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?