Loan Charge Advice - confusing Loan Charge Advice - confusing
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  1. #1

    Nervous Newbie


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    Default Loan Charge Advice - confusing

    Hi All

    I have spoken to WTT as per plenty of peoples advice
    I have sent them all the documents etc i could find in regards to the umbrella company i was using at the time of the "remuneration loans"

    i have just spoken with them again and they advised along the lines of

    "as the umbrella did not operate the loans through a 3rd party/trust, and did it themselves, i shouldn't have to pay the loan charge, and i should contact said umbrella for further info"

    the umbrella is now closed/gone and i cannot seem to find anyway to contact them

    if anyone can help me clarify what WTT meant, and how to proceed next it would be greatly appreciated

    (happy to try provide more info where i can)

  2. #2

    bored now

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    Quote Originally Posted by Cheesus View Post
    Probably too much information
    I will be blunt here - this is an anonymous forum - don't ask people to do things as the people that are likely to offer to help may not be who they claim to be.

    If you don't understand what WTT said go back and ask them until you understand - you shouldn't be trusting random people on line (including me).
    merely at clientco for the entertainment

  3. #3

    More time posting than coding


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    Quote Originally Posted by Cheesus View Post
    Hi All

    I have spoken to WTT as per plenty of peoples advice
    I have sent them all the documents etc i could find in regards to the umbrella company i was using at the time of the "remuneration loans"

    i have just spoken with them again and they advised along the lines of

    "as the umbrella did not operate the loans through a 3rd party/trust, and did it themselves, i shouldn't have to pay the loan charge, and i should contact said umbrella for further info"

    the umbrella is now closed/gone and i cannot seem to find anyway to contact them

    if anyone can help me clarify what WTT meant, and how to proceed next it would be greatly appreciated

    (happy to try provide more info where i can)
    I think it this needs proper tax advice. Since you invoked the WTT word I fully expect webberg will respond.

    The legislation for the Loan Charge sought to target 3rd party/offshore trust type loans, not direct loans from an employer. So this arrangement may well slip through the legislative net, HMRC may also play fast and loose with definitions.

    I would still suspect that there are tax consequences that have not been accounted for though.

    As above, needs expert advice where they have the full set of info and expert tax knowledge.

  4. #4

    I Am Legend


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    Quote Originally Posted by eek View Post
    I will be blunt here - this is an anonymous forum - don't ask people to do things as the people that are likely to offer to help may not be who they claim to be.

    If you don't understand what WTT said go back and ask them until you understand - you shouldn't be trusting random people on line (including me).
    +1

    Or join LCAG and use their forums which are not public.

    There again, everyone should be joining LCAG anyway.
    Fight HMRC now! Help sue HMRC individual officers/government ministers for malfeasance in office. Visit https://www.loanchargejustice.com/ and scroll to the bottom of the page to donate.

  5. #5

    Contractor Among Contractors

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    Quote Originally Posted by dammit chloe View Post
    The legislation for the Loan Charge sought to target 3rd party/offshore trust type loans, not direct loans from an employer. So this arrangement may well slip through the legislative net, HMRC may also play fast and loose with definitions.
    I think you can count on that.

    Also, as webberg has said, it may be far from clear cut, especially if the employer subsequently transferred the loan to a trust or other entity.

  6. #6

    Super poster


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    If you called us and have been told something you don't understand, then call us again.

    Join LCAG by all means, but they are not a tax advisory group, rather a political lobbying group.

    I see you have PM's me as well so perhaps that might be better.

    Also, please - please - please - read the threads. the questions you have are all in there and have been answered before.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

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