Reply to: Steed Solutions (composite)

[SlipTheJab]

Hi
Can someone help please.

I used Steed from 2011 to 2013 and now have received a HMRC enquiry which says the loans were not loans and I need to pay income tax aswell as NIC as I was self employed.

I have tried to get in touch with Steed but it seems they are just dragging there heels hoping this will go away keep quoting KPMG believe the solution works but not provided any evidence of this.

I have received a letter to say I need to pay or go to litigation, seems all the promises we were made from Steed to represent us were all lies and now they just ignore all calls and don't respond.

Please help.

Thx

Anyone thinking about this brand of suicide should read this post from WK...

[Wingkuen]

Steed Loans HMRC

Hi
Can someone help please.

I used Steed from 2011 to 2013 and now have received a HMRC enquiry which says the loans were not loans and I need to pay income tax aswell as NIC as I was self employed.

I have tried to get in touch with Steed but it seems they are just dragging there heels hoping this will go away keep quoting KPMG believe the solution works but not provided any evidence of this.

I have received a letter to say I need to pay or go to litigation, seems all the promises we were made from Steed to represent us were all lies and now they just ignore all calls and don't respond.

Please help.

Thx

[TheFaQQer]

I agree with Lucifer Box.

(wrong thread)

[Sausage Surprise]

They review the contract, recommend any revisions to bring it into line with them being my representative and then they sign it on my behalf. I am new to contracting and assumed this was normal. No-one, including the agency I am working through, has raised any concerns or issues regarding this. I have obviously advised the agency that they will be signing on my behalf.

I have not signed anything. I filled out a MS Word application form that they sent me and returned that and have now received other forms including:

- self employment registration form;
- Trust Fund document;
- consultancy agreement;
- and another application form which requires signature.

So I guess I can still walk away without any obligation or owing anything?????

They charge £700 setup fee and 9% admin on fees regularly. It works out at about 85-88% take home on regular months, once the setup fee has been taken out of the first month.

I think from what I've read on here I would be better going with an umbrella company for now and maybe set up a LtdCo once I've found my footing. If I can walk away can anyone recommend any UCs? The agency I am currently contracting through recommends Giant.

[DonkeyRhubarb]

Did you mean swore at Steed?

The Steed scheme was clobbered by retrospective legislation.

http://forums.contractoruk.com/accou...58-fa2008.html

They followed that with an EBT/loan scheme which is also looking vulnerable.

If you want to bugger up your future join a scheme.

[cojak]

Can I ask

Since this thread was several years ago (almost ten actually) and Steed are still going (did think that some comments about them being "borderline crooks pedling dodgy tax schemes" a bit strong when you consider that if we didnt have to pay tax....we wouldnt) considering I have not heard of a great backlash of people being sacraficed to the HMRC because they were with Steed, Is it suffice to say that the tax treaty agreement between IOM and mainland is fairly safe, as its been about for nigh on 200 years apparently and the government still cant get round it?


I know of a few consultants who swore by Steed that they were ok, Im just trying to gauge if rather than using your own Ltd Company there is a way to be as tax efficent as possible

I've allowed this one through as I would like to see how the BN66 bods are going to reply.

Over to you SC/DR

[FIS WIZ]

Can I ask

Since this thread was several years ago (almost ten actually) and Steed are still going (did think that some comments about them being "borderline crooks pedling dodgy tax schemes" a bit strong when you consider that if we didnt have to pay tax....we wouldnt) considering I have not heard of a great backlash of people being sacraficed to the HMRC because they were with Steed, Is it suffice to say that the tax treaty agreement between IOM and mainland is fairly safe, as its been about for nigh on 200 years apparently and the government still cant get round it?


I know of a few consultants who swore by Steed that they were ok, Im just trying to gauge if rather than using your own Ltd Company there is a way to be as tax efficent as possible

[malvolio]

Looks like you've been more than a little lucky then. Good news, really - and to be absolutely fair, all credit to Steed for not making a bigger fuss. It could have got really messy.

[~Craig~]

at least look at Parasol or NoLongerLimited

[Flinty]

Steed

Just spoken to Steed and they were perfectly happy for me to go elsewhere, so I will sort out something, whether it be umbrella or LtdCo.

Thanks again for all the help, not to mention the pot shots

[Lucifer Box]

Try google, there's loads of them.

[Flinty]

Planetit - Any alternative suggestions/recommendations.

LB - I will follow it up with written confirmation and a phone call. Not sure where to find telephone recording services from, but will look into it, thanks.

[malvolio]

Well yes, agreed - but I was trying to be neutral

[planetit]

I can’t urge you strongly enough. Do not compound your current problems by choosing Giant as your next umbrella.

[Lucifer Box]

Well thanks for the advice thus far

I have checked with the agency and they've not received any invoices or paid any monies for my work so far.

I have also sent a mail to Steed informing them I have decided against entering into a relationship/agreement with themselves due to the financial implications it raises for myself in the future.

So I'll see what happens!

Flinty, you're still thinking like a rube and not a pro. Forget email. Emails disappear or never get read every day. Write them a letter, keep a copy, and send it registered post, guaranteed next day delivery. As soon as it arrives, phone them and tell them. Use a phone call recording service for added security. These guys are borderline crooks peddling dodgy tax schemes to the unwary - you need to pull yourself together or you will be taken for a ride.