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Type: Posts; User: dangermaus

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  1. HMRC had originally classed the scheme as self...

    HMRC had originally classed the scheme as self employed but after settlement they decided that I should then be classed as employed through my limited company so sent a new calculation to my ltd...
  2. I wrote to my MP 2 weeks ago as HMRC have taken...

    I wrote to my MP 2 weeks ago as HMRC have taken over 2 years to get my settlement calculation correct despite several attempts and them admitting their errors (they even paid me £50 D&I compensation...
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    I settled last year and, online my self...

    I settled last year and, online my self assessment years settled dont show anything other than the tax I paid at the time!
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    If every deadline has been met on my part and its...

    If every deadline has been met on my part and its a case of HMRC getting the calculations incorrect (they have admitted their error and I have asked them to provide a new settlement calculation) then...
  5. Surely phoning them and asking would be the best...

    Surely phoning them and asking would be the best idea? You have nothing to hide, nothing to worry about in speaking to them.
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    I contacted SP Management directly via email at...

    I contacted SP Management directly via email at enquiries@sp-mgt.com and once I gave them proof of settlement with HMRC they were very quick to write off the loans (within a couple of days)
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    This part is certainly interesting... ...

    This part is certainly interesting...

    Avoidance schemes
    Taxpayers may attempt to use an avoidance scheme in order to reduce their tax bills. Sometimes you will need to consider avoidance schemes...
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    https://knoxhousetrust.com/contact/

    https://knoxhousetrust.com/contact/
  9. Just out of curiosity I've been looking over some...

    Just out of curiosity I've been looking over some past threads and I'm wondering why some loans were passed onto another company by KHT and some weren't.

    I had loans from Knox House Trust and also...
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    I would certainly agree with the incompetent...

    I would certainly agree with the incompetent part. Today I received a notice of assessment for 2015/2016 and when my accountant phoned HMRC to tell them I had already settled that year their response...
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    I settled with HMRC last year and Knox House...

    I settled with HMRC last year and Knox House Trust were pretty quick in writing off the loans once I provided proof of settlement. I no longer have anything to do with them although am still waiting...
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    I have settled and then afterwards had my loans...

    I have settled and then afterwards had my loans written off.

    If IHT is indeed due and does not qualify for the £325,000 allowance, I understand that there is a charge of 0.25% of the outstanding...
  13. Sticky: My loans were all post 2010. No loans declared to...

    My loans were all post 2010. No loans declared to HMRC until starting settlement. I’ve now settled the tax and NI and got all the loans written off. This changes nothing for me and will probably just...
  14. The "employer" i.e my Ltd company is still around...

    The "employer" i.e my Ltd company is still around and hasn't yet been closed down until the final accounts have been filed. HMRC are also already aware of the relationship between myself (as the...
  15. Thats exactly how my scheme worked and that was...

    Thats exactly how my scheme worked and that was fully explained to HMRC but they agreed that I was not an employed person
  16. Replies
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    I have already paid my settlement in full but as...

    I have already paid my settlement in full but as some of my loans were in the 2018-2019 tax year they werent included in my settlement as I'm paying tax and NI in my self assessment for these loans....
  17. Director/Employee

    Not strictly true.

    I was a director of my Ltd company but never paid myself a salary, never set up a payroll etc

    The retainer payment came from the promoter as self employed income and the...
  18. Replies
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    Has anybody gotten to the stage where they have...

    Has anybody gotten to the stage where they have agreed settlement with HMRC and also managed to get their loans with Knox House Trust written off?
  19. Replies
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    Has anybody gotten to the stage where they have...

    Has anybody gotten to the stage where they have contacted Knox House Trust to arrange write off or “release” from their loans?

    Just looking to find out how painful and costly that part of the...
  20. I also had this and when I signed it and sent it...

    I also had this and when I signed it and sent it back, I included a short letter stating that I wish to pay in full.

    My advisor tells me that you only pay the interest for the time the settlement...
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    Surely you can’t be made to pay corporation tax...

    Surely you can’t be made to pay corporation tax on the same money you are being taxed on as if it were salary?!

