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Closing opened years - is this possible?

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    #41
    Originally posted by ChimpMaster View Post
    Focusing on point 2, isn't this the crux of the issue that perhaps FH is concerned about? HMRC can only ask you to report the loans if they know of the loans. They will know of the loans once Venturis (who aren't based in the UK) provide details.

    This cycle of information becomes irrelevant if the scheme user has an open year, in which case of course HMRC are already aware of the loan.
    Personally, I wouldn't bank on HMRC not knowing you were part of a scheme, just because a year is closed. HMRC can issue all kinds of demands to get this information. Look up schedule 36 for one. Many have received these and cannot be ignored.

    Also, I think you will find that the revised SA form will have a section that asks that specific question, 'Have you received any loans since 1999. If so, please declare them here' or something similar. If anyone wants to take the risk of not reporting them, assuming HMRC don't know about them, then good luck !!!

    Of course, all just my personal and not professional opinion.
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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      #42
      Originally posted by regron View Post
      Personally, I wouldn't bank on HMRC not knowing you were part of a scheme, just because a year is closed. HMRC can issue all kinds of demands to get this information. Look up schedule 36 for one. Many have received these and cannot be ignored.

      Also, I think you will find that the revised SA form will have a section that asks that specific question, 'Have you received any loans since 1999. If so, please declare them here' or something similar. If anyone wants to take the risk of not reporting them, assuming HMRC don't know about them, then good luck !!!

      Of course, all just my personal and not professional opinion.
      It's bonkers, how the f*** can HMRC expect 100% of people to report? I don't have any paperwork pre-2009, for example, and recently I tried to get a bank statement for 2006 and my bank just laughed at me.

      There's a real possibility that people will be taxed on imprecise amounts with no right of appeal (APNs???) and having to pay amounts dreamt up by HMRC.

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        #43
        Completely agree, it is bonkers, but they don't care. They just want their money and their stance will be... if you don't know what you received, we will (over) estimate it, exactly like the APN saga.
        STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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          #44
          Originally posted by FakeHorizon View Post
          Do you think that the 20% option is that easy, given we're talking about earnings from the early 2000s? How many people are still contracting, how many are retired, no longer working, simply unable to finance tax payments 15 years on. Add in interest and it becomes 30% and more.
          What is the 20% option please? Not heard about that.

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            #45
            Originally posted by regron View Post
            Personally, I wouldn't bank on HMRC not knowing you were part of a scheme, just because a year is closed. HMRC can issue all kinds of demands to get this information. Look up schedule 36 for one. Many have received these and cannot be ignored.

            Also, I think you will find that the revised SA form will have a section that asks that specific question, 'Have you received any loans since 1999. If so, please declare them here' or something similar. If anyone wants to take the risk of not reporting them, assuming HMRC don't know about them, then good luck !!!

            Of course, all just my personal and not professional opinion.
            Anyone tempted down that route then steps over the line. The case then becomes not one of tax avoidance but evasion and possibly fraudulent behaviour. And they throw the key away for cases of that.
            Public Service Posting by the BBC - Bloggs Bulls**t Corp.
            Officially CUK certified - Thick as f**k.

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              #46
              Originally posted by Clairol View Post
              What is the 20% option please? Not heard about that.
              I'm not sure either.

              Seems to me that the options are:

              Settle - in which case you get a year by year calculation which will include appropriate rates of tax in those years.

              Pay in 2019 - which means tax rates from presumably 2018/19 at their various boundaries.

              Settle after 2019- which might be a combination of the above.

              I accept that I may have missed reference to a 20% settlement rate somewhere, in which case, would appreciate being pointed at it.
              Best Forum Adviser & Forum Personality of the Year 2018.

              (No, me neither).

              Comment


                #47
                Originally posted by Fred Bloggs View Post
                Anyone tempted down that route then steps over the line. The case then becomes not one of tax avoidance but evasion and possibly fraudulent behaviour. And they throw the key away for cases of that.
                Agreed.

                Escaping the 2019 charge by not meeting your legal obligations is not something any reputable adviser is going to recommend.
                Best Forum Adviser & Forum Personality of the Year 2018.

                (No, me neither).

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                  #48
                  Originally posted by Clairol View Post
                  What is the 20% option please? Not heard about that.
                  Something in FakeHorizon's imagination would be my suggestion....
                  merely at clientco for the entertainment

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                    #49
                    So we have open & closed years. I only discovered this because I asked HMRC. Why weren't we notified of these open years back in the early 2000's when they were apparently opened? Is it possible to appeal an open year and get it closed?

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                      #50
                      Originally posted by Clairol View Post
                      What is the 20% option please? Not heard about that.
                      the tax. obviously that's just an example number, as it will be a lot higher with interest etc for open years but for my closed years, which HMRC know nothing about, I'd expect to pay 20% via what webberg has described as a 'voluntary payment'.
                      Last edited by FakeHorizon; 23 September 2017, 12:48.

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