from EBTs and other Trusts" #829

        https://forums.contractoruk.com/acco...ml#post2482615


        Quoting webberg :

        "We have always been open and transparent about what we charge.

        The settlement fee is for those who joined us after 31st July 2016 only. If you joined before then, you continue at £18 a month until we settle or you choose to leave.

        The settlement fee is payable in instalments spread until April 2019.

        We have always told those joining us that we offer no guarantees of settlement - how could we when HMRC are in such chaos?"


        Add to Settlement Fee BG will charge him separately for individual advice.

        He be better off saving money and settle 21k direct with HMRC as part of the current settlement offer or add it to his 2019 Self assessment.

        There is an unhealthy obsession by a few posters to direct people to BG without understanding BG does not stand for Big Group Action .
        I can see that if you're facing a ruinous payment, it's worth taking any steps to fight, but not for a 21k loan.

        Comment


          #14
          Originally posted by luxCon View Post
          Here it is;

          Look at thread "Loans from EBTs and other Trusts" #829

          https://forums.contractoruk.com/acco...ml#post2482615


          Quoting webberg :

          "We have always been open and transparent about what we charge.

          The settlement fee is for those who joined us after 31st July 2016 only. If you joined before then, you continue at £18 a month until we settle or you choose to leave.

          The settlement fee is payable in instalments spread until April 2019.

          We have always told those joining us that we offer no guarantees of settlement - how could we when HMRC are in such chaos?"


          Add to Settlement Fee BG will charge him separately for individual advice.

          He be better off saving money and settle 21k direct with HMRC as part of the current settlement offer or add it to his 2019 Self assessment.

          There is an unhealthy obsession by a few posters to direct people to BG without understanding BG does not stand for Big Group Action .
          And where in that quote does it refer to a percentage, let alone a 'generous percentage'?

          No one's directing the OP towards using BG to settle, so wind your neck in.

          Comment


            #15
            Originally posted by MyxALot View Post
            And where in that quote does it refer to a percentage, let alone a 'generous percentage'?

            No one's directing the OP towards using BG to settle, so wind your neck in.
            Thread: BIG GROUP #845
            https://forums.contractoruk.com/hmrc...ml#post2410324

            Quote

            "We are considering whether later joiners should be paying more than earlier in order to prevent free loading. Presently, those who joined Big Group before the end of July 2016 pay nothing other than the monthly fees of £18.

            Those who joined after that and who took up the first iteration are liable for an additional £1,500 plus VAT fee which is payable in three equal instalments in April 2017, 2018 and 2019."


            1500 + 300 vat /21000 = 8.6%
            Last edited by luxCon; 30 November 2017, 11:23. Reason: forgot to add VAT !!

            Comment


              #16
              Originally posted by luxCon View Post
              Thread: BIG GROUP #845
              https://forums.contractoruk.com/hmrc...ml#post2410324

              Quote

              "We are considering whether later joiners should be paying more than earlier in order to prevent free loading. Presently, those who joined Big Group before the end of July 2016 pay nothing other than the monthly fees of £18.

              Those who joined after that and who took up the first iteration are liable for an additional £1,500 plus VAT fee which is payable in three equal instalments in April 2017, 2018 and 2019."



              1500 + 300 vat /21000 = 8.6%
              Ok, so 'generous percentage' is your subjective take on the FIXED figure that it will cost if you want to use them to settle in this particular case.

              And what if BG settlement results in a settlement figure that represents a saving even with the fee included?

              Comment


                #17
                MyxALot

                Originally posted by MyxALot View Post
                Ok, so 'generous percentage' is your subjective take on the FIXED figure that it will cost if you want to use them to settle in this particular case.
                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

                Comment


                  #18
                  Originally posted by luxCon View Post
                  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
                  Only one person in here with an ego, matey. You continue peddling your misleading info, if you like but you're not helping the people you think you're helping.

                  Comment


                    #19
                    Loans

                    Originally posted by Invisiblehand View Post
                    I think what he meant to say was that the fee to settle (fixed) may not be worth while given the amount of loans.

                    Dynamo: do you guys help people with enquiries like this as part of your monthly fee?
                    We've recently taken a couple of clients that have come from such schemes, normally we would deal with any standard HMRC correspondence but we could look at this type of scenario if there's a demand for it. We recently took on an ex HMRC director to specifically deal with this type of client, he's dealing with a number of folk from the Rangers case and others at the moment as part of his remit within the "Tax Defence and Strategy" team.

                    In summary, yes we could look at it and potentially assist. If there's a lot of work involved however we'd be able to provide a fixed fee quote before doing anything. With these cases, best to look at on an individual basis as everyone's circumstances can be quite different.

                    Comment


                      #20
                      Originally posted by Socialsarah View Post
                      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
                      Is there any chance you could repay the loan (from your bank account direct to the lender) and then ask them to pay you the funds back you under full PAYE?

                      That would be the cleanest way to wrap this up.

                      Otherwise, as others have said here, a £21k loan is tiny compared to what others are suffering here (I've heard figures up to £500k) so you would be best just paying the PAYE somehow. Ask a knowledgeable accounts or failing that speak with HMRC - I'm sure they'd be willing to help if you're looking to make a payment.

                      Comment

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