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Self Assessment options

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    Self Assessment options

    I am confused about how to submit my self assessment form.
    I'll try to describe as best I can my situation, and I'd be grateful if anyone who's had a similar experience could help.

    So, last year I quit my permie job and went contracting for the first time. Being naive I joined a "scheme" that involved loans from a trust held on the IoM. Six months on, having read loads of info on this site, I decided to limit my exposure to this scheme, and so set up a Ltd Co, which i've been using since, with no issues.

    I only ever had direct contact with the scheme provider in the UK. During the six months on the scheme, I had an "employer" company on the IoM. The "employer" company changed halfway through the six month period, which helped fix my opinion that I no longer wanted to be part of something I didn't understand.

    I've now been contacted by the second (most recent) "employer" asking to return a form to the UK based scheme provider's office so they can submit a self assessment tax return for 07-08 on my behalf.

    I don't trust the IoM or the UK company to give me unbiased answers about my tax liability, and I'm not sure whether I should pay them to submit the SA or pay my current Ltd Co's accountant to do it.
    I do trust my accountant but I'm unsure whether they would have sufficient visibility of the "scheme" to be able to submit the SA without making me liable for taxes in the eyes of HMRC.

    I've been unable to get a sensible answer from either the IoM company or the UK based company, presumably because as an ex member they're no longer interested in spending time answering my queries.

    I accept that I may at some point in the future get a demand from HMRC to pay up, and there will be nobody to defend my case that I was using a legitimate, "legal" EBT scheme.

    Has anyone else been in a similar situation? i.e. submitted an SA after leaving an offshore scheme? Can anyone advise? Will my accountant be able to submit it without waving a big red flag with the revenue?

    #2
    I've had a similar situation when I left a brolly.

    My suggestion is to fill in the form, and let the IoM company fill out the relevant SA parts (partnership/employment/whatever).

    Then, hand this over to your accountant who will be able to include the figures in the calculation of total liability.
    ‎"See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."

    Comment


      #3
      Originally posted by Moscow Mule View Post
      I've had a similar situation when I left a brolly.

      My suggestion is to fill in the form, and let the IoM company fill out the relevant SA parts (partnership/employment/whatever).

      Then, hand this over to your accountant who will be able to include the figures in the calculation of total liability.
      Exactly what I was thinking. Just make sure the IoM company doesn't actually submit anything for you! (they can't without either you signature on the SA form or a special code from HMRC for submitting online which you must give them)

      Comment


        #4
        As this will be the first time I've submitted a SA form, I'm not sure what the process is. I've not been sent any paper form from HMRC, and I think the deadline is imminent (or passed) for submitting paper forms, so presumably I would have to submit online?
        So I would need to forward P45's to the IoM company, they would complete a paper form, and post it back for me to copy and fill out an online form? Does that sound right? Am I missing anything?

        Comment


          #5
          Originally posted by Cheshire Cat View Post
          As this will be the first time I've submitted a SA form, I'm not sure what the process is. I've not been sent any paper form from HMRC, and I think the deadline is imminent (or passed) for submitting paper forms, so presumably I would have to submit online?
          So I would need to forward P45's to the IoM company, they would complete a paper form, and post it back for me to copy and fill out an online form? Does that sound right? Am I missing anything?
          Yes you are almost certainly going to miss the paper form deadline (which is in a few days). But the IoM company can send you a completed paper form for you to check over (and pass on to your accountant). You will need to register to file your return online (via HMRC site) - you accountant I am sure can help but it is pretty easy.

          I guess, you need to ask IoM comapny if they are going to do everything for you or just what relates to when you were working through them.

          Comment


            #6
            ok, that's a bit clearer now. thanks.

            Comment


              #7
              I'm in a similar position, I'm quite tempted if I get no response from the provider in IoM to just delare the EBT income based on my experience with the ongoing BN66 mess, have you thought about how to get the loan written off ?

              Comment

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