Settlement Opportunity

[StrengthInNumbers]

Nope. HMRC got leave to appeal to the Court of Session (basically CoA for Scotland)

HMRC will again lose in Rangers but our problem is ToAA now which HMRC is baseing Settlement opportunity on!

[jbryce]

HMRC will again lose in Rangers but our problem is ToAA now which HMRC is baseing Settlement opportunity on!

...but not clear cut.....nice article here.

[StrengthInNