Originally posted by webberg
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Edge EBT thread
Collapse
X
Collapse
-
-
Originally posted by demby View PostI just can't understand your reluctance to say who the trustees are. Obviously this is public information that you have found on the web. Just because you discovered it when working for a client does not mean that that information belongs to them. If I paid you to find out a football result would you not be able to tell someone else that result without my permission.merely at clientco for the entertainmentComment
-
Originally posted by demby View PostI just can't understand your reluctance to say who the trustees are. Obviously this is public information that you have found on the web. Just because you discovered it when working for a client does not mean that that information belongs to them. If I paid you to find out a football result would you not be able to tell someone else that result without my permission.
If I can find out, so can you.
Have you tried the IOM FSA?Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by ammark View PostHello I received a settelement offer from HMRC which I am willing to accept. I used Edge EBT scheme. The letter advises me to take steps for the loans to be released within 30 days of agreeing settlement with them. If I do, no further tax will be payable on those loans.
May I ask whom to contact on the Edge side for the loans release query and are they willing to release them (intsead of taking advantage of the poor contractors along with Her Majesty).
Thanks
[email protected]Comment
-
Make sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by webberg View PostMake sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.
Thanks.Comment
-
Suggest you read the settlement deed.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by webberg View PostMake sure that you understand the implications of a loan write off.
HMRC will claim that the write off has two distinct tax implications.
First an IHT charge may be triggered.
Second, an income tax charge.
Both claims are not without their problems and may eventually be proven to be incorrect, but HMRC for the moment at least holds the above to be true.
If you have settled then HMRC will say that the above can be ignored.Comment
-
Originally posted by demby View PostSomeone has told me that HMRC have said as soon as the settlement is agreed as far as they are concerned the case is closed. No other income tax or inheritance tax to be applied whether the loans are written off or not
If that someone had told you the opposite, would you give the same answer?
On what basis did that someone make that statement? Will they be liable if they are wrong and someone acts on their statement?Comment
-
Originally posted by demby View PostSomeone has told me that HMRC have said as soon as the settlement is agreed as far as they are concerned the case is closed. No other income tax or inheritance tax to be applied whether the loans are written off or not
What qualification/experience did they have?
The statement you make is almost certainly untrue in many circumstances.
Please be careful about listening too and/or believing what the man at the socially distanced pub says.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Autumn Budget 2024: Reeves raids contractor take-home pay Oct 31 14:11
- How Autumn Budget 2024 affects homes, property and mortgages Oct 31 09:23
- Autumn Budget 2024: Reeves raids contractor take-home pay Oct 31 09:20
- Autumn Budget 2024: Umbrella companies hit, Employer NICs hiked, and BADR heading for 18% Oct 30 16:54
- Autumn Budget 2024: chancellor’s full speech Oct 30 16:34
- RecExpo got told this about Labour’s Employment Rights Bill… Oct 30 09:10
- A limited company just got one over HMRC on VAT; here’s how Oct 29 09:24
- Business Account with ANNA Money Oct 28 15:51
- Top 5 Autumn Budget areas for IT contractors to tick off Oct 28 09:30
- Top 5 umbrella company expenses things to still do in 2024 under 2016's T&S rules Oct 24 08:21
Comment