• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Lost in settlement with HMRC

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Lost in settlement with HMRC

    Dear all,
    I am new to this so please be gentle. I was with Bedouin for 12 months from September 2009 to August 2010. Using EBT employment benefit trust a loan scheme. In this time, I received payments of ca. £26,000 from Bedouin (I went over old bank statements and calculated all the payments I received from them).
    In 2015 I received a notice of assessment for tax year 2010/2011 asking me to pay £3,640. On advice of a legal independet finantial advisor firm that Bedouin had contracted I appealed and in June 2015 I got confirmation that said that the appeal was successful and that collection of the amount was postponed until further notice.
    I never heard back until July 2018 when I received another letter from HMRC in which they referred to the upcoming loan charge and mentioned that they believed I had taken part in a tax avoidance scheme. They asked to contact them by email or phone which I did. Upon leaving a message I got a call back in late July and the HMRC representative I spoke to agreed to send me the calculation of what I supposedly owe. I am still awaiting this letter... Last week I then also received a response to the email I had sent back in July. It seemed to be a standard email, thanking me for contacting them to discuss my settlement and attaching the settlement pack form.
    Given that my tax liability will most probably be comparatively low, I would like to settle asap. I have filled in the spreadsheet HMRC sent (the settlement pack) and returned it to them, but left out the loan amounts as I wasn’t sure what exactly they were and asked HMRC to come back with a calculation.
    I am keen to provide HMRC with all the information they need so would like to resent the spreadsheet with the loan amounts. Unfortunately I am illiterate in regards to these matters so am really not sure what to input here…
    Is it the pay I received from Bedouin? I don’t have the contract I signed with them, just a personal illustration and very few pay slips. I do however have most of the bank statements covering said period so could clarify what I have received.
    Also, in regards to their question if would ‘intend to have the loans written off within 30 days of settlement agreement’ – what exactly does this mean and what should I input?
    I would really appreciate your help in clarifying. Thanks a lot!

    #2
    Originally posted by 123456789 View Post
    Dear all,
    I am new to this so please be gentle. I was with Bedouin for 12 months from September 2009 to August 2010. Using EBT employment benefit trust a loan scheme. In this time, I received payments of ca. £26,000 from Bedouin (I went over old bank statements and calculated all the payments I received from them).
    In 2015 I received a notice of assessment for tax year 2010/2011 asking me to pay £3,640. On advice of a legal independet finantial advisor firm that Bedouin had contracted I appealed and in June 2015 I got confirmation that said that the appeal was successful and that collection of the amount was postponed until further notice.
    I never heard back until July 2018 when I received another letter from HMRC in which they referred to the upcoming loan charge and mentioned that they believed I had taken part in a tax avoidance scheme. They asked to contact them by email or phone which I did. Upon leaving a message I got a call back in late July and the HMRC representative I spoke to agreed to send me the calculation of what I supposedly owe. I am still awaiting this letter... Last week I then also received a response to the email I had sent back in July. It seemed to be a standard email, thanking me for contacting them to discuss my settlement and attaching the settlement pack form.
    Given that my tax liability will most probably be comparatively low, I would like to settle asap. I have filled in the spreadsheet HMRC sent (the settlement pack) and returned it to them, but left out the loan amounts as I wasn’t sure what exactly they were and asked HMRC to come back with a calculation.
    I am keen to provide HMRC with all the information they need so would like to resent the spreadsheet with the loan amounts. Unfortunately I am illiterate in regards to these matters so am really not sure what to input here…
    Is it the pay I received from Bedouin? I don’t have the contract I signed with them, just a personal illustration and very few pay slips. I do however have most of the bank statements covering said period so could clarify what I have received.
    Also, in regards to their question if would ‘intend to have the loans written off within 30 days of settlement agreement’ – what exactly does this mean and what should I input?
    I would really appreciate your help in clarifying. Thanks a lot!
    It probably means they want a 'heads up' on the loan release in order to hit you with IHT amount in addition to the headline settlement on income tax and whatever.

    Comment


      #3
      Worth checking your p60 for those years too. If you have paid any PAYE tax at source that should be factored in already... also some payments you received may have been PAYE and not loan. Usually if that was the case you might find a different company reference?

      Comment

      Working...
      X