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?
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?
Comment