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10% taken off loans and salary as an expense when settling

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    10% taken off loans and salary as an expense when settling

    Hi everyone,

    I've read various threads about this and I wanted to try and clarify the position of people who managed to get this in to their settlement. Is it only people that were using LTD companies? i.e if you are "employed" through a scheme does it mean the 10% expenses allowed do not apply to you?

    I've now settled post 9th Dec 2010 loans and didn't know about this 10% to even ask HMRC. They obviously didn't volunteer this to me. If it turns out "employed" people got the 10% if they knew to ask about it I will make a complaint to HMRC and see where it goes.

    is anyone having any luck negotiating anything with HMRC for pre DEC 2010 loans?

    Thanks in advance.

    p.s wish I found this forum sooner.

    #2
    Originally posted by nickyboyc View Post
    Hi everyone,

    I've read various threads about this and I wanted to try and clarify the position of people who managed to get this in to their settlement. Is it only people that were using LTD companies? i.e if you are "employed" through a scheme does it mean the 10% expenses allowed do not apply to you?

    I've now settled post 9th Dec 2010 loans and didn't know about this 10% to even ask HMRC. They obviously didn't volunteer this to me. If it turns out "employed" people got the 10% if they knew to ask about it I will make a complaint to HMRC and see where it goes.

    is anyone having any luck negotiating anything with HMRC for pre DEC 2010 loans?

    Thanks in advance.

    p.s wish I found this forum sooner.
    I settled post 2010 loans and got the 10% reduction for expenses for all years. I did provide evidence of expenses from credit card bills and provided evidence that my employer (not LTD) did not pay expenses. I believe that HMRC did eventually just allow 10% with zero evidence. To be clear I was in an employed scheme working and staying away from home.

    Comment


      #3
      Originally posted by Delendog View Post
      I settled post 2010 loans and got the 10% reduction for expenses for all years. I did provide evidence of expenses from credit card bills and provided evidence that my employer (not LTD) did not pay expenses. I believe that HMRC did eventually just allow 10% with zero evidence. To be clear I was in an employed scheme working and staying away from home.
      Lol


      Sent from my iPhone using Contractor UK Forum

      Comment


        #4
        Hi,

        Does LOL mean the 10% taken off loans and salary is just nonsense and no one actually got this?

        Comment


          #5
          Originally posted by nickyboyc View Post
          Hi,

          Does LOL mean the 10% taken off loans and salary is just nonsense and no one actually got this?
          I dont know what the LOL means BUT I can assure you I did get 10% taken off the loans.

          Comment


            #6
            Thanks. Appreciate it.

            Comment


              #7
              Originally posted by Delendog View Post
              I dont know what the LOL means BUT I can assure you I did get 10% taken off the loans.
              I was under an umbrella (not Ltd) and was allowed to deduct 10% without proving the receipts. I think eventually HMRC generally accepted this especially given timescales.

              I think the LOL is probably because you have missed the boat. When you agreed settlement you would have signed the letter HMRC sent you and you are now locked into agreeing and paying that amount without recourse, so trying to go back and get this changed is going to be fruitless. I beleive the settlement letter you would have signed and sent back stipulates this clearly along with not being allowed to challenge the agreement by way of the courts.
              Last edited by lowpaidworker; 26 January 2021, 14:58.

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                #8
                hey,

                Not sure what would be funny about anyone in this horrible situation not knowing about this 10% deduction from loans and salary whether it's too late or not.
                My complaint would be that we should all be treated fairly and the same and see what can be done.
                I still have my pre Dec 2010 loans to settle with them so finding out about this 10% deduction only recently will still have some value for me.

                Comment


                  #9
                  Originally posted by nickyboyc View Post
                  hey,

                  Not sure what would be funny about anyone in this horrible situation not knowing about this 10% deduction from loans and salary whether it's too late or not.
                  My complaint would be that we should all be treated fairly and the same and see what can be done.
                  I still have my pre Dec 2010 loans to settle with them so finding out about this 10% deduction only recently will still have some value for me.
                  I don't know if you'll get anywhere complaining to HMRC.

                  But a lot of people have found that getting their Member of Parliament to intervene often cuts through HMRC's intransigence. MPs routinely deal with HMRC on behalf of constituents.
                  Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                  Comment


                    #10
                    Originally posted by DealorNoDeal View Post
                    I don't know if you'll get anywhere complaining to HMRC.

                    But a lot of people have found that getting their Member of Parliament to intervene often cuts through HMRC's intransigence. MPs routinely deal with HMRC on behalf of constituents.
                    Wow! You and your chums drove someone off this forum who was freely giving pertinent advice and the best you can come up with is write to your MP?

                    Absolutely awesome!

                    Comment

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