Worried Newbue Help with Contractor Loans

[animallover]

Hi new to this game and been losing a lot of sleep this past few days so grateful for any help!

I joined the world of contracting in late 2016 and have been using the same umbrella company since.

For the first 2 months they used one 'contractor loans' company and every since they have used another.

To cut a long story short, I have accrued approx 150k in loans since. I got an email out of the blue last week from Trust Helpline (THL) saying that due to the HMRC contractor loan settlement, I need to register etc (interestingly they only mentioned the company i used for the first 2 months). All this is news to me etc as I am really thick when it comes to stuff like this.

I've been doing as much research as I can and am v worried that I'm going to get stung for a big sum which I can ill-afford (recently diagnosed with a chronic illness and have a young family).

I am about to speak to an independent tax advice company for further advice.

I've emailed my umbrella company and their loans payment company for further advise and am awaiting a reply.

For 150k of loans, what sort of charge may I have to pay? I've looked at the loans calculator etc and don't really understand it...!

Thanks!

[animallover]

I spoke briefly with a specialist tax company and they advised to register an interest with the HMRC Contracts loan scheme and then wait to get the pack and then if I'm unable to work it out for myself, they can assist.. Looks like I'm going to get stung...

[animallover]

Employee loan

I spoke to my payment company and they said that the arrangements i have with them since January 17 are compliant because I am an employee of the company and it's not done via an EBT and it's an employee loan and as such is not impacted by the legislation?

Is there anyway I can get this independently verified please?

[Darren at Fox-Bartfield]

I spoke to my payment company and they said that the arrangements i have with them since January 17 are compliant because I am an employee of the company and it's not done via an EBT and it's an employee loan and as such is not impacted by the legislation??

[northernladuk]

Have a search of the forums for the name of your umbrella(s) and see what the advice is.

Best way to search is to use the google method. Type the following in to google replacing the <name> with your brolly names.

<name> site:forums.contractoruk.com

EDIT : I wouldn't search your username in google on a client PC if I were you though.

[simran]

I spoke to my payment company and they said that the arrangements i have with them since January 17 are compliant because I am an employee of the company and it's not done via an EBT and it's an employee loan and as such is not impacted by the legislation?

Is there anyway I can get this independently verified please?

just dropped you a private message please reply....

[northernladuk]

just dropped you a private message please reply....

Can he do that with only 3 posts?

[animallover]

just dropped you a private message please reply....

PS, I cant send PMs just yet....

[catanonia]

So you know, if you are caught and decided to settle expect a bill of around £30k - £40k depending on your circumstances / tax rates etc etc etc

But a specialist tax adviser is what you need right now.

[administrator]

PS, I cant send PMs just yet....

You can now.