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Really need advice as just discovered I was in a loan scheme and have 6 hours left

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    Really need advice as just discovered I was in a loan scheme and have 6 hours left

    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.

    #2
    I am trying to work out what I owe but I cannot find the loans. The HMRC loan charge site asks me to enter in the loan amounts but I have no way of finding how much although I can give an approximate value - sadly HMRC are closed so I cannot speak to them for help or agree anything and this needs to be in by midnight (I though I had tomorrow to do this also).

    My salary was £975 but I only received £285 wage and approximately a 550 loan. Should I just calculate the tax and NI on the 550 loan or on the £835?

    Comment


      #3
      And you left it until virtually every professional advisor has closed for the day and gone home.

      Sorry I cannot offer any help but leaving things until the last moment has compounded your problem.

      Comment


        #4
        Originally posted by Raymondo View Post
        My salary was £975 but I only received £285 wage and approximately a 550 loan.
        £975 a week, a month, a day? Kind of important.

        Assuming it's weekly, then that's a "loan" of £550 x 52.2 (weeks) x 2 years = £44,370.
        Down with racism. Long live miscegenation!

        Comment


          #5
          Originally posted by Raymondo View Post
          My salary was £975 but I only received £285 wage and approximately a 550 loan.
          £975 a week, a month, a day? Kind of important. Assuming it's weekly, then that's a "loan" of £550 x 52.2 (weeks) x 2 years = £44,370.

          But I'm confused. You posted this from 12th August 2018, 10:21, so it looks to me like you haven't "only seen this now".
          Down with racism. Long live miscegenation!

          Comment


            #6
            Originally posted by NotAllThere View Post
            £975 a week, a month, a day? Kind of important.

            Assuming it's weekly, then that's a "loan" of £550 x 52.2 (weeks) x 2 years = £44,370.
            Hi mate. My salary was £975 per week. However I received a payslip for £285 (after deductions about £235) and a loan of £550. So was paid approx £785 or about £60 more than PAYE.

            I was in this scheme for about 7 months. 3 months in 2017-2018 and 4 months 2018 -2019.

            Total sum of loans are less than 10,000 for each tax year and I was told this made it exempt. I was also told by an accountant it didn’t get caught by the loan charge but HMRC think differently . I joined here in 2018 but after I was told by this accountant everything was ok I stopped thinking about it. I believe I got a letter for the first time back in April if this year regarding this. I’ve been away from home self isolating with a sick child since April - helping my partner. I found an unopened letter from August yesterday. No excuses though. My fault. I annoy myself.
            Last edited by Raymondo; 29 September 2020, 20:36.

            Comment


              #7
              Originally posted by TheDogsNads View Post
              And you left it until virtually every professional advisor has closed for the day and gone home.

              Sorry I cannot offer any help but leaving things until the last moment has compounded your problem.
              I know. It’s embarrassing. I never learn.

              Comment


                #8
                Originally posted by Raymondo View Post
                I know. It’s embarrassing. I never learn.
                So just pay the £45K + £5K interest and job done

                Get a bounce back loan and pay it over 10 years


                Sent from my iPhone using Contractor UK Forum

                Comment


                  #9
                  Most advisers are not only closed but too busy to help.

                  use estimates and file what you can.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    #10
                    Given as webberg says all advisors are going to be beyond busy today. You need figures which will be £550 for each week as that was the amount you received with no tax paid on it.


                    £550*13 (so £7150) for 17/18
                    £550*16 (so £8800) for 18/19 - As there was 17 weeks between April 5th and the end of July less 1 week for bank holidays.

                    You really need to work out when you started working and finishing but if you have nothing else that is the figures you are looking at - just a touch under £16k in loans.
                    Last edited by eek; 30 September 2020, 06:49.
                    merely at clientco for the entertainment

                    Comment

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