    That money isn’t profit if it’s classed as been paid and taxed as salary so...
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    Thanks for clarifying Webberg In my settlement...

    Thanks for clarifying Webberg

    In my settlement offer from HMRC it shows tax and NIC calculated based on sums received personally rather than on gross amounts paid the the schemes in question. It...
  23. Replies
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    I have some loans to be included in my tax return...

    I have some loans to be included in my tax return for the 2018-2019 year. My accountant has spoken to HMRC and has been advised to treat all payments paid by my Ltd Conpany to SP Management...
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    If it helps at all, I submitted my figures early...

    If it helps at all, I submitted my figures early October and I received a settlement figure from HMRC middle of March. Interest was calculated up until October.

    My adviser is in contact with HMRC...
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    Unless the 30 days (or whatever they give you to...

    Unless the 30 days (or whatever they give you to respond) from the date of their settlement offer letter is after 5th April I assume...
  26. Only my opinion but with the risk of a long drawn...

    Only my opinion but with the risk of a long drawn out battle with no certainty of defeating HMRC's view and then likely penalties and then further interest being added to what are already some...
  27. I have loans from 2014/15 up to 2018/19 tax years...

    I have loans from 2014/15 up to 2018/19 tax years and my settlement letter said these are all open years and interest has been added. Never had any enquiries. Therefore I don’t feel as though there...
  28. Correct me if I’m wrong but those who only have...

    Correct me if I’m wrong but those who only have open years probably have no benefit to joining any fight against the loan charge as, if it was scrapped, HMRC would still pursue these open years....
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    Mine is just personal settlement I guess although...

    Mine is just personal settlement I guess although income tax and NIC’s have been calculated by HMRC.

    I guess the difference with mine is that my ltd company didn’t pay me a salary which is maybe...
  30. Replies
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    I assume that if they do the calculation for a...

    I assume that if they do the calculation for a final settlement then they cant then charge me any further interest past that point for extra NICs they had originally miscalculated. But I guess HMRC...
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    Settlement offer

    If full loan figures have been verified and disclosed to HMRC, are they liable for any miscalculations in their settlement offer?

    If I feel as though they have calculated a figure lower than it...
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    Sorry if this a silly question but I'm unsure as...

    Sorry if this a silly question but I'm unsure as to what rate/s of NIC will be due under settlement and in future tax years.

    This was my previous setup:

    - I contracted via my own Ltd company
    -...
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    Thanks for the quick response Graham. I...

    Thanks for the quick response Graham.

    I appreciate and respect that you do know your stuff when it comes to this subject (as much as anybody really can) and that among other things that must be...
  34. Replies
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    Has anybody had any issues getting Knox House...

    Has anybody had any issues getting Knox House Trust loans written off post-settlement?

    I’m still awaiting settlement figures from HMRC but want to get an idea of whether there is likely to be...
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    I was in an EBT scheme from 2014 til earlier this...

    I was in an EBT scheme from 2014 til earlier this year, have already sent of loan amounts to HMRC via WTT but still havent ever heard a thing from HMRC regarding tax avoidance. In fact last week I...
  36. Probably explains why Principal Contractors shut...

    Probably explains why Principal Contractors shut themselves down back at the end of 2016. They paid loans directly to clients rather than through a trust. They must have seen this coming and knew...
  37. I started using an EBT (Principal Contractors...

    I started using an EBT (Principal Contractors (now closed down) and SP Management) via my Ltd company back in September 2014 and have been paid loans for each financial year since then until I...
  38. Replies
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    Settlement figures

    Has anybody here sent off their loan details to HMRC and received a settlement figure from them?

    There must be people out there who are in the final stage of their settlement process.
  39. Replies
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    What about employer's and employee's NIC and also...

    What about employer's and employee's NIC and also late payment interest? Some people are saying this would have to be paid in this scenario and some people are saying it wouldnt. I personally cant...
  40. Replies
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    Long time reader. First time poster

    Hi all

    Like many on here I have been caught up in this mess through a couple of the contractor loan schemes via my own Limited company set up. I've had discussions with both PTS a couple of...
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