So I have discovered as evidently many others have that I was in a loan scheme (Redstone) that HMRC have since deemed I must pay tax on despite thinking it was all above board at the time etc etc...naive and stupid...
I was only in the scheme for a little over a year - one tax year and a few weeks of the previous tax year. Won't say exactly how much I got in loans but between 80 and 100k total. I have received one discovery assessment notice for the previous tax year which I have appealed and postponed as the amount stated was completely incorrect as I was only in the scheme for a few weeks that tax year. Still waiting to hear back from HMRC on that one.
My strong preference would be to be transparent with HMRC and find out exactly what I owe for both tax years including the one they haven't issued a discovery assessment notice for yet and settle it. I probably do not have enough to pay the whole thing upfront but could pay a large lump sum initially.
I have read a lot about big group and would be interested in joining. Is it better to join big group and seek settlement with HMRC myself using the resources there or is it better to engage a tax adviser (thinking about WTT as seen them recommended on here) to act on my behalf?
The thing I am really concerned with is gaining finality/closure and that includes all the inheritance tax and loan liability etc etc I have read about on these forums.
I would appreciate any tips about which route to go down. I have a severe anxiety disorder and as you can imagine the financial uncertainty is triggering this massively. I just want to make it go away if I have the means to do so.
I was only in the scheme for a little over a year - one tax year and a few weeks of the previous tax year. Won't say exactly how much I got in loans but between 80 and 100k total. I have received one discovery assessment notice for the previous tax year which I have appealed and postponed as the amount stated was completely incorrect as I was only in the scheme for a few weeks that tax year. Still waiting to hear back from HMRC on that one.
My strong preference would be to be transparent with HMRC and find out exactly what I owe for both tax years including the one they haven't issued a discovery assessment notice for yet and settle it. I probably do not have enough to pay the whole thing upfront but could pay a large lump sum initially.
I have read a lot about big group and would be interested in joining. Is it better to join big group and seek settlement with HMRC myself using the resources there or is it better to engage a tax adviser (thinking about WTT as seen them recommended on here) to act on my behalf?
The thing I am really concerned with is gaining finality/closure and that includes all the inheritance tax and loan liability etc etc I have read about on these forums.
I would appreciate any tips about which route to go down. I have a severe anxiety disorder and as you can imagine the financial uncertainty is triggering this massively. I just want to make it go away if I have the means to do so.
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