Contractor loans, just got email, previously unaware

[hmrcvictim]

Yes, I would like to know as well.

There is enough FUD as is on this subject. How did you get 47.5% figure?

Can I ask where the 47.5% comes from, my understanding is that loan amounts are added to your other income in 18/19, and you are taxed accordingly, so theoretically if your other income in 18/19 is low and your loans totals are also low the tax could be 20%, in most cases it will be 40% or 45%,.

[cojak]

Can I ask where the 47.5% comes from, my understanding is that loan amounts are added to your other income in 18/19, and you are taxed accordingly, so theoretically if your other income in 18/19 is low and your loans totals are also low the tax could be 20%, in most cases it will be 40% or 45%,.

This poster never returned after seeing that I removed an advert on this post.

I think that you can ignore the figure and him.

[chrisalis]

Who's Phil and how do I contact him?

Hi

I've had Contractor Loans from Fidei and have had a reassessment from HMRC based on the figures Fidei gave them and which my bank statement for the period (2011-13) agrees with. However these figures are different (lower) from HMRC's new guess/random number generator.

I'm contacting HMRC again to explain the error of their ways, but need Fidei to forward the information to me that they sent to [email protected]. I've also asked him for the info as I can't now find Fidei anywhere.

I've seen posts saying "contact Phil", who is he and how do I contact him?

Chris

[piebaps]

Phil is a tax advisor who works for Dow Schofield Watts. Google Phillip Manley and you'll find him. Many on here recommend him but I've had no personal dealings.