Ex-contractor reading up on loans

[HairyRoadie]

Hiya,

I suspect I'm not included in all this loan nightmare, though I've picked up on a few stories in the press like a previous poster. I think its a desperately worrying situation for a lot of people, especially if you thought that your tax affairs for prior years were done and dusted.

I did most of my contract work pre-IR35, Limited Co + Accountant, though for some months in Y2K after IR35 I just took everything as PAYE, went permie and that was that. Though I'm doubting myself and wondering if I could be affected. Is there a definitive way to know if you are impacted, is it from prior scheme membership, or will you get a letter? Ta, HR.

[northernladuk]

Hiya,

I suspect I'm not included in all this loan nightmare, though I've picked up on a few stories in the press like a previous poster. I think its a desperately worrying situation for a lot of people, especially if you thought that your tax affairs for prior years were done and dusted.

I did most of my contract work pre-IR35, Limited Co + Accountant, though for some months in Y2K after IR35 I just took everything as PAYE, went permie and that was that. Though I'm doubting myself and wondering if I could be affected. Is there a definitive way to know if you are impacted, is it from prior scheme membership, or will you get a letter? Ta, HR.

Have you read up enough to understand how the schemes work? Surely if you understand how they work you should be able to remember if you were ever in that situation?

Failing that can you remember the companies you were involved with and do a quick search on here to see if they pop up in these forums?

You can use the Google search method to find out. Type in the following to Google.

(provider name) site:forums.contractoruk.com

If you used Parasol as a name you'll see from the search results you are fine. If you used say Montpellier then you'll easily see you've potentially got an issue.

Better to find out yourself than sit there worrying about when a letter is going to hit the mat surely?

HTH

[HairyRoadie]

Have you read up enough to understand how the schemes work? Surely if you understand how they work you should be able to remember if you were ever in that situation?

Failing that can you remember the companies you were involved with and do a quick search on here to see if they pop up in these forums?

You can use the Google search method to find out. Type in the following to Google.

(provider name) site:forums.contractoruk.com

If you used Parasol as a name you'll see from the search results you are fine. If you used say Montpellier then you'll easily see you've potentially got an issue.

Better to find out yourself than sit there worrying about when a letter is going to hit the mat surely?

HTH

Probably paranoia on my part. I never used any umbrella's or 3rd parties, I just invoiced agency, money payed into my bank, took salary, dividends, expenses etc. HR

[GreenMirror]

There is no definite way of knowing if you are affected.

From what you have posted, you sound fine.

Eventually there might be someone pulled up by HMRC who forgot all about some scheme from 15 years ago. Or maybe HMRC are in such a mess with 100k people to look at, and facing a huge challenge from LCAG, that they will only be able to get anything from those who volunteer.