Another Loan Charge thread. who's best for my situation? Am i actually caught? Another Loan Charge thread. who's best for my situation? Am i actually caught?
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  1. #1

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    Question Another Loan Charge thread. who's best for my situation? Am i actually caught?

    Hello all,

    Despite being constantly assured ‘my’ loan scheme is safe and dandy by the organisers, and that I don’t need to declare anything to HMRC – I’m after some other, expert advice. Who’s best for my situation? There’s a lot of forum experts on here, not sure where to go. My knowledge is (or was) tiny, which is why I ended up here in the first place. Offered good things, and blindly accepted them…

    I only started around May 2017, so this year’s SA would be the first it’s shown on (it's currently not going on, as advised by promoter). Ergo, no letters, no warnings, nothing. Up until a month ago, I believe the hype that I’m safe. Reasons from the promoter: It’s all in the UK, never had a client payout, HMRC have ‘never won’ an investigation, we’re different to all the others, our legal team we use will deal with everything. The usual banter. I’d say 110k maybe went through it in this time? And another 50k till I quit. Horrendous money (to me) I’ll probably never see again, which is what’s sparking off the fear.

    I’m told I don’t need to register with HMRC for interest on the LC, and this has me worried. “This is just an easy way for HMRC to catch guilty feeling/gullible people who did offshore loans years ago”. I was told I’m backed up for every penny when I started, that was all I needed to read. Apparently, that was incorrect. But Essentailly, there is a signed loan document, with interest... :s

    That’s all I want to share publicly for now, no names if that’s OK. I don’t want to settle / register unless I 100% have to. Especially with the Sept 2019 court case. If I do, I’ll do it immediately, I haven’t slept/eaten in weeks.

    (Please go easy on acronyms and HMRC form codes etc., as said - my poor lack of knowledge is what’s lead me here.)

    Thankyou

    H4B

  2. #2

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    Quote Originally Posted by here4beer View Post
    Hello all,

    Despite being constantly assured ‘my’ loan scheme is safe and dandy by the organisers, and that I don’t need to declare anything to HMRC – I’m after some other, expert advice. Who’s best for my situation? There’s a lot of forum experts on here, not sure where to go. My knowledge is (or was) tiny, which is why I ended up here in the first place. Offered good things, and blindly accepted them…

    I only started around May 2017, so this year’s SA would be the first it’s shown on (it's currently not going on, as advised by promoter). Ergo, no letters, no warnings, nothing. Up until a month ago, I believe the hype that I’m safe. Reasons from the promoter: It’s all in the UK, never had a client payout, HMRC have ‘never won’ an investigation, we’re different to all the others, our legal team we use will deal with everything. The usual banter. I’d say 110k maybe went through it in this time? And another 50k till I quit. Horrendous money (to me) I’ll probably never see again, which is what’s sparking off the fear.

    I’m told I don’t need to register with HMRC for interest on the LC, and this has me worried. “This is just an easy way for HMRC to catch guilty feeling/gullible people who did offshore loans years ago”. I was told I’m backed up for every penny when I started, that was all I needed to read. Apparently, that was incorrect. But Essentailly, there is a signed loan document, with interest... :s

    That’s all I want to share publicly for now, no names if that’s OK. I don’t want to settle / register unless I 100% have to. Especially with the Sept 2019 court case. If I do, I’ll do it immediately, I haven’t slept/eaten in weeks.

    (Please go easy on acronyms and HMRC form codes etc., as said - my poor lack of knowledge is what’s lead me here.)

    Thankyou

    H4B
    Use the Google search method to look for your provider on the forums.

    In Google type
    (provider Name) site:forums.contractoruk.com
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  3. #3

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    Quote Originally Posted by northernladuk View Post
    Use the Google search method to look for your provider on the forums.

    In Google type
    (provider Name) site:forums.contractoruk.com
    Thanks. That's how i ended up on these forums, can't see much - if anything else. Not sure if that's good or bad...

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    I use a little test. Look up your promoter's web page. Can you easily identify the people working for them. Reputable firms (mostly) have staff lists with bios of their personnel.

    There should at least be a GDPR Privacy Policy which should name the underlying company. Look them up on company house beta. How long has it existed? Is it up to date with filing requirements? Who are the directors and shareholders? What other companies have they been involved with? Do any of these appear in these pages?

    This should give you a good idea of what you're dealing with.

    The intricacies of your scheme are the devil in the detail and without knowing more, few will be able to advise. There are two very active posters on this site who offer professional advice (Phil and Graham) and I'm sure both would assist. Don't expect them to work for free though! Alternatively look for a tax specialist close to you.

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    Quote Originally Posted by piebaps View Post
    I use a little test. Look up your promoter's web page. Can you easily identify the people working for them. Reputable firms (mostly) have staff lists with bios of their personnel.
    No staff mention. Or address.

    There should at least be a GDPR Privacy Policy which should name the underlying company. Look them up on company house beta. How long has it existed? Is it up to date with filing requirements? Who are the directors and shareholders? What other companies have they been involved with? Do any of these appear in these pages?
    No underlying listed. Their previous name, and they're current name, both send me to a thread here. Prev company name liquidated.

    This should give you a good idea of what you're dealing with.
    I think i NOW know what I'm dealing with...


    The intricacies of your scheme are the devil in the detail and without knowing more, few will be able to advise.
    this is an issue. The details are kept locked up in a vault so no one can see and tear it apart..(!)

    There are two very active posters on this site who offer professional advice (Phil and Graham) and I'm sure both would assist. Don't expect them to work for free though! Alternatively look for a tax specialist close to you.

    I can share everything i've signed with paid experts. I just want to make sure I'm paying the right people - and not get ripped off massively, again!

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    Phil@DWSTRES or webberg are active in these pages and many use their services. I haven't so can't recommend one way or the other, however many have and appear to be happy.

    Do your own due diligence and be wary. This is a public forum and you have no guarantee who is commenting or even direct messaging you (including me). This thread is helpful https://www.contractoruk.com/forums/...ching-you.html

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    Quote Originally Posted by piebaps View Post
    Phil@DWSTRES or webberg are active in these pages and many use their services. I haven't so can't recommend one way or the other, however many have and appear to be happy.

    Do your own due diligence and be wary. This is a public forum and you have no guarantee who is commenting or even direct messaging you (including me). This thread is helpful https://www.contractoruk.com/forums/...ching-you.html
    I have messaged webbergs website page with my real name and details.

    Thanks for the recommendation. I shall message. What is DWSTRES? Is there a website i can view?

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    Dow Schofield Watts Tax Resolution I believe. I don't think I'm supposed to link here as there are rules about promotion (although I'm not connected with DSWTRES or WTT - mind you I would say that!!).

    With a certain number of posts you will automatically get access to the direct messaging feature of the site. I think its 5 or 6 but I can't be bothered looking - apologies).

  9. #9

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    Here4Beer,

    Have you received the scheme promoters representations re LC19 and the scheme's legality and what they will promise should it go awry in writing? If not, then ask for it immediately.. what you will generally find though is a lot of talk, a lot of promises and placations, but very very little paper trail (the scheme I used promised they would pay my tax bills if it went wrong on numerous occasions, but it is nowhere in anything that could be used evidencially).. when they ***** you over (its not an if), you may well then be able to bring a civil case.

    Personally, if your scheme uses some sort of Trust that then initiates a loan to you.. I would say you are pretty much 99.9% caught by LC2019.. either way professional advice is a must.. if you somehow escape LC2019, your arrangement will certainly be challenged down the line..

    Lastly - any reason why you are continuing with the scheme? you should be able to stop using it and skip to a MyCo Ltd or Umbrella within a week.. just a question of getting a new contract drawn up by your agent (a quick email and phone call to your agent should fix it)

    C

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    Quote Originally Posted by piebaps View Post
    Dow Schofield Watts Tax Resolution I believe. I don't think I'm supposed to link here as there are rules about promotion (although I'm not connected with DSWTRES or WTT - mind you I would say that!!).

    With a certain number of posts you will automatically get access to the direct messaging feature of the site. I think its 5 or 6 but I can't be bothered looking - apologies).
    Ah that's good, I've already been shown DSW. Good to have more than one person recommend someone.

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