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  1. #61

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    Quote Originally Posted by webberg View Post
    There is no real magic in the numbers...
    Thanks very much for this information. So as a general rule of thumb it sounds like closed years should probably be settled in the 2018/19 loan charge whereas older open years would likely benefit from settlement whereas more recent open years may not. All depends on the calculation of course. Part of the issue will be having all the tax return information dating back 17 years.

  2. #62

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    Quote Originally Posted by webberg View Post
    ....

    First calculate the tax/NIC position for the open years assuming interest will be applied from the due date (31st January following year end) to the date of settlement.

    Do we know what the interest rate would be applied and whether it's compounded?

  3. #63

    More time posting than coding


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    Quote Originally Posted by Redcode View Post
    I have been watching and reading this forum for many years now and have decided it was time to come out in the open and give a little bit of advice to all those considering making settlement under the new Disguised Remuneration Rules.
    So, let me get this straight, you have been watching this forum for many years yet this is the first time you've felt an urge to reply?

    This, like the rest of your post, does not ring true.

    Sorry - Mr. redcode - you'll need to try a little harder.

  4. #64

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    Quote Originally Posted by rcgeorge23 View Post
    Open = a year for which HMRC have sent you an enquiry or discovery assessment
    Closed = HMRC haven't enquired within 1 year of receiving your self assessment and the year is now beyond the 4 year discovery window

    If you don't know which years are open or closed, you can find out by submitting a SAR (subject access request) here: https://online.hmrc.gov.uk/shortforms/form/DPU_SAR
    Thanks. In terms of the SAR am I effectively filling in Part C, requesting to know if I currently have any open years assigned to me? Presumably a given year can only be one or the other?

  5. #65

    Contractor Among Contractors


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    Quote Originally Posted by Silverskin View Post
    Do we know what the interest rate would be applied and whether it's compounded?
    Presently 2.75% (last changed from 3% in August last year).

    No compounding.

  6. #66

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    Default Fixed rate?

    Quote Originally Posted by webberg View Post
    Presently 2.75% (last changed from 3% in August last year).

    No compounding.
    Thanks Webberg. Does the rate vary year on year or are you saying that it's 2.75% for every year the loan has been outstanding?

  7. #67

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    Quote Originally Posted by Silverskin View Post
    Thanks Webberg. Does the rate vary year on year or are you saying that it's 2.75% for every year the loan has been outstanding?
    It's 2.75% now and has been since August last.

    Prior to that it was 3% for a long time (early 2009?)

    https://www.gov.uk/government/public...interest-rates

  8. #68

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    Quote Originally Posted by webberg View Post
    It's 2.75% now and has been since August last.

    Prior to that it was 3% for a long time (early 2009?)

    https://www.gov.uk/government/public...interest-rates
    Thanks. Crikey, are you saying that for loans dating back to 2000 (as an example) you'd be looking at year on year interest being accrued at a rate of between 5.5% and 8.5% for the period 2000 and 2009?!!

    If that's the case it's hard to see how settling any pre-2009 loans would be the right thing to do.
    Last edited by Silverskin; 24th April 2017 at 16:06.

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