Am being investigated (Non IR35)

[Troll]

Sounds like you know you are going to have to pay this but you need professional help asap to see if there is a way to reduce the amount by accountrickery

In the meantime -have you got or could you get hold of the amount at short notice?

[Flat Eric]

Sounds like you know you are going to have to pay this but you need professional help asap to see if there is a way to reduce the amount by accountrickery

In the meantime -have you got or could you get hold of the amount at short notice?

The only way I could lay my hands on the money is by remortgaging.. I don't know how long this takes.. With penalties & interest I can see this being closer to £40k

[Lewis]

I thought they could only challenge a tax return within 12 months. Obviously that's not true! How long can they go back then?

[malvolio]

I thought they could only challenge a tax return within 12 months. Obviously that's not true! How long can they go back then?

6 years...

Since this appears to be a late follow-up, it's more likely it's a spin-off from an audit of the OP's ex-employers.

[ChimpMaster]

6 years...

Since this appears to be a late follow-up, it's more likely it's a spin-off from an audit of the OP's ex-employers.

6 years yes, but if they suspect fraud or similar, can't they just go back and open a case on any year?

[xoggoth]

From my own experience they don't usually enquire beyond three in the first instance.

[Troll]

A tax liability of 24k suggests a 100k profit from your share deal - did it all go on columbian marching powder or did you put it away for a rainy day (i.e. invest it)

[SueEllen]

6 years yes, but if they suspect fraud or similar, can't they just go back and open a case on any year?

Yep.

[Flat Eric]

A tax liability of 24k suggests a 100k profit from your share deal - did it all go on columbian marching powder or did you put it away for a rainy day (i.e. invest it)

It was around 55k profit, was a 40% takpayer at the time.

I invested it in my kids education, i.e. school fees...

[DS23]

how long before your kids start earning?