Excellent piece Faye!
S684 use in PAYE regs was NEVER supposed to be used RETROSPECTIVELY!
Every taxpayer shld be v. alarmed about this “new found” power! EMPLOYER could s/down w/out paying PAYE leaving EMPLOYEE WITH BILL!
Think ppl at .HM Revenue & Customs will use this carefully?!?
How many #loancharge victims were taken in by being told - it's not your fault, you did nothing wrong, join a Big Group (and pay a big fee of up to £3,600 to WTT)?
How many will now be encouraged to pay another £1,200 to WTT hoping for an answer to s684?
WTT have known since at least Feb 2019 that a change on 22nd November 2017 means a claim for PAYE credit (s684), even if successful, cannot be relieved against the #loancharge
No other adviser is arguing that in tax the general overrules the specific!🤦♂️
Warnings?
Kerching 💰💰💰
Has anyone with a loan scheme before 2010 received a s684 letter in recent years? Interested to hear from you - please DM me or email [email protected] #LoanChargeScandal