Hi - my apologies for the desperateness and outrageous stupidity on my part. I feel really embarrassed writing for help.
Long story short, after thinking I may have been involved with a loan scheme two years ago I got advice from an accountant who said I wasn't. It turns out I probably was as HMRC have sent about 2 letters - last one in August (which I just opened) saying I need to declare the loans by the 30th September. Its an even longer story to explain why I've only seen them now.
To sum up the issue - I am struggling to find the amount of the loans as I did not receive wage slips for them rather, I received pay slips for a wage (which I have) and received a loan. The loans should be less than £10,000 in both the tax years I was on this loan scheme and I was told this means the loans are exempt if under £10,000? I think this is not the case.
A further confusing thing is this - my actual salary was £975 per week however how it worked was I was paid £285 a week (some NI and TAX deducted) plus I received a loan of approx £550 per week. This works out to be £835 - £140 less than what I earned! I assume the agency just pocketed the £140.
My actual take home from this loan scheme was about £60 a week extra but if I state the loan as being £550 this means I'll end up paying more tax than I would if I wasn't on the scheme (I genuinely thought the scheme was genuine).
I am so confused made worse by the fact I do not have all of the loan amounts I received?
I am deeply worried and not sure what to do - sorry for posting this.
Long story short, after thinking I may have been involved with a loan scheme two years ago I got advice from an accountant who said I wasn't. It turns out I probably was as HMRC have sent about 2 letters - last one in August (which I just opened) saying I need to declare the loans by the 30th September. Its an even longer story to explain why I've only seen them now.
To sum up the issue - I am struggling to find the amount of the loans as I did not receive wage slips for them rather, I received pay slips for a wage (which I have) and received a loan. The loans should be less than £10,000 in both the tax years I was on this loan scheme and I was told this means the loans are exempt if under £10,000? I think this is not the case.
A further confusing thing is this - my actual salary was £975 per week however how it worked was I was paid £285 a week (some NI and TAX deducted) plus I received a loan of approx £550 per week. This works out to be £835 - £140 less than what I earned! I assume the agency just pocketed the £140.
My actual take home from this loan scheme was about £60 a week extra but if I state the loan as being £550 this means I'll end up paying more tax than I would if I wasn't on the scheme (I genuinely thought the scheme was genuine).
I am so confused made worse by the fact I do not have all of the loan amounts I received?
I am deeply worried and not sure what to do - sorry for posting this.
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