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  1. Replies
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    David ?

    David ?
  2. Replies
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    David Byers

    Although I'm not a fan of Phil's, neither am I a fan of this 'journalist' who has I believe published articles in the Sunday Times that had been fed to him by HMRC, I used to subscribe to it, but...
  3. Webberg, thanks for the view of a tax...

    Webberg, thanks for the view of a tax professional (is that good enough Eek ? )

    I will point out however that I did not suggest a pension contribution this year would effect last year's tax, in...
  4. Are you referring to £6k tax relief pension...

    Are you referring to £6k tax relief pension company add ?
    If so, they are claiming it from HMRC, it is the same £6k tax (reduced from 12k) you pay to HMRC.
  5. Ignoring NI, and agency fees assuming Min wage...

    Ignoring NI, and agency fees
    assuming Min wage =£10 per hour
    Contract rate £40 per hour (£30 per hour undeclared)
    40 hour week
    25 weeks (Apr 20 to SEP 20) with current umbrella
    25 weeks with...
  6. Perhaps you should reread my post: As others...

    Perhaps you should reread my post:
    As others have said move asap to a reputable umbrella, you can't do much about last year's tax, but if you have the funds you might want to consider making a...
  7. Pension Offset

    The use of pension contributions to offset tax on earned income is standard tax planning and is NOT specific to the loan charge.
  8. As others have said move asap to a reputable...

    As others have said move asap to a reputable umbrella, you can't do much about last year's tax, but if you have the funds you might want to consider making a pension contribution equal to the loan...
  9. Are you amending the correct return (2018/19) ?...

    Are you amending the correct return (2018/19) ? If so you can add a section called Disguised Remuneration
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    When I amended my return to enter figures to...

    When I amended my return to enter figures to cover 10-DEC-10 to 5-APR-11 (on Friday 4-SEP-20) , there was a statement that figures for all loans from 1999 onwards should be entered, I entered the...
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    Loan declaration 2018/19 tax return

    The LC section of the 2018/19 tax return states:
    'Within this return you must include amounts for all sources of disguised remuneration income where tax has not already been paid under a settlement...
  12. Replies
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    expenses

    Not sure about Food, but I submitted mileage expenses (45p a mile for first 10,000, 25p for remaining), for a couple of my later years (in a self employed scheme) and successfully got them subtracted...
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    I suggest writing to your MP explaining the issue...

    I suggest writing to your MP explaining the issue and ask them to raise with HMRC , I believe they are far more likely to take notice of such issues when you have your MP on side.
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    Settle post Dec 2010 year only ?

    Given the LC figure you quote I assume your post Dec 2010 loans are less than £25K ? Presumaby your settlement figure for the post Dec 2010 years are correspondingly low, I believe you have the...
  15. Correspondence Address

    It is not neccesarily where he lives, it is listed as a correspondence address, If I look for Lord Sugar I get: Amshold House, Goldings Hill, Loughton, England, IG10 2RW , but I doubt that he lives...
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    I did not say you were part of Insella, but that...

    I did not say you were part of Insella, but that you recommend it, is that correct?
    Please correct me if I am wrong but I thought that the LC was law long before 5th April 2019, but that it was the...
  17. Replies
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    Insella?

    Forgive me, but that is a bit rich coming from you since I understand that you recommended the Insella scheme!
    Did that remove the liability of the Loan charge for those who used it?
  18. Replies
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    So if the retrospective aspect of the LC is...

    So if the retrospective aspect of the LC is removed by MPs in the current finance bill, we should all thank Phil and not the LCAG?
  19. Replies
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    Insella

    Are we to believe from this , that a commercial organisation

    developed the Insella scheme with the aim of making a profit


    set up the website and whatever infrastructure,


    spoke to Phil...
  20. Replies
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    LC calculation

    The fact that you had loans of £25K after April 2019, suggest you were still in a loan schemes, and presumeably earning some declared income or was everything received in 2019/20 by way of a loan ?...
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    Offset LC with pension

    Webberg, I know pension offset was mentioned previously as an option for the LC for closed year, now that it only applies to open years, can it still be used ?
    eg £240k of loans , received over 4...
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    Yes I was talking about a Self Employed scheme, I...

    Yes I was talking about a Self Employed scheme, I believe many post 2011 schemes were on a self employed basis.
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    Paying the LC does not settle the underlying tax,...

    Paying the LC does not settle the underlying tax, so in my example the 4 tax years (2011/12, 2012/13, 2013/14 and 2014/15) would remain open if I pay the LC and would need to settled at some point ...
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    "LC does not attract NI." See Report and...

    "LC does not attract NI."

    See Report and account for your disguised remuneration loan charge - GOV.UK



    Calculate your loan charge
    A loan is classed as outstanding if the total sums loaned...
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    Loan Charge Pension Offset for Open Years?

    I understand how pension offset of the LC worked for closed (unprotected years) , but am unclear for Open years.
    Scenario (simplified for clarity) : I earned and declared up to the top of the 20%...
  26. Pension Offset open years

    Agree that Loan Rangers posts were very informative, however with regards offsetting open years, although it may offset the loan charge tax due, there is still the issue of the underlying tax .
    I...
  27. Replies
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    Your posting history is strange, 14 posts,all...

    Your posting history is strange, 14 posts,all commenting on advisors, DSW/Phil are great, then a year later Phil is rubbish and so are WTT, no post on any other subject.
    Makes me think that you may...
  28. Replies
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    So you have settled, finally got to the end, and...

    So you have settled, finally got to the end, and then choose to make your first post on this forum ? Forgive me, but that does not have the ring of truth, have you previously posted on here under a...
  29. Replies
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    I also have mainly open years, and may well...

    I also have mainly open years, and may well settle, but only because the loan charge is a lot more, so therefore the loan charge does impact me, why are you settling ?
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    I am not a fan of Phil, he has done some very...

    I am not a fan of Phil, he has done some very good work for LCAG when it started (without charge I believe), however his involvement with Insella did his reputation no favours at all, and led to...
  31. Replies
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    Suggest you ring the CLSO2 HMRC number and...

    Suggest you ring the CLSO2 HMRC number and confirm that they have your figures, if they say they do not you may need to provide evidence.
  32. Replies
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    Have you checked the calculation, or has someone...

    Have you checked the calculation, or has someone checked it for you?
    I am unclear what you mean by "I felt it was unfair to pay a high rate of tax when my total income for the year was under the...
  33. Thread: BIG GROUP

    by Albert49
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    Sticky: If you have loans for 2014/15 I would avoid...

    If you have loans for 2014/15 I would avoid asking that question until late next week, if you ask tomorrow, I wouldn't put it past them sending you an S9A letter with Friday's date on...
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    I see your Majestic post count has increased by...

    I see your Majestic post count has increased by about 20 since your previous post, get a life and stop wallowing in other peoples misery, unfortunately your "Nobody should be contemplating suicide...
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    Your post count may be majestic but you are a...

    Your post count may be majestic but you are a self righteous insensitive twat, the threat of the loan charge with the clause that death before April 6th means it can be avoided has already lead to at...
  36. If you do not already have a personal pension...

    If you do not already have a personal pension open , then opening one now will only allow you to contribute £40,000 gross as this in the annual allowance and since you have not had a qualifying...
  37. Contractor Coop

    Boodog, as I am sure you are aware Contractor Coop is an Umbrella company ran by Webberg's WTT , I note you worded your comment carefully to avoid it being libelous , do you have any reasons to...
  38. Since HMRC did not asses you for any interest, I...

    Since HMRC did not asses you for any interest, I assume that 2010-11 is a Unprotected (Closed ) tax year, if this is the case then given that your tax on your rental income would be about £1,200...
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    Bankruptcy

    Bankruptcy is quite a drastic step, threatening it will not sway HMRC, if your assets (including your home) are less than 55k then it may result in you paying less, but if they are worth more, HMRC...
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    THL write off

    To be accurate HMRC said that if you pay 5% to write off the loans , this could be classed as a part repayment, and the loan charge would then be based on the 95% remaining, it is the fixed fee...
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    THL

    Unfortunately whether you like it or not, the fact that you only appeared on these boards yesterday and have made multiple posts on the THL solution , your first being in support of someone whoclaims...
  42. Contractor1996

    I think you will find that Contractor1996 is a genuine poster who just happens to have made their 17 posts all in the past week (13 of them today) and all supportive of HMRC , and is definitely not...
  43. Pension Offset

    For the LC , you can make a pension contribution to offset some or all of the tax due, you cannot do this for settlement.
  44. From your description above, it appears that you...

    From your description above, it appears that you are paying 5% of the loan value to be released from any obligations, ie the trust will consider the loan repaid and they will probably give you a...
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    settlement

    I would suggest you contact HMRC in order to request settlement, currently you are under the higher rate tax band for all 3 years , so will owe 20% of the loan values in tax + interest (approx 3% of...
  46. SIPP

    If you do not already have a seperate pension (eg a SIPP) that has been open for the previous 3 years , then the amount you can contribute is limited to £40,000 (or 80K if you had your SIPP pension...
  47. I would suggest that you wait just in case by...

    I would suggest that you wait just in case by some miracle the Loan Charge is changed/ not bought in, you have until end of March 2019 to contribute.
  48. Tax year 2018/19

    The loan charge classes your loan amounts as income in this tax year (2018/19), so any pension contribution to offset it needs to be made this year as well. A pension contribution will offset the LC...
  49. Pension contribution

    If you mean can you contribute to a UK pension to offset the LC , even if you have been non resident for 5 years, then I believe the answer is yes, since the LC means that you have been deemed to...
  50. Can I ask where the 47.5% comes from, my...

    Can I ask where the 47.5% comes from, my understanding is that loan amounts are added to your other income in 18/19, and you are taxed accordingly, so theoretically if your other income in 18/19 is...
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