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loan scheme - makes you owe the umbrella company lots of money??
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Also, as there is interest on the loan it looks like it is an employee loan. HMRC are cracking down on loans that are Trust based where no interest is charged. To me it looks like this is just a paperwork exercise.Comment
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Originally posted by snk888 View Post…Maybe we ain’t that young anymoreComment
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Originally posted by WTFH View PostPlease be VERY CAREFUL with companies who are based in the IoM (or Malta) and offering to "help" with loans. If they try to get you to sign up to another scheme, it is most likely very dodgy. Proceed with extreme caution!Comment
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Originally posted by snk888 View PostI see your point. I was made aware about Previse from an email (I can forward it to you)? I was with infinity for a few months, I have had this email for payment too, I spoke to a tax advisor and he just mention as there is interest so its an employee loan not a trust based.Comment
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Originally posted by Delendog View Postand HMRC will ask for evidence of loan repayments and you actually paying interest not just a documentComment
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Originally posted by snk888 View PostI see your point. I was made aware about Previse from an email (I can forward it to you)? I was with infinity for a few months, I have had this email for payment too, I spoke to a tax advisor and he just mention as there is interest so its an employee loan not a trust based.
Are they offering to sort it all out for you, for a % of the savings?
Is the address of this wonderful company who are going to help you out by getting you to give them more money exactly the same address as the company that got you into the mess?
Might be worth reading this thread:
https://forums.contractoruk.com/hmrc...tants-ltd.html
and for those who are into interesting coincidences...
https://beta.companieshouse.gov.uk/o...E/appointments
Scroll down where this guy has worked and see if you spot anything. Oh look, a link to Knox House and Mr Eve.
https://beta.companieshouse.gov.uk/o...M/appointments
As for Precise themselves, their address is that of Baker Tilly:
Contact Us - Baker Tilly Isle of Man
The same Baker Tilly who feature in the Paradise Papers.
https://offshoreleaks.icij.org/searc...&commit=Search…Maybe we ain’t that young anymoreComment
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Originally posted by WTFH View PostDid the email come from someone involved in getting you to use a loan scheme? e.g. Infinity?
Are they offering to sort it all out for you, for a % of the savings?
Is the address of this wonderful company who are going to help you out by getting you to give them more money exactly the same address as the company that got you into the mess?
Might be worth reading this thread:
https://forums.contractoruk.com/hmrc...tants-ltd.html
and for those who are into interesting coincidences...
https://beta.companieshouse.gov.uk/o...E/appointments
Scroll down where this guy has worked and see if you spot anything. Oh look, a link to Knox House and Mr Eve.
https://beta.companieshouse.gov.uk/o...M/appointments
As for Precise themselves, their address is that of Baker Tilly:
Contact Us - Baker Tilly Isle of Man
The same Baker Tilly who feature in the Paradise Papers.
https://offshoreleaks.icij.org/searc...&commit=SearchComment
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Previse fails my personal test. Their website doesn't name the persons running the operation or provide any details of their professional background. Its far from a conclusive way to make a decision but as a rule of thumb its pretty good.
Also, if you click on the link at the top of their page under the bit that says "important please read" you get to a page of dirge about HMRC which includes the line
"HMRC & The Government have made it clear they will legislate to stop what they view as "abusive tax avoidance". Indeed they have already enacted several pieces of controversial new tax law (most recently APNs) and there is more new law expected in 2017 which will continue the "pinch"."
This is obviously out of date and an inaccuracy of that nature would set me running a mile before I even thought about where they were based.Comment
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Mrs
Originally posted by david111 View Posti dont owe them anything?
this is what the letter says:
"Opening balance 01 Apr 2017 in debit £0.00
Loan Advances £2,201.07
Interest £42.89
Closing balance as of 31 Mar 2018 £2,243.96
Loan Due
Please refer to your Master Loan Agreement
Interest Due Date
10th April 2019
The Interest is payable on the outstanding amount in respect of each year or part year ending March 31st on or before April 10th next following and, if not so paid, shall, as at the March 31st, be added to principal for the purpose of calculating further interest due."
so who wants money and interest?
Further to your email ,I am in the same situation
Do you have any update ?Comment
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