No To Retro Tax – Campaign Against Section 58 Finance Act 2008

[BrilloPad]

You could buy a CTD every month.
Bit of admin overhead but doable.

From HM Revenue & Customs: The Certificate of Tax Deposit scheme

Your first tax deposit must be for a minimum of £500
The minimum for subsequent deposits is £250

Or spend your money on drugs, women, gambling. Then squander the rest.

[Cantthinkof1]

Thank you..

Hi, do some searching yourself but DOTAS started in 2004 and then was then widened in 2006, to me its not completely clear what part affects us:

http://webarchive.nationalarchives.g...e-guidance.pdf

But this extract from the link suggest the pre 2006 was only limited to employment, we werent employed and not sure if we were caught by the "certain financial products" term:

2.3.2 Summary: Income tax, corporation tax and capital gains tax

When the disclosure regime was introduced in 2004, disclosure was limited in
scope to tax arrangements concerning employment or certain financial products.
This was widened with effect from 1st August 2006 to the whole of income tax,
corporation tax and capital gains tax.

PS - I also left it in 2006!

Many thanks - much appreciated!

[DonkeyRhubarb]

This is what it says in the consultation document.

4.6 The proposal is that payment of the disputed tax may be required from:

• Anyone who has entered a DOTAS SRN on their tax return or otherwise notified HMRC of the SRN; or
• Whose details feature on a DOTAS ‘client list’; or
• Who should have entered a SRN, or should have appeared on a ‘client list’ but have not done so – either because the scheme was not disclosed as it should have been, or the taxpayer has not entered the SRN when they should have done so.

It is worth checking your tax returns to see if you included an SRN (scheme reference number). There is a box for this on the page where you sign & date the return.

[jimys]

Scheme providers and what can be done?

Hi,

I have been in contact with my scheme provider asking questions regards the new legislation and they are very quite about it as if they are in surprise?

What can we do as an individuals?Do we have any rights to fight it back?

[Cantthinkof1]

Section 4.6

This is what it says in the consultation document.



It is worth checking your tax returns to see if you included an SRN (scheme reference number). There is a box for this on the page where you sign & date the return.

Hi DR, just looking at your latest posting and section 4.6 it does look like they have covered all options, irrespective of whether you have entered a scheme reference number (SRN) or not, or am I missing something?

[cojak]

Hi,

I have been in contact with my scheme provider asking questions regards the new legislation and they are very quite about it as if they are in surprise?

What can we do as an individuals?Do we have any rights to fight it back?

Please be aware that this IS NOT an EBT thread. I will not have this thread swamped by EBT'ers. Please look to the http://forums.contractoruk.com/hmrc-...e-schemes.html thread on the HMRC Enquiries forum for information regarding the new legislation.

[OnYourBikeGB]

All very depressing, but whatever way I read it, it's not good. It does look like it is referring to the tax, not the interest, so I presume, having got their hands on it, the interest stops accumulating. I wonder at what stage people wake up and realise that it's not just tax avoidance that can be morally repugnant. How do these laws come into being, is there no-one in Parliament prepared to say that this is just wrong? Full-blown retrospection has arrived, as we said it would, when this all started. Never thought I'd get caught twice by it though. There is a part of me that just wants this done. If legally I have to pay, then I will do what I can to do so. I am older, wiser and infinitely more cynical than I was when this all started. It has ruined lives, but hey, as long as Cameron and his cronies in the Burlington club can continue to smash up restaurants and burn £50 notes under the noses of tramps, the country's morals are safe. I'm sickened to my core.

[bananarepublic]

Tax return question

Not sure if this is the best thread to ask this question, but I was wondering if there were any fellow S58'ers in the same situation as me.....

Over the past few years I have built up quite a large balance of overpaid tax at HMRC. This is mainly due to them not refunding the self assessment tax reclaim on pension contributions. However, for the tax year ending 5 April 2013, they gave me a large tax allowance because of pension contributions made the previous year.

I made no pension contributions last year. The upshot is that I have a large tax bill due. However, the tax bill for last year is LESS than the outstanding balance I have built up. [ There is no section on the tax return - from what I could tell - which allows the self assessment balance to be included in the tax calculation ]

Question is : should I pay or not? I don't know the implications of not paying.

Unfortunately the direct line to the local tax office and their compliance section no longer works and I am not sure I can rely on the advice of the general HMRC enquiry line (they said based on my balance I did not have to pay anything ... and I asked them to make a note of this advice against my account).

Thoughts appreciated.

[OnYourBikeGB]

Not sure if this is the best thread to ask this question, but I was wondering if there were any fellow S58'ers in the same situation as me.....

Over the past few years I have built up quite a large balance of overpaid tax at HMRC. This is mainly due to them not refunding the self assessment tax reclaim on pension contributions. However, for the tax year ending 5 April 2013, they gave me a large tax allowance because of pension contributions made the previous year.

I made no pension contributions last year. The upshot is that I have a large tax bill due. However, the tax bill for last year is LESS than the outstanding balance I have built up. [ There is no section on the tax return - from what I could tell - which allows the self assessment balance to be included in the tax calculation ]

Question is : should I pay or not? I don't know the implications of not paying.

Unfortunately the direct line to the local tax office and their compliance section no longer works and I am not sure I can rely on the advice of the general HMRC enquiry line (they said based on my balance I did not have to pay anything ... and I asked them to make a note of this advice against my account).

Thoughts appreciated.

I had a credit balance, that they didn't refund despite several requests, so I simply didn't pay my full SA bill, and all that happened was that my credit balance was reduced . This year it was even taken into account automatically on HMRCs website, showing that what was owed was what my accountant calculated less what I had in credit in my account. HTH.

[bananarepublic]

I had a credit balance, that they didn't refund despite several requests, so I simply didn't pay my full SA bill, and all that happened was that my credit balance was reduced . This year it was even taken into account automatically on HMRCs website, showing that what was owed was what my accountant calculated less what I had in credit in my account. HTH.

Great. I'll give them the finger then !!

Interestingly, HMRC have been really trigger happy with my tax allowance. I made a personal pension contribution one year and I had to ring them up to stop them propagating a new (higher) tax allowance across the current and following year.....