Changes to the loan scheme letter guidance on what to do next please

[webberg]

There is a code of practice here in terms of touting for business. In short, it's not done.

In terms of advisers however there are essentially three types.

There will be group who advised on the scheme when it was being sold and to whom you may or may not have been referred at the time. Depending on the scheme they may now be advising on what to do about the subsequent HMRC enquiries and communications from various other parties. Usually this group would have been made known to you via your name being on a scheme list.

There will be a group of advisers who will be rather more than your average High St accounting firm and who may have a specialist team within their practice. The higher up the chain you go, the more likely a team will exist. Almost certainly the "Big 4" accounting firms and the "magic circle" law firms will either have or will claim to have teams which specialise in this area. They will do a competent job but their charge out rates can be steep.

Finally, there is a small group of specialist advisers, all of whom have little or no connection with how schemes were sold in the past and who are therefore unbiased. We (WTT) count ourselves here. Another I would mention would be Phil Manley. There may well be others but no other demonstrably independent names come to mind.

You will find that this community has different ideas on how to deal with the situation. Some (us - WTT) believe that the HMRC analysis of the situation (which means you owe money) is flawed and have a plan to challenge that view. Others may specialise in seeking settlement (the reality being that all scheme users got the same deal and the only negotiation was around time to pay the bill) or in particular schemes.

Either way, you need to speak to them all and question them about their plans and strategy and then speak with whomever suits you.

[NeedTheSunshine]

Thank you for your response.

Would you be please so kind as to point this expert out. Or point them in the direction of this thread.

Or alternatively if there is some sort of code of ethics on this forum, please advise me.

As mentioned i have been looking at threads here and I have picked up snippets of information but need further clarity on points in original post.

I don't think that we should be advising on particular tax advisers. However, if you look over this week's posts in the HMRC Scheme Enquiries section it should be quite clear who it is and you can drop them a DM. If you go further back it will be even clearer.

[Kara]

You do need to speak to an expert. One of those experts posts on here regularly.

Thank you for your response.

Would you be please so kind as to point this expert out. Or point them in the direction of this thread.

Or alternatively if there is some sort of code of ethics on this forum, please advise me.

As mentioned i have been looking at threads here and I have picked up snippets of information but need further clarity on points in original post.

[NeedTheSunshine]

Hi all,

So I received yesterday the changes to the loan scheme letter, which I assume means that HMRC believes that the umbrella company i used (i used two actually) for approximately 2 years from period Jan 2017-Jan 2019 were using a loan scheme.

This is the first correspondence I have received from HMRC relating to this and has left me feeling very anxious.

I am a social worker by trade and initially joined as a locum and had no choice but to use an umbrella company.

I would like some general advice if possible as although i have been looking at forum posts, this is all a minefield to me.

Firstly i am concerned that the deadline was for 31st January 2020 but i only received letter on this date. Ithe letter mentions September but also mentions fines .. i also read that last year was the deadline to settle? But how could i have settled if i wasn't aware there was an issue?

The letter states if HMRC have asked for a SATR for 2018/2919 then include any loan balance accurately. If they haven't requested a SATR I must tell them ASAP i need to pay. I haven't to my knowledge ever been asked to complete a SATR and also why would i need to if I've never been self employed?

Can someone please provide clarity on what is actually deemed a loan scheme? I have checked my old payslips and noticed in one section it refers to 'Gross Invoice' and in a separate section there is a salary which has been taxed but the salary is lower than invoiced amount?

I want to get this sorted ASAP. Should i seek advice from an accountant? If so, if allowed, can anyone point me in the right direction of somebody who is experienced in this matter and reputable.

I did ring HMRC myself and on the phone when i explained, they asked me to send bank statements or payslips into them. Again no time frame was given? Do they purposely try and make it as difficult as possible for people?

If it is to come to settlement, what are my options here, considering it appears i have missed a few deadlines?!

You do need to speak to an expert. One of those experts posts on here regularly.

[Kara]

Hi all,

So I received yesterday the changes to the loan scheme letter, which I assume means that HMRC believes that the umbrella company i used (i used two actually) for approximately 2 years from period Jan 2017-Jan 2019 were using a loan scheme.

This is the first correspondence I have received from HMRC relating to this and has left me feeling very anxious.

I am a social worker by trade and initially joined as a locum and had no choice but to use an umbrella company.

I would like some general advice if possible as although i have been looking at forum posts, this is all a minefield to me.

Firstly i am concerned that the deadline was for 31st January 2020 but i only received letter on this date. Ithe letter mentions September but also mentions fines .. i also read that last year was the deadline to settle? But how could i have settled if i wasn't aware there was an issue?

The letter states if HMRC have asked for a SATR for 2018/2919 then include any loan balance accurately. If they haven't requested a SATR I must tell them ASAP i need to pay. I haven't to my knowledge ever been asked to complete a SATR and also why would i need to if I've never been self employed?

Can someone please provide clarity on what is actually deemed a loan scheme? I have checked my old payslips and noticed in one section it refers to 'Gross Invoice' and in a separate section there is a salary which has been taxed but the salary is lower than invoiced amount?

I want to get this sorted ASAP. Should i seek advice from an accountant? If so, if allowed, can anyone point me in the right direction of somebody who is experienced in this matter and reputable.

I did ring HMRC myself and on the phone when i explained, they asked me to send bank statements or payslips into them. Again no time frame was given? Do they purposely try and make it as difficult as possible for people?

If it is to come to settlement, what are my options here, considering it appears i have missed a few deadlines?!