Confused - advice required please

[cojak]

Can I refer you to my comment above or do you want me to repeat it.

Exactly how many people do you know outside experienced contractors actually get contracts checked. And even most of us care about a limited subsection of the contract relating to ir35

But they can read, and they are supposed to be a bit intelligent.

Who signs anything without at least skimming the document first? Not reading it is just gross stupidity and negligence.

[eek]

That means that the OP must have signed some kind of document, so what was it - a contract or a loan agreement?

Can I refer you to my comment above or do you want me to repeat it.

Exactly how many people do you know outside experienced contractors actually get contracts checked. And even most of us care about a limited subsection of the contract relating to ir35

[cojak]

Yes, thats very true and I can understand that.

But, if there is a loan there there has to be a loan agreement. Otherwise it isnt a loan as a matter of law I believe.

I guess there could be some sort of overarching loan agreement signed on commencement, but what about the amounts ? If there is a loan on each payment then it is going to be a variable amount.

I am sure that some offerings were less than open and quite probably glossed over various elements

That means that the OP must have signed some kind of document, so what was it - a contract or a loan agreement?

[ASB]

Most people don't look or think at what they receive (you would be surprised how many simply don't understand a monthly payslip). Provided money arrives in the account when expected people rarely look at the details...

Yes, thats very true and I can understand that.

But, if there is a loan there there has to be a loan agreement. Otherwise it isnt a loan as a matter of law I believe.

I guess there could be some sort of overarching loan agreement signed on commencement, but what about the amounts ? If there is a loan on each payment then it is going to be a variable amount.

I am sure that some offerings were less than open and quite probably glossed over various elements

[eek]

How did you not know?

Obviously the money found its way to you and surely there has to be some form of documentation and agreement covering the loan?

Or did they just add various amounts to your salary and pay you. It must have been described as something.

Most people don't look or think at what they receive (you would be surprised how many simply don't understand a monthly payslip). Provided money arrives in the account when expected people rarely look at the details...

[ASB]

How did you not know?

Obviously the money found its way to you and surely there has to be some form of documentation and agreement covering the loan?

Or did they just add various amounts to your salary and pay you. It must have been described as something.

[EBTContractor]

Go Ltd.

When HMRC issues you with a demand for the 'debt', leave the country and never come back.

[cojak]

Confused - advice required please

You're a contractor - go off and do some research into the industry you've jumped into.

Google 'All umbrella companies are equal' and AUCAE. Then take a look at the 1st timers guides.

Umbrella or Ltd? Look here: Setting up your company - Ltd or Umbrella?

[webberg]

Having unknowingly joined one of these loan schemes under 24 months ago, i have recently had a letter from HMRC asking me to submit a self assessment form.

Today i have had a word with my umbrella company, they have stated that the loans are loans and should not be submitted on the form, they have gone as far as saying that they will complete the self assessment form for me.

From the letter received from HMRC i have 3 months to complete my assessment.

I am confused what to do here.

Questions:

Joing BIGGROUP will NOT help me as a individual case, correct?
What if I just want to know what is expected of me from HMRC? How do i go about doing this?
Should i allow my umbrella company to fill out my self assessment? After all i am technically employed by them.
I no longer feel comfortable carrying on in this 'scheme', if i decide to leave how will it affect the 'outstanding loans' ?
As above i want to leave, what shall i switch to? another umbrella or ltd?

Thank you all in advance.

Big Group will give you a better informed position from which to make a decision.
If you wish, WTT Consulting will help you as an individual, other firms are available. The key is helping YOU.
No. AN Umbrella may be good at what umbrella's do but unless they have some specialist tax enquiry expertise, you are taking a chance.
You need to read the loan agreement.
Go litd.

[PeterF]

A loan is not a loan in the eyes of HMRC, they'll contest that and so you've some work to do regardless of what your umbrella says. Get some advice (NOT from your umbrella!), joining Big Group would be a good first move for you.

And yes, I think you're right to feel uncomfortable in the scheme.

[D15]

Having unknowingly joined one of these loan schemes under 24 months ago, i have recently had a letter from HMRC asking me to submit a self assessment form.

Today i have had a word with my umbrella company, they have stated that the loans are loans and should not be submitted on the form, they have gone as far as saying that they will complete the self assessment form for me.

From the letter received from HMRC i have 3 months to complete my assessment.

I am confused what to do here.

Questions:

Joing BIGGROUP will NOT help me as a individual case, correct?
What if I just want to know what is expected of me from HMRC? How do i go about doing this?
Should i allow my umbrella company to fill out my self assessment? After all i am technically employed by them.
I no longer feel comfortable carrying on in this 'scheme', if i decide to leave how will it affect the 'outstanding loans' ?
As above i want to leave, what shall i switch to? another umbrella or ltd?

Thank you all in advance.