Loan Charge on BBC Front Page

[dammit chloe]

Given you are likely to be aware that Dammit Chloe (and most other participants of this thread) used a loan scheme, and therefore quite clearly (and regrettably) didn't have these conversations multiple times, I think there was no need for the above.

I used one scheme after I got laid off in the dotcom crash ( after PAYE for 20 years approx ). Never intended to contract. It was recommended by a contractor who I knew from another place. I have had zero marketing calls.

[NotAllThere]

QC checked out. Former HMRC inspector raised no concerns.

What do you mean by checked out? And who was this HMRC inspector you talked to, part of the scheme, or entirely independent?

[Fred Bloggs]

Given you are likely to be aware that Dammit Chloe (and most other participants of this thread) used a loan scheme, and therefore quite clearly (and regrettably) didn't have these conversations multiple times, I think there was no need for the above.

No, sorry, entirely unaware of Dammit Chloe and his/her circumstances. I have no wish to be offensive to anyone. I have the idea that the majority of long established contractors through the 2000's onward (such as myself) would have had the same experience I had. I was lucky I suppose that my naturally sceptical glass half empty nature kind of protected me from these outcomes. It's a shame others weren't so fortunate but these threads are a golden resource to keep others away from present and future scams. IMHO anyway.

[BrilloPad]

c'mon BP. Yes, they said all that stuff too. AND they sometimes said the schemes were "inland revenue approved" too. But didn't that just make it all sound even more too good to be true?

Many people were just sick of IR35. The returns were not that good.

I was lucky enough to have followed CUK on the DTA issue so avoided(evaded?) loan schemes.

[Fred Bloggs]

Many people were just sick of IR35. The returns were not that good.

I was lucky enough to have followed CUK on the DTA issue so avoided(evaded?) loan schemes.

Good to hear too. The greater good achieved by CUK simply can't be over estimated on that score. In some ways, despite the one off high water mark our former friends elsewhere managed, the contribution by CUK to the UK contractor community is astonishing. That's why I still come here.

[BrilloPad]

the contribution by CUK to the UK contractor community is astonishing. That's why I still come here.

Thank Goodness for NLUK. Or I would never have thought to ask my accountant....

[Fred Bloggs]

Thank Goodness for NLUK. Or I would never have thought to ask my accountant....

Indeed. Astonishing insight.

[NotAllThere]

I was lucky enough to have followed CUK on the DTA issue so avoided(evaded?) loan schemes.

I'm sure HMRC are lobbying ministers to close that loophole as well.

In 2030, we get letters saying... "You could have joined a scheme, but didn't - so you've avoided paying the Loan Charge in 2020, and now (as we've backdated it) you owe us a gazillion pounds, you nasty tax dodging little oik".

[BrilloPad]

I'm sure HMRC are lobbying ministers to close that loophole as well.

In 2030, we get letters saying... "You could have joined a scheme, but didn't - so you've avoided paying the Loan Charge in 2020, and now (as we've backdated it) you owe us a gazillion pounds, you nasty tax dodging little oik".

Sadly the scheme I did join is not much better. It is called a limited company. To be fair, at least I got some QDOS insurance to cover that.

[webberg]

Sadly the scheme I did join is not much better. It is called a limited company. To be fair, at least I got some QDOS insurance to cover that.

And don't forget that HMRC had a real go at claiming that a limited company was a form of avoidance.

I bet that the HMRC genius who wasted thousands of hours of time and money on that little gem got the sack. (Not).