HELP! HMRC letter demanding more than 30K! Desperate!

[RJJ85]

Hi all, First Post

Reason I joined is that I have just been asked to fill in a self assessment for 14/15 due to previous loans.

I was with Dynamic Partners who used Darwin as their Ltd company, I think I am going to declare the loans as income as above, will they tax the loan amount or expect you to pay the whole loan back? very confusing. Also, was this an illegal scheme in the first place? why now?

Any help would be greatly appreciated.

Le

HMRC consider loan amount as income and will apply tax on it as PAYE

[leenudge]

Previous Loans

This

If people can get through to 2019, if they are a Ltd Company contractor and can save enough personally before then, they will be able to take no salary/divs and just declare their previous loans as income. This will bring down the liability

I haven't had this confirmed, however everything I have read suggests this to be true

Apologies if it isn't

Hi all, First Post

Reason I joined is that I have just been asked to fill in a self assessment for 14/15 due to previous loans.

I was with Dynamic Partners who used Darwin as their Ltd company, I think I am going to declare the loans as income as above, will they tax the loan amount or expect you to pay the whole loan back? very confusing. Also, was this an illegal scheme in the first place? why now?

Any help would be greatly appreciated.

Le

[webberg]

Why are HMRC still sending these assessment notices out? They already have the new legislation that will catch the use of loan schemes. I suspect it is because they can charge compound interest for open years post 5th April 2019.

Interest on overdue tax is never compounded.

They are sending them out because otherwise they risk missing a year in which they believe you had taxable income undeclared.

That is arguably contrary to the whole purpose of the discovery provisions (and one we regularly challenge) but that is why.

If the 2019 charge gets amended to exclude closed years (not impossible, just difficult) then without an assessment to keep the year open, there is no tax due.

[WalterWhite]

Why are HMRC still sending these assessment notices out? They already have the new legislation that will catch the use of loan schemes. I suspect it is because they can charge compound interest for open years post 5th April 2019.

This

If people can get through to 2019, if they are a Ltd Company contractor and can save enough personally before then, they will be able to take no salary/divs and just declare their previous loans as income. This will bring down the liability

I haven't had this confirmed, however everything I have read suggests this to be true

Apologies if it isn't

[Smurfburger]

Hi

I am desperate to get some information and help. I’ve received a letter from HMRC asking to pay more than 30K under tax avoidance for the year 2012/13 under the discovery provision of Section 29 of TMA 1970.

I was using IQ contracts umbrella company through Darwin scheme for the same.IQ consultants company no longer exists. They letter asks to pay within the next 40 days. Neither do I have that kind of funds and nor can I pay that kind of money in the future. The company has raised their hands and say they have nothing to do with this. This is the first and only letter I received. Also I am going away to another country next week for 2 weeks for a planned operation that my Mom needs and need to inform HMRC the same and as the letter suggests.

I do not know the way forward. What should the next step be? I am a bit worried to get in touch with HMRC directly.

Anyone faced the similar issue? can anyone tell me what and how should i contact HMRC?

I am desperate, please help.

Regards.

Why are HMRC still sending these assessment notices out? They already have the new legislation that will catch the use of loan schemes. I suspect it is because they can charge compound interest for open years post 5th April 2019.

[sallyann]

I strongly recommend speaking to WTT. Good luck.

[WalterWhite]

Be careful.

The IQ that existed when the loans were drawn and the current iteration are not the same.

As the man said - get advice.

An appeal can be very simple. I've posted this before.

Dear sir,

I have an assessment - I don't agree it is correct - this is an appeal - please postpone the tax until we agree a value.

Love and kisses

Disgruntled taxpayer.

Very convenient!

[webberg]

they are mentioned on this thread here as iq contracts: http://forums.contractoruk.com/hmrc-...ection-9a.html

and assuming it's the same group this website would indicate they are still around:

https://www.iqcontracts.com/

Be careful.

The IQ that existed when the loans were drawn and the current iteration are not the same.

As the man said - get advice.

An appeal can be very simple. I've posted this before.

Dear sir,

I have an assessment - I don't agree it is correct - this is an appeal - please postpone the tax until we agree a value.

Love and kisses

Disgruntled taxpayer.

[WalterWhite]

Hi

I am desperate to get some information and help. I’ve received a letter from HMRC asking to pay more than 30K under tax avoidance for the year 2012/13 under the discovery provision of Section 29 of TMA 1970.

I was using IQ contracts umbrella company through Darwin scheme for the same.IQ consultants company no longer exists. They letter asks to pay within the next 40 days. Neither do I have that kind of funds and nor can I pay that kind of money in the future. The company has raised their hands and say they have nothing to do with this. This is the first and only letter I received. Also I am going away to another country next week for 2 weeks for a planned operation that my Mom needs and need to inform HMRC the same and as the letter suggests.

I do not know the way forward. What should the next step be? I am a bit worried to get in touch with HMRC directly.

Anyone faced the similar issue? can anyone tell me what and how should i contact HMRC?

I am desperate, please help.

Regards.

they are mentioned on this thread here as iq contracts: http://forums.contractoruk.com/hmrc-...ection-9a.html

and assuming it's the same group this website would indicate they are still around:

https://www.iqcontracts.com/

[DotasScandal]

A discovery notice is appealable, and you have 30 days to appeal. Do not panic. You might want to ask a professional outfit familiar with these schemes, like WTT consulting or any other.

[Hertsseasider]

Hi

I cannot give any advice on how / why this has happened. Just to say, I would contact HMRC immediately - explain the situation, ask for their help. Good luck.

[Dee Ava]

Hi

I am desperate to get some information and help. I’ve received a letter from HMRC asking to pay more than 30K under tax avoidance for the year 2012/13 under the discovery provision of Section 29 of TMA 1970.

I was using IQ contracts umbrella company through Darwin scheme for the same.IQ consultants company no longer exists. They letter asks to pay within the next 40 days. Neither do I have that kind of funds and nor can I pay that kind of money in the future. The company has raised their hands and say they have nothing to do with this. This is the first and only letter I received. Also I am going away to another country next week for 2 weeks for a planned operation that my Mom needs and need to inform HMRC the same and as the letter suggests.

I do not know the way forward. What should the next step be? I am a bit worried to get in touch with HMRC directly.

Anyone faced the similar issue? can anyone tell me what and how should i contact HMRC?

I am desperate, please help.

Regards.