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Want to settle with HMRC however scheme provider not writing off loan

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    Want to settle with HMRC however scheme provider not writing off loan

    Hi All,

    can you please help me ASAP.

    I have been in scheme for almost three years and have now received section 9A letter from HMRC on my self assessment tax return.

    I want to settle with HMRC for all my tax year 2015/16, 2016/17 and 2017/18.

    However my scheme provider is not writing off my loan as they say its not tax avoidence scheme or DR.

    What should I as i am scared that if I settle with HMRC the scheme provider might knock on my door and ask for loan to be paid back.

    Please please help....

    #2
    Originally posted by simran View Post
    Hi All,

    can you please help me ASAP.

    I have been in scheme for almost three years and have now received section 9A letter from HMRC on my self assessment tax return.

    I want to settle with HMRC for all my tax year 2015/16, 2016/17 and 2017/18.

    However my scheme provider is not writing off my loan as they say its not tax avoidence scheme or DR.

    What should I as i am scared that if I settle with HMRC the scheme provider might knock on my door and ask for loan to be paid back.

    Please please help....
    They might well do that to prove to HMRC that it wasn’t a loan.

    Who is your scheme provider? If you don’t want to say, Do they have a thread in this forum?

    Without that information people can’t help you.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      Generally I reckon keep with the scheme provider until they go under. Then go to BG to settle with HMRC.

      What sort of percentage tax did pay? Did you keep the tax saved?

      Comment


        #4
        Originally posted by cojak View Post
        They might well do that to prove to HMRC that it wasn’t a loan.
        Or rather the reverse - to "prove" that it is actually a loan, rather than a loan "scheme". By allowing write-offs, they may further HMRC's case that the loans are not genuine in the first place.

        Without more details, it's impossible to know.

        Comment


          #5
          Want to settle with HMRC however scheme provider not writing off loan

          Originally posted by centurian View Post
          Or rather the reverse - to "prove" that it is actually a loan, rather than a loan "scheme". By allowing write-offs, they may further HMRC's case that the loans are not genuine in the first place.

          Without more details, it's impossible to know.
          That’s what I meant. Ta centurian
          "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
          - Voltaire/Benjamin Franklin/Anne Frank...

          Comment


            #6
            Amusingly, HMRC have been claiming that the payments are loans and not loans! To get 2 types of tax......

            Comment


              #7
              Originally posted by cojak View Post
              They might well do that to prove to HMRC that it wasn’t a loan.

              Who is your scheme provider? If you don’t want to say, Do they have a thread in this forum?

              Without that information people can’t help you.
              Simran do you want to contact me off line so I can let you know how I have dealt with this.

              Comment


                #8
                Originally posted by Maya1 View Post
                Simran do you want to contact me off line so I can let you know how I have dealt with this.
                I also prefer to pay liability and get loans written off. Maya1 I would be interested in speaking to you. Can I please be granted PM access.

                Comment


                  #9
                  Similar Situation

                  Originally posted by Maya1 View Post
                  Simran do you want to contact me off line so I can let you know how I have dealt with this.
                  Hi Maya
                  I am also in a similar situation and need help. Is it possible to contact you the only problem is I am new to this forum and I am unsure how to contact you offline. Please help.

                  Comment


                    #10
                    Originally posted by evani884 View Post
                    Hi Maya
                    I am also in a similar situation and need help. Is it possible to contact you the only problem is I am new to this forum and I am unsure how to contact you offline. Please help.
                    You need to request PM rights from admin. Then PM Maya directly.

                    Comment

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