Umbrella contractor-tax-loan-schemes-

[HenryFitzgerald]

Hi
Could I please ask if anyone has used -https://industriapaye.co.uk or gunnstrategies.com

There is an employee loan strategy for better returns on contract rate but checking on
HMRC when filling tax return https://www.gov.uk/guidance/contract...-cost-you-more
you should request a scheme number so a little
worried. Appreciate any feedback.
Rgds
Henry

https://www.gov.uk/guidance/contract...-cost-you-more
You’re told you don’t have to declare the scheme
Contractor loans schemes must be declared to HM Revenue and Customs (HMRC). When they are declared they are then given a scheme reference number. The promoter must pass the reference number to anyone using the scheme.

If you’re using a contractor loans scheme and you don’t show the correct scheme reference number on your tax return, you will be charged additional penalties.

HMRC challenges undisclosed schemes too. So even if a scheme hasn’t been declared you may still need to pay additional tax, penalties and interest if you’ve used it.

[northernladuk]

I think you've answered your own question there but in case you didn't get it....Don't touch them with a barge pole.

https://forums.contractoruk.com/hmrc-scheme-enquiries/

[Delendog]

Run away do not use it.......

[SlothGator]

Looks like you have done enough research not to use it.

[GreenMirror]

I was approached and looked at it. A cursory glance convinced me it was very dangerous.

Why are schemes like this allowed to operate?

[WTFH]

Hi
Could I please ask if anyone has used -https://industriapaye.co.uk or gunnstrategies.com

Gunn Strategies Ltd,
69 Athol Street, Douglas,
Isle of Man

Industria, Well, they have a business address in Liverpool, but their website is registered not as a business but as a UK individual. Oh, and you'll never guess where their website is registered... Douglas, Isle of Man

Buy a pair of running shoes and run away fast!

[Loan Ranger]

...better returns on contract rate...

Anything that offers better returns is almost certainly some form of tax avoidance which HMRC will come down hard on.

Learn from the experience of people here who've paid a very heavy price for getting involved with these scams.

If you want to be more tax efficient, pay into a pension.

[malvolio]

Let's put is this way: there are around 100,000 users of such schemes being chased for roughly £2bn of "unpaid" taxes as a result of using these novel approaches to income management.

If you want to join them, then fill your boots. But don't come crying back here when it all goes wrong in a few years' time.

[jazzyg]

STAY AWAY FROM ANY SCHEMES. Go a limited company setup!

[GreenMirror]

Gunn Strategies Ltd,
69 Athol Street, Douglas,
Isle of Man

Industria, Well, they have a business address in Liverpool, but their website is registered not as a business but as a UK individual. Oh, and you'll never guess where their website is registered... Douglas, Isle of Man

Buy a pair of running shoes and run away fast!

That business address is basically a PO BOX. The director resignations indicate an address in Wandworth - though it would not surprise me if thousands of businesses were set up there. The director was previously director at NICELY PAID LIMITED in Belfast - seems to have taken a step up(down?) in the world.