Am being investigated (Non IR35)

[Flat Eric]

how long before your kids start earning?

too long..

[malvolio]

too long..

Well there you go then. Sell them...

Seriously you need professional advice to get the legalaities fully understood. If it is a genuine debt, the best you can do is negotiate a phased repayment, and that means getting someone to help you ask the right way.

[BrilloPad]

Well there you go then. Sell them...

Seriously you need professional advice to get the legalaities fully understood. If it is a genuine debt, the best you can do is negotiate a phased repayment, and that means getting someone to help you ask the right way.

Is moving abroad an option? I guess out of the EU is best?

[FiveTimes]

Is moving abroad an option? I guess out of the EU is best?

Or go missing with a canoe ?

[NotAllThere]

Is moving abroad an option? I guess out of the EU is best?

If you move to Switzerland, you can still be extradited - but your money can't be.

[ChimpMaster]

You didn't answer my original question - do you know that you can offset losses from several years ago? So do you have any trading/capital losses in the years preceding (& including) 2004?

[Denny]

Another way to look at it is this: if the money wasn't yours then you didn't need to remortgage to fund the tax owing at the time, as you do need to now to pay it back. Property prices have gone up so much since 2004 that you have already made this much you owe and more besides.

Therefore, you haven't really lost anything or not nearly as much as you think and you could see this tax demand as an repayable loan on an investment.

I know it's all psychological rather than substantive to reduce the sum owing, but it may make you feel a lot better if you can't do anythng else but pay it.
Sometimes this can help you stop feeling so pissed off.

In my experience of HMRC, ignorance of the law is no defence. They may waiver the added penalty surcharges if you explain that it was a mistake, but it is highly likely the interest will still stick if the sum you've quoted doens't include this. You will certainly have to pay the sum owing even if it's THEIR mistake, much less yours. After all, it still wasn't your money at any time, even if you thought it was at the time.

Obviously do as much as you can to reduce the payment or arrange staged backpayments.

[wantacontract]

ouch.....

24k....

oh well, at least you spent it.......

with penalties could rise to 40k!!

thats a bit harsh......

[Flat Eric]

You didn't answer my original question - do you know that you can offset losses from several years ago? So do you have any trading/capital losses in the years preceding (& including) 2004?

Sorry TazMaN, unfortunately I don't have any losses to offset. This isn't a company issue but a personal self assessment descrepancy.

[Flat Eric]

Another way to look at it is this: if the money wasn't yours then you didn't need to remortgage to fund the tax owing at the time, as you do need to now to pay it back. Property prices have gone up so much since 2004 that you have already made this much you owe and more besides.

Therefore, you haven't really lost anything or not nearly as much as you think and you could see this tax demand as an repayable loan on an investment.

I know it's all psychological rather than substantive to reduce the sum owing, but it may make you feel a lot better if you can't do anythng else but pay it.
Sometimes this can help you stop feeling so pissed off.

In my experience of HMRC, ignorance of the law is no defence. They may waiver the added penalty surcharges if you explain that it was a mistake, but it is highly likely the interest will still stick if the sum you've quoted doens't include this. You will certainly have to pay the sum owing even if it's THEIR mistake, much less yours. After all, it still wasn't your money at any time, even if you thought it was at the time.

Obviously do as much as you can to reduce the payment or arrange staged backpayments.

Thanks Denny,

After sleeping on it a couple of nights I've decided that I'm simply going to write HMRC a letter stating the facts. I was going to make a claim under my PCG insurance but I'm of the opinion that bringing in a third party would potentially "antagonise" the situation and could lead to higher charges than simply falling on my sword and copoperating fully.

As people have said, I'm still liable for the money, no amount of wrangling can get around that. I thought what I was doing was correct but as has also been pointed out, ignorance is no defence. I'm hoping that my contrition will count towards me. fingers crossed.

by the way, the PCG insurance only goes up to £1500 per claim so it wouldn't really do me much good anyway and may result in the HMRC figure being increased by more than this anyway. I'd only need to p*ss of HMRC by 10% to obliterate this figure, so my thinking goes.

M.