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I was with AML from Oct. 2011 - March 2015 , in past I have received letters from HMRC and used to forward to AML to sort it out. So this time I don't know what to do.. any advice/guidance would appreciate
Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???
Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???
If you repay the loan, have you any guarantee that the trust will repay your company?
Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???
is it not absolutely insane that anybody would even consider repaying a 'loan'. This was our salary for work completed back then, ill advised and misguided for it to be paid via AML/SP. It was not an investment in shares or bitcoin that was dictated by market forces. It was our earnings. In any normal scenario outside of this farce you would not consider paying back an ex employer from long ago all of your salary.
The trust have to act in our best interests, how does paying it back conform to that.
You can transfer the trust to your own appointed trustees who can at least invest the funds.
Says who?
Let's say you had a loan for £50k from Knox House Trust.
If you repay that £50k to Knox House Trust, you do not have the money, it is with Knox House Trust, who will then say that you have repaid the money they loaned you, thank you very much end of story.
You are a borrower, not a trustee. Unless you get Knox House Trust to agree to repay your company, then there's nothing you can do. You can't transfer the trust. You can't appoint your own trustees.
As a summary, HMRC are aggressively back dating tax bills for some contractors, freelancers and agency workers, including social workers, supply teachers and bank and locum nurses and doctors who used a Trust payment scheme since 1999.
While it can be debated if these schemes were acceptable in terms of tax take they were inside the tax legislation of the time.
The new legislation is requiring these people to come up with vast amounts to retrospectively pay HMRC.
I know a number of people who this is affecting. They are talking about the possibility of losing housing, relationship stress, and even bankruptcy. As many of these people work in the finance sector bankruptcy would cease their ability to work in the industry.
I agree that the tax take from these people may have been low but the way HMRC are now going about this seems wrong and unfair.
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