Best Employment Services Limited liquidation 'loan' repayments

[DealorNoDeal]

The problem with these loans is that YOU, the recipient, don't get to say what they were.

HMRC says they are DR loans. Pay the loan charge.
HMRC says, if you've paid them back, the loan charge doesn't apply.
HMRC says, if you haven't paid them back, they are taxable income. Cough up the tax.
HMRC says, even if you've paid them back, the liability was triggered when you received them. Paying them back doesn't remove this liability. Cough up the tax.
The lender (or liquidator) says they were loans. They don't care if you've settled on the basis they were disguised income and paid tax on them. Pay the loans back.

[squiffy]

update

hi all. I wonder how everyone is getting on with these loan demands from Grant thornton?

Does any one know if they have sent them all out?
have any been resolved?
does anyone know if GT enforcing the payment of these loans .
is any one accepting the legitimacy of these?
is legal action anticipated?
does anyone know if Hmrc are looking for tax on these.

all up to date info gratefully received.

S

[eek]

hi all. I wonder how everyone is getting on with these loan demands from Grant thornton?

Does any one know if they have sent them all out?
have any been resolved?
does anyone know if GT enforcing the payment of these loans .
is any one accepting the legitimacy of these?
is legal action anticipated?
does anyone know if Hmrc are looking for tax on these.

all up to date info gratefully received.

S

You could ring the liquidator and find out - he actually won't bite provided you state that you are a potential creditor and point out its without prejudice.

[squiffy]

You could ring the liquidator and find out - he actually won't bite provided you state that you are a potential creditor and point out its without prejudice.

thanks for the reply I appreciate the advice but the original posters on here were really concerned and worried. I do wonder ,though, if things had panned out in the fullness of time.
and I did wonder if there are any updates...

thanks

[eek]

thanks for the reply I appreciate the advice but the original posters on here were really concerned and worried. I do wonder ,though, if things had panned out in the fullness of time.
and I did wonder if there are any updates...

thanks

It's been less than 2 months since the first post and Grant Thornton have spent over 20 months on this so far.

So better question may actually be are you someone directly impacted, just a curious bystander or a member of a different Sacco scheme.

[squiffy]

these threads all refer to not identifying yourself or status. the tax side I get. if you discover you have been evading tax, then pay it back.

however the loans are unlikely to enforced through court.. too costly and I would suspect a court is unlikely to hold these are enforceable..they sound nebulous and dodgy.

I was just wondering...what the update was.....

[eek]

these threads all refer to not identifying yourself or status. the tax side I get. if you discover you have been evading tax, then pay it back.

however the loans are unlikely to enforced through court.. too costly and I would suspect a court is unlikely to hold these are enforceable..they sound nebulous and dodgy.

I was just wondering...what the update was.....

If you read the threads you will see that Grant Thornton have got a 10/15% reward clause for money recovered and will be using the courts - these schemes were never fully implemented so recovering the money may be easier than would otherwise be the case.

And the biggest creditor for all these companies is HMRC so if you look at things from that perspective it should make things clearer.

Which is not to say that you will end up having to repay money - just don't assume it's a threat that will be easily escaped.

Also I notice that you didn't actually answer the question - are you directly involved or just a curious bystander.

[squiffy]

If you read the threads you will see that Grant Thornton have got a 10/15% reward clause for money recovered and will be using the courts - these schemes were never fully implemented so recovering the money may be easier than would otherwise be the case.

And the biggest creditor for all these companies is HMRC so if you look at things from that perspective it should make things clearer.

Which is not to say that you will end up having to repay money - just don't assume it's a threat that will be easily escaped.

Also I notice that you didn't actually answer the question - are you directly involved or just a curious bystander.

involved...obviously!!. copious amounts of reading here though and you seem the forum expert.

gone beyond the greiving process...now just looking to limit the financial hit and avoid bankruptcy.

I do wonder if dealing with GT might make it a bit more professional and ethical.Cant imagine they would go for small fry ...and cause all kinds of hurt

But who knows if they will accept the position once the declarations are made to Hmrc.

[eek]

involved...obviously!!. copious amounts of reading here though and you seem the forum expert.

gone beyond the greiving process...now just looking to limit the financial hit and avoid bankruptcy.

I do wonder if dealing with GT might make it a bit more professional and ethical.Cant imagine they would go for small fry ...and cause all kinds of hurt

But who knows if they will accept the position once the declarations are made to Hmrc.

GT have been instructed to recover the money owed and while they will be professional and ethical from what I have seen they have reason to believe the money is actually legally owed and recoverable.

My advice would be to speak to WTT (other tax firms are available but haven't mentioned nor shown any interest in loan reclaim issues) and as I said above actually go and speak to Ian on a without prejudice basis - but see what WTT say if you speak to them and want their help.

Only then will you know the real status of things but given the amount of money GT have spent so far they must believe money is legally recoverable as otherwise they would have cut their losses ages ago.

[squiffy]

GT have been instructed to recover the money owed and while they will be professional and ethical from what I have seen they have reason to believe the money is actually legally owed and recoverable.

My advice would be to speak to WTT (other tax firms are available but haven't mentioned nor shown any interest in loan reclaim issues) and as I said above actually go and speak to Ian on a without prejudice basis - but see what WTT say if you speak to them and want their help.

Only then will you know the real status of things but given the amount of money GT have spent so far they must believe money is legally recoverable as otherwise they would have cut their losses ages ago.

thanks . that's a common sense approach.

I do wonder how many others are involved.as I said i ll have to pay tax

are WTT experts.

you seem to have a thorough knowledge of this.

the loans paperwork isn't very clear and I don't think as a contract it stands up to scrutiny.

do you know how many people GT are pursuing and for how much