Originally posted by GregRickshaw
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!
Reply to: WePaye Tax Avoidance
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "WePaye Tax Avoidance"
Collapse
-
-
Originally posted by aps83 View PostHi,
I am new to this forum. I was with WePaye umbrella for 2 years (2019-21) and with Apricot (2021-Oct'22) Being a stupid self I didnt really think to question too good to be true take home pay from both WePaye & Apricot. WePaye has recently been identified as a tax avoidance promoter and has been liquidated since and I am really worried that HMRC would be chasing me up anytime soon.
I was paid through Revolving Line of Credit/Grant Annuity scheme where i was taxed for NMW & received another chunk of the Grant as a non taxable income. I have not had any letters/warning notes whatsoever about both the umbrellas in the past 3.5years from HMRC.
However I am looking to get my act right now and settle my tax affairs. Just seeking advice on how to approach this. Should I make a voluntary disclosure to HMRC about this and take it from there? If so, could you kindly point me to any previous thread about how to go about doing this, what documents to provide to work out the calculation etc so I can have it all ready before reaching to HMRC. Thanks in advance
Leave a comment:
-
Originally posted by GregRickshaw View Post
I used Gilbert Tax, ex HMRC themselves, I seriously can't recommend them highly enough. They don't do the part thereof nonsense in their fees either, they were £150 per hour but if they do an email which takes 5 mins you pay pro rata 5 mins etc.,
Leave a comment:
-
Originally posted by eek View PostYou can do it yourself but it may be worth getting someone to help you settle things GregRickshaw - who did you use to sort things out as I don't remember them being expensive compared to the other options.
1 issue you will have (and this is why I think an expert may be useful) is that HMRC will base any figures they generate on the amounts reported by the agency reporting regulation reports. Which means HMRC will be after the appropriate tax on every penny WePaye / Apricot received not just the amount you received from them.
Leave a comment:
-
Originally posted by aps83 View Post
Thanks for your response. That was one of my most important question. How will HMRC work out the monies I owe. Is it based on the grant/loan amount that I received from my agency or the amount my agency would have paid the Umbrella. If that's the case I would have quite a hefty tax to pay. Is there any experts here who I can reach out to to seek professional advice on this. Thanks
Good luck sorting it all out and well done for getting out of these schemes.
Leave a comment:
-
You could just sit back and wait and see if HMRC comes after you.
However, bear in mind that the clock is ticking on late payment interest. HMRC charge bank base + 2.5% per year (currently 5.5%) but this is likely to rise further. You'll already have accrued some interest since 2019 but fortunately at lower rates.
You can find the late payment rates here:
https://www.gov.uk/government/public...interest-rates
Leave a comment:
-
Originally posted by eek View PostYou can do it yourself but it may be worth getting someone to help you settle things GregRickshaw - who did you use to sort things out as I don't remember them being expensive compared to the other options.
1 issue you will have (and this is why I think an expert may be useful) is that HMRC will base any figures they generate on the amounts reported by the agency reporting regulation reports. Which means HMRC will be after the appropriate tax on every penny WePaye / Apricot received not just the amount you received from them.
Leave a comment:
-
You can do it yourself but it may be worth getting someone to help you settle things GregRickshaw - who did you use to sort things out as I don't remember them being expensive compared to the other options.
1 issue you will have (and this is why I think an expert may be useful) is that HMRC will base any figures they generate on the amounts reported by the agency reporting regulation reports. Which means HMRC will be after the appropriate tax on every penny WePaye / Apricot received not just the amount you received from them.
Leave a comment:
-
WePaye Tax Avoidance
Hi,
I am new to this forum. I was with WePaye umbrella for 2 years (2019-21) WePaye has recently been identified as a tax avoidance promoter and has been liquidated since and I am really worried that HMRC would be chasing me up anytime soon.
I was paid through Revolving Line of Credit/Grant Annuity scheme where i was taxed for NMW & received another chunk of the Grant as a non taxable income. I have not had any letters/warning notes whatsoever about both the umbrellas in the past 3.5years from HMRC.
However I am looking to get my act right now and settle my tax affairs. Just seeking advice on how to approach this. Should I make a voluntary disclosure to HMRC about this and take it from there? If so, could you kindly point me to any previous thread about how to go about doing this, what documents to provide to work out the calculation etc so I can have it all ready before reaching to HMRC. Thanks in advanceLast edited by aps83; 22 November 2022, 00:03.Tags: None
- 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
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: