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    Nervous Newbie


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    Default check Self-Assessment tax return - settlement?

    Hi,

    I received a letter from HMRC to check my Self-Assessment tax return. I was using a partnership for 2 years and HMRC believes that I was receiving loan payments. The partnership is assuring me that these payments were not loans.
    The problem is that I know someone else, in similar position, received and APN. Now the dilemma I have is to go for settlement or risk it and receive an APN. If I receive an APN, I worry that I would not be able to pay the amount.

    Does anyone know how the settlement is calculated?

    Can anybody recommend someone I can get an independent professional opinion? Any idea what should I expect to pay for the consultation fee?

    Thanks,
    XT

  2. #2

    Contractor Among Contractors

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    Default

    Quote Originally Posted by xt13 View Post
    Hi,

    I received a letter from HMRC to check my Self-Assessment tax return. I was using a partnership for 2 years and HMRC believes that I was receiving loan payments. The partnership is assuring me that these payments were not loans.
    The problem is that I know someone else, in similar position, received and APN. Now the dilemma I have is to go for settlement or risk it and receive an APN. If I receive an APN, I worry that I would not be able to pay the amount.

    Does anyone know how the settlement is calculated?

    Can anybody recommend someone I can get an independent professional opinion? Any idea what should I expect to pay for the consultation fee?

    Thanks,
    XT
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    Contractor Among Contractors


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    Default

    Quote Originally Posted by xt13 View Post
    Hi,

    I received a letter from HMRC to check my Self-Assessment tax return. I was using a partnership for 2 years and HMRC believes that I was receiving loan payments. The partnership is assuring me that these payments were not loans.
    The problem is that I know someone else, in similar position, received and APN. Now the dilemma I have is to go for settlement or risk it and receive an APN. If I receive an APN, I worry that I would not be able to pay the amount.

    Does anyone know how the settlement is calculated?

    Can anybody recommend someone I can get an independent professional opinion? Any idea what should I expect to pay for the consultation fee?

    Thanks,
    XT
    Chances are an APN is already on its way - you don't have a choice of settlement or APN.

    Settlement according to HMRC is pay the tax on the gross received. Plus interest.

  4. #4

    Godlike


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    Quote Originally Posted by webberg View Post
    Chances are an APN is already on its way - you don't have a choice of settlement or APN.

    Settlement according to HMRC is pay the tax on the gross received. Plus interest.
    WHS

    In general, you'd need to come up with more money to settle than pay an APN.

  5. #5

    TripleIronDad

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    Quote Originally Posted by DotasScandal View Post
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    Give me ambiguity or give me something else.

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