Loan Charge (again)

[late in the day]

Hello All
Background
First I heard anything about this was a letter from HMRC on 16/10/18. I'm not 'techy', first time I've been on a forum, I'm well out of my depth and I only contracted once between 2004-6. Nothing exists from that period. I've tried looking through bank statements, I can see some reference to LUTEA, but thats all. I've got no documentation about the scheme.
People seem to have been talking about this LC for ages.
If I received all my income from those 3 years via a loan scheme, we could be talking £150k, so HMRC might want £30k that I havent got. I've read the thread about 'being desperate'. Surely lots of people must be in this boat? HMRC call it 'disguised renumeration'
What to do next
Theres something about 'registering interest' which one thread says by May this year. How could I have done that - I didnt know then.
Do I just contact HMRC and ask them how much they want? The letter says 'if i decide to pay outstanding tax, I must provide evidence' I've no idea how much I should pay or how to find out!
Is the loan charge additional or the same thing as paying backdated tax?

As you can see, I'm a bit clueless. Any help would be much appreciated.
Thanks

[RickG]

We've all been there. I've yet to even receive a letter from HMRC (!).

You can still register to settle - the advice seems to be to do this anyway, as there is no downside. You can decide at a later date whether you want to settle or not. If you settle, then the Loan Charge will not apply to you. Equally, though, there is no going back either, should any progress be made on revoking the legislation (see below).

I would advise you speak to an advisor asap - there are 2 prominent ones mentioned on this forum. Usernames are webberg and phil@dswtres. You can usually get some initial advice FOC and then decide how you want to proceed.

I would also advise joining LCAG: 2019 Loan Charge Action Group (LCAG) - Loan Charge Action Group

They have made good progress on the political front and there is a very small joining fee to get access to their forums and like-minded individuals (such as myself) to get advice from. They are also pursuing a Judicial Review, but I dont have too many details on this.

Don't panic. There are a lot of people in the same boat as you and we are all beginning to come together to fight this retrospective legislation, thanks to LCAG.

[dammit chloe]

It takes a while to absorb what is going on that's for sure.

Were you with Horizon by any chance. They used Lutea. I got my loan info from Venturis who took over the trust/loans.



Speak to a tax advisor, you will find a couple of obvious ones on these forums. Join LCAG and you will get more direct info ( albeit not official tax advice ).