Did anyone here use either of the above companies and repay their loans?
- 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!
Kinsella/Keypay Solutions
Collapse
X
-
-
There are a small number of us here.
Repayment was carried out using the mechanism offered by the scheme. However, I am not sure this makes a difference to the loan scheme. -
I have no records going beyond 7+ years, how should I estimate my liability even if it wasn't statute barred by now, or are we at the mercy of HMRC estimating things for us.... ?Comment
-
Originally posted by tomtastic View PostI have no records going beyond 7+ years, how should I estimate my liability even if it wasn't statute barred by now, or are we at the mercy of HMRC estimating things for us.... ?
Normally, in this scenario, it will be a multiple of salary and be based on people in similar or the same schemes.
You can challenge that and ask to see their evidence for the estimate.
You can supply counter arguments, perhaps based on bank statements, calculations of day rate, days worked or out of work, lifestyle etc.
It is true that HMRC is usually reluctant to change a number that they feel is just and reasonable and in such situations you may need to go to a Tribunal to argue your case. That is an informal process and nothing to be scared of if you have a decent case.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Is a loan / debt left unacknowledged for over 6 and half years even considered legally active at this point?Comment
-
Originally posted by tomtastic View PostIs a loan / debt left unacknowledged for over 6 and half years even considered legally active at this point?
The statute of limitations starts only when the lender executes his right to repayment.
If he does that, does not get paid, takes no action to recover, then after 6 years, the lender loses the right to repayment.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by webberg View PostYes.
The statute of limitations starts only when the lender executes his right to repayment.
If he does that, does not get paid, takes no action to recover, then after 6 years, the lender loses the right to repayment.
No idea how to contact the loan/trust, nor how to tell them that HMRC thinks they weren't loans, so trust should cancel/release them?!Comment
-
Originally posted by tomtastic View PostOK, well as I've heard nothing regarding loan repayments, I'm going to email a reply to the cl.resolution team at HMRC to ask for their estimate as I don't keep (and don't believe I'm legally obliged to) financial records going back that far.
No idea how to contact the loan/trust, nor how to tell them that HMRC thinks they weren't loans, so trust should cancel/release them?!
You need to speak with an adviser.
Google WTT Consulting or Phil Manley at DSW. Then take your pick or speak to both.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by tomtastic View PostOK, well as I've heard nothing regarding loan repayments, I'm going to email a reply to the cl.resolution team at HMRC to ask for their estimate as I don't keep (and don't believe I'm legally obliged to) financial records going back that far.
No idea how to contact the loan/trust, nor how to tell them that HMRC thinks they weren't loans, so trust should cancel/release them?!
I would suggest you talk to both advisers.Comment
-
Originally posted by me206et View PostI am sorry to say but I am sure burying your head in the sands is not a good idea.
I would suggest you talk to both advisers.
Neither do I understand why I'm recommended to contact these advisors when the process to settle tax affairs seems relatively straightforward?
My only question here is :-
If the loans are not in fact loans, but DR, what process must be followed to write off / release the loans once the tax has been settled on the DR?Last edited by tomtastic; 31 July 2018, 11:27.Comment
- 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
Comment