Loan - self assessment

[Socialsarah]

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

[WalterWhite]

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

This should be in the HMRC Scheme Enquiries section, admin will move it when they spot it

What provider did you use? Are they still around?

[Darren at Fox-Bartfield]

Loan

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

Presume this loan was never repaid and wasn't a traditional umbrella advance?

Also, how much was "borrowed"?

[Socialsarah73]

21k and never repaid. They said it was legal but reading all info (which I wished I had done at the time) dont want to take any risks (the irony)

Just want to settle my tax whilst I have the chance via my annual assessment and bill is what I expected and put aside. Have been sick with worry

All attempts to contact them have been unsuccessful their web page is no longer available, emails unanswered and phone permanently engaged. Just don’t know what else to do

[poorautojobber]

21k and never repaid. They said it was legal but reading all info (which I wished I had done at the time) dont want to take any risks (the irony)

Just want to settle my tax whilst I have the chance via my annual assessment and bill is what I expected and put aside. Have been sick with worry

All attempts to contact them have been unsuccessful their web page is no longer available, emails unanswered and phone permanently engaged. Just don’t know what else to do

First thing is try to stop stressing HMRC aren't going to be knocking on the door yet if they have picked it up they would write to you first. I have no experience of these schemes but i'd imagine HMRC will be after the tax due plus interest and i'd imagine some charges. Although £21k to pay tax on is potentially alot depending on your situation you are relatively lucky as you were only involved for a short time compared to some. Good Luck!

[WalterWhite]

21k and never repaid. They said it was legal but reading all info (which I wished I had done at the time) dont want to take any risks (the irony)

Just want to settle my tax whilst I have the chance via my annual assessment and bill is what I expected and put aside. Have been sick with worry

All attempts to contact them have been unsuccessful their web page is no longer available, emails unanswered and phone permanently engaged. Just don’t know what else to do

Is the name of the company mentioned anywhere on these forums? If so, read any thread mentioning them and act as others on their advise

If they aren't then join Big Group

[northernladyuk]

Is the name of the company mentioned anywhere on these forums? If so, read any thread mentioning them and act as others on their advise

If they aren't then join Big Group

Maybe the OP just wants to pay the tax due on the 21k, rather than getting dragged into years of worryings, fighting and potentially mounting interest etc?

[luxCon]

If they aren't then join Big Group

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.

[MyxALot]

BG will also charge you a generous percentage of the settlement amount!!

Incorrect.

[Invisiblehand]

Incorrect.

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?