I received HMRC SA compliance check letter on 13.01.2021 for tax year ending April 2019. Stating they will start checking my return to see whether it should have included information about outstanding disguised remuneration loans.
I have been using umbrella companies on and off for the past few years, for the tax year 2018-2019 I used one umbrella company, who used to pay part of my salary and then pass the rest of the other payment to another company to pay me the rest. They have said this is not a loan scheme and called it something else instead, and reassured me etc etc. So I filled my SA for 2018-2019 mentioning that I got paid from The umbrella company. This is what triggered HMRC to investigate.
I am very worried and concerned because 1) they will investigate and see it was a loan scheme and I will have a HUGE bill 2) they will start checking other years and if I have to pay those back then I am literally going to be bankrupt.
I have stopped using these schemes since October 2020 after receiving a generic letter from HMRC stating I may be using one of these schemes.
I have a few questions:
1. Im going to contact the umbrella company and forward this letter I received from HMRC- they will most likely fob me off after what I've read on several forums. So I will seek expert advice, I've found Bettertax.com- any good? Or does anyone have any other specialist help?
2. what will HMRC ask for? If it's bank statements will they ask for the bank statements of the account I received the payment ONLY? Or will they ask for statements of all the bank accounts I hold? I say this because I have payments from other ltd companies I help in the past which are now dissolved, I don't want it to get messy.
Any help will be much appreciated please.
I have been using umbrella companies on and off for the past few years, for the tax year 2018-2019 I used one umbrella company, who used to pay part of my salary and then pass the rest of the other payment to another company to pay me the rest. They have said this is not a loan scheme and called it something else instead, and reassured me etc etc. So I filled my SA for 2018-2019 mentioning that I got paid from The umbrella company. This is what triggered HMRC to investigate.
I am very worried and concerned because 1) they will investigate and see it was a loan scheme and I will have a HUGE bill 2) they will start checking other years and if I have to pay those back then I am literally going to be bankrupt.
I have stopped using these schemes since October 2020 after receiving a generic letter from HMRC stating I may be using one of these schemes.
I have a few questions:
1. Im going to contact the umbrella company and forward this letter I received from HMRC- they will most likely fob me off after what I've read on several forums. So I will seek expert advice, I've found Bettertax.com- any good? Or does anyone have any other specialist help?
2. what will HMRC ask for? If it's bank statements will they ask for the bank statements of the account I received the payment ONLY? Or will they ask for statements of all the bank accounts I hold? I say this because I have payments from other ltd companies I help in the past which are now dissolved, I don't want it to get messy.
Any help will be much appreciated please.
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