Talent Resource Management

**rs1969** · 22 January 2008, 17:41

Anyone who could help?

**Ardesco** · 23 January 2008, 16:30

Originally posted by rs1969 View Post

Has anyone heard or dealt with the company Talent Resource Management?

They operate out of Guernsey and promise to pay a minimum of 85% earnings. Is this too good to be true?

I am using another PAYE umbrella company but after tax and NI get back only about 58%. I don't want to start my own limited company as I will be relocating abroad in 6 months time so wanted to make the most of my earnings.

Has anyone had good dealings with Talent Resource? Is the loan payment completely written off as they say, or will I be chased by the taxman in the future?

Any feedback will be highly appreciated. Thanks in advance.

If a loan is written off at soome point in the future there will be tax to pay somewhere....

**kiwioi** · 24 January 2008, 20:03

Ask them.

I did and they advised that the loan never gets written off.

What you do when you eventually leave is formally ask them (and the bank the loan is through) to Forgive the loans. Apparently they will. And apparently Forgiving a loan is quite different to writing it off.

Potentially they were spinning me.

**rs1969** · 25 January 2008, 07:42

Originally posted by kiwioi View Post

Ask them.

I did and they advised that the loan never gets written off.

What you do when you eventually leave is formally ask them (and the bank the loan is through) to Forgive the loans. Apparently they will. And apparently Forgiving a loan is quite different to writing it off.

Potentially they were spinning me.

that's what I thought. they sent their documents and it says that loan is repayable after five years. When I queried this they said that loan is forgiven and a P45 is issued when you leave.

So basically there is nobody on these forums who use them or have dealt with them in the past? Please share your experiences so that others don't get ripped off.

**Ardesco** · 25 January 2008, 09:27

Originally posted by kiwioi View Post

Ask them.

I did and they advised that the loan never gets written off.

What you do when you eventually leave is formally ask them (and the bank the loan is through) to Forgive the loans. Apparently they will. And apparently Forgiving a loan is quite different to writing it off.

Potentially they were spinning me.

Either you still owe them money, or you no longer owe them money. If yo no longer owe them money that means money must have been transferred across to you which means it will be a form of income. Somewhere along the line that income will be liable for tax.

Ask them to explain how forgiving a loan is different to writing it off, i'm not aware of any difference (but then IANAA)

**rs1969** · 25 January 2008, 10:52

@ardesco
what is IANAA? lol

**oracleslave** · 25 January 2008, 11:40

Originally posted by rs1969 View Post

@ardesco
what is IANAA? lol

I am not an accountant

**rs1969** · 25 January 2008, 13:41

Originally posted by oracleslave View Post

I am not an accountant

cheers mate, should have guessed that

**Crossroads** · 25 January 2008, 14:09

It's not just the spectre of generating a taxable gain by writing off the loan. The issues with these loan-based schemes are:

1) You often have no legal right to the loan, as they are often discretionary trusts...so if the trustees decide not to pay you then tough. Not likely I admit as word would spread pretty fast!

2) You use them for a while. HMRC comes knocking and ultimately they (or any other creditor) chases them for a large bill (e.g unpaid tax). The courts force them into administration. The administrator calls in the loans to pay the bill. You're bankrupt.

Talent Resource Management