Closing opened years - is this possible?
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    Default Closing opened years - is this possible?

    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.

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    Quote Originally Posted by Clairol View Post
    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    Strong and Stable Moderation

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    Quote Originally Posted by Clairol View Post
    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.

    My understanding is the 2019 Loan Charge will *not* recognize any closed years starting from 1999...

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    Quote Originally Posted by WTFH View Post
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    This should be in the HMRC Scheme Enquiries forum. That would answer your question.

    And it will be personal tax returns with open enquiries due to tax scheme memberships - to which the answer will be no unless all the tax (and fines) HMRC believe are due have been paid and the tax payer is no longer party to any tribunal case..
    Last edited by eek; 14th September 2017 at 10:09.
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    An "open" year is one with an enquiry that has not been settled.

    The only ways to close the enquiry are to reach agreement with HMRC or have a Judge decide the correct position.

    If your primary concern is interest charges and you don't want to settle on HMRC terms, you should go and buy a Certificate of Tax Deposit.

    You can search for that on line.

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    Quote Originally Posted by WTFH View Post
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    The latter and sadly I don't have an accountant.

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    Quote Originally Posted by AnotherContractor View Post
    My understanding is the 2019 Loan Charge will *not* recognize any closed years starting from 1999...
    HMRC told me on the phone that if the loan charge comes in open and closed years will all qualify for NI, Interest and Tax.

    I also understood they will be able to charge for upto 20 years ago.

    Hence they are incentivising (by not adding NI and allowing tax bands to be used) to settle Tax & Interest on open and closed years prior to Loan Charge coming in.

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    Quote Originally Posted by Clairol View Post
    HMRC told me on the phone that if the loan charge comes in open and closed years will all qualify for NI, Interest and Tax.

    I also understood they will be able to charge for upto 20 years ago.

    Hence they are incentivising (by not adding NI and allowing tax bands to be used) to settle Tax & Interest on open and closed years prior to Loan Charge coming in.
    Interest? That conflicts with Webberg's comment in other thread (http://forums.contractoruk.com/hmrc-...reporting.html) he says no interest.

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    Quote Originally Posted by starstruck View Post
    Interest? That conflicts with Webberg's comment in other thread (http://forums.contractoruk.com/hmrc-...reporting.html) he says no interest.
    IF closed years are caught in 2019 then it is unlikely HMRC can charge interest/penalties on them, because they had not queried them or put them under investigation previously.

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    Quote Originally Posted by ChimpMaster View Post
    IF closed years are caught in 2019 then it is unlikely HMRC can charge interest/penalties on them, because they had not queried them or put them under investigation previously.
    IF - is there a question mark over this? Again Webberg seems to think they are caught (and he seems to be very knowledgeable!)

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