BN66 - Time to fight back!!!

[scott_free]

I guess what it boils down to now is whatever settlement we decide for ourselves, be it a CTD, payment on account or perhaps using the available cash in an offset mortgage and paying nothing at what point will the potential liability attract penalties - for me this is my deciding factor ?

Hopefully this will come clearer

[TheGadgetMan]

I guess what it boils down to now is whatever settlement we decide for ourselves, be it a CTD, payment on account or perhaps using the available cash in an offset mortgage and paying nothing at what point will the potential liability attract penalties - for me this is my deciding factor ?

Hopefully this will come clearer

Regarding penalties...MP told me that the agreement they had with MrB was that as long as the partnership accounts were submitted by 31July, then no penalties would be incurred...MP said that if (in the unlikely event) any accounts were submitted after this date then they would cover the penalties.....

I suppose the next milestone will be the Closure Notices...will they come with a deadline date for payment, after which penalties will be incurred?...have MP thought this one thru?...how would we rebut this?...can MrB even impose penalties if there is a JR to be heard?

come on MrB ()...we know you're out there...give us a inkling as to how your little mind works...

[BrilloPad]

<official montp mode>
Penalties are not an issue - all income has been fully disclosed on the Tax Return and HMRC are satisfied nothing has been "Hidden"
</official montp mode>

[BrilloPad]

I suppose the next milestone will be the Closure Notices...will they come with a deadline date for payment, after which penalties will be incurred?...have MP thought this one thru?...how would we rebut this?...can MrB even impose penalties if there is a JR to be heard?

My understanding is the closure notice appealing and the JR will run as seperate threads.

come on MrB ()...we know you're out there...give us a inkling as to how your little mind works...

Can I guess? I reckon

[BrilloPad]

<official montp mode>
The penalties for late submission of the accounts are a separate matter. They will be £50 per person (all in) which will be paid by montp.
</official montp mode>

[DonkeyRhubarb]

<official montp mode>
The penalties for late submission of the accounts are a separate matter. They will be £50 per person (all in) which will be paid by montp.
</official montp mode>

Did they say how extensive the late submission was? Will everyone receive the £50 fine, or just a proportion?

[BrilloPad]

Did they say how extensive the late submission was? Will everyone receive the £50 fine, or just a proportion?

<official montp mode>
Some were late - not that many though.
</official montp mode>

[DonkeyRhubarb]

I guess what it boils down to now is whatever settlement we decide for ourselves, be it a CTD, payment on account or perhaps using the available cash in an offset mortgage and paying nothing at what point will the potential liability attract penalties - for me this is my deciding factor ?

Hopefully this will come clearer

If you pay on account/settle then there could be no penalties.

Even though MontP say they can't apply penalties, I reckon the b*stards (HMRC) will try it on even if they are just empty threats. They are going to be well pissed if very few people settle, so I expect the bullying to intensify with more dirty tactics. I bet Mr B won't be happy that people are taking out CTDs either, since they can't include those in their receipts.

[DonkeyRhubarb]

<official montp mode>
Some were late - not that many though.
</official montp mode>

A further point of clarification regarding the few people affected by this.

The fines will be sent to clients, and MontP will reimburse the £50.

[akan]

So the options to me are:

1 - Work with MontP and aim for a win. (Best to buy a CTD for the amount owed to cover further interest). Also to notify the HRMC when the Closure Notices arrive that MontP is handling the issue? And no penalties will be involved (? Does any one know?)
2 - Settle payment and be done with for the full whack.
3 - Is there a 3? Can you settle via negotiation? Will the HRMC settle for less in the hope of getting some money than potentially none. From someone I knew who was on the original Sumitomo scheme, they 'fessed up to HRMC and agreed to take 30% or so off all scheme members as tax and forward this to HRMC - this would draw a line under the Sumitomo scheme.