BN66 - Time to fight back!!!

[BrilloPad]

if that was the case, wouldn't that make taking a CTD obsolete?

At the mo I've only a very rough idea how much Im supposed to 'owe.' HMRC gave an estimate based on MP's draft accounts so I dont know how much to take a CTD for.

I know someone in scheme since beginning - only ever got 1 letter. looks like he will never pay anything! I intend to wait until I get a letter - as you say no point otherwise.

I am sure montp will give you an exact figure - someone posted a while ago?

Have you asked montp?

[akan]

if that was the case, wouldn't that make taking a CTD obsolete?

At the mo I've only a very rough idea how much Im supposed to 'owe.' HMRC gave an estimate based on MP's draft accounts so I dont know how much to take a CTD for.

Same position as you - I was on the scheme for 4 years and have a offset mortage which is fully offset. Gonna have to get my arse in gear and get a CTD. Emailed MontP a couple of days back for a 'potential' amount but no reply yet. Awaiting final figures before buying the CTD. I need to have a look at my returns to get a rough idea. Anyone with notices yet?

[elpinar]

if that was the case, wouldn't that make taking a CTD obsolete?

At the mo I've only a very rough idea how much Im supposed to 'owe.' HMRC gave an estimate based on MP's draft accounts so I dont know how much to take a CTD for.

hmrc gave an estimate ? to who? did you call and ask or something?

[fubar123]

Planning for worst...

First post, would like some advice.

Whilst hoping for the best, but trying to plan for the worst in my situation (partial offset mortgage), given a total loss of assets, or at least, the inability to obtain housing for the family, is my local council obliged to provide shelter for wife and dependants ?

I'm assuming that:

1. Job loss - quite common, happened to me already.
2. Housing market declines further, reducing sale price.
3. Lenders refuse additional/new mortgage based on 1. and 2. above.
4. Any leftover cash from the repo/sale of my existing house is not enough to buy another outright, nor use as deposit for new given 1 and 3 above.

Other than the main residence, I don't have any other liquid (or illiquid, for that matter) material assets, apart from a ten year old car, a twelve year old caravan.

Would the above be subject to repo when debt recovery are called in ?
Would I be expected to rent ? Then when funds are completely depleted, sign on to a list for housing ?

Any ideas ?

[MuddyFunster]

I received a letter from HMRC a couple of weeks ago stating that they only had draft accounts for one year and needed the final accounts for all years. Strangely their idea of my total earnings (I haven't been on the scheme for a few years) is several thousand above what I think they are.

[smalldog]

First post, would like some advice.

Whilst hoping for the best, but trying to plan for the worst in my situation (partial offset mortgage), given a total loss of assets, or at least, the inability to obtain housing for the family, is my local council obliged to provide shelter for wife and dependants ?

I'm assuming that:

1. Job loss - quite common, happened to me already.
2. Housing market declines further, reducing sale price.
3. Lenders refuse additional/new mortgage based on 1. and 2. above.
4. Any leftover cash from the repo/sale of my existing house is not enough to buy another outright, nor use as deposit for new given 1 and 3 above.

Other than the main residence, I don't have any other liquid (or illiquid, for that matter) material assets, apart from a ten year old car, a twelve year old caravan.

Would the above be subject to repo when debt recovery are called in ?
Would I be expected to rent ? Then when funds are completely depleted, sign on to a list for housing ?

Any ideas ?

generally speaking and each case is different HMRC may petition for bankruptcy, but you would be unlikely to lose your home. Im no expert on this but from what i have read the courts would take a very dim view of HMRC bankrupting you if there wasnt going to be any material gain by doing so, i.e. you dont have anything worth bankrupting you for...Bankruptcy is generally used when the bankruptee has assets they dont want to handover or have a prospect in the future of meeting their debt obligations. None of what u have said above leads me to think you meet the criteria. What HMRc will accept (but if you read their operational notes they wont ever suggest it) is a second charge on your home which basically means they take a slice of the equity to pay the debt when in the future you sell it. thats an interesting one to me, as what if you never sell it? You could let it out forever, unless the second charge is time boxed which I havent seen written anywhere......

[MuddyFunster]

Whilst I'm sure most cases are different, a friend of mine was bankrupted by HMRC. (nothing to do with tax avoidance schemes - he just forgot to pay it for 18 months!) They had agreed on a repayment plan, but after losing his job and finally getting another one he was unable to keep up with the repayments so they bankrupted him. He didn't have any assets of any value apart from his house, but they did it regardless. Not sure about about a second charge on his property. It's in negative equity anyway.

[BrilloPad]

I received a letter from HMRC a couple of weeks ago stating that they only had draft accounts for one year and needed the final accounts for all years. Strangely their idea of my total earnings (I haven't been on the scheme for a few years) is several thousand above what I think they are.

Did you forward letter to montp?

[MuddyFunster]

Did you forward letter to montp?

Yes I did. Was hoping for a response to my questions last week but I still haven't had one.

[NotAllThere]

...What HMRc will accept (but if you read their operational notes they wont ever suggest it) is a second charge on your home which basically means they take a slice of the equity to pay the debt when in the future you sell it. thats an interesting one to me, as what if you never sell it? You could let it out forever, unless the second charge is time boxed which I havent seen written anywhere......

You can get equity release based on the lender gets their dosh when you die. Perhaps HMRC choose that model? Or if there's a mortgage, then it'll be when that's paid off - usually by retirement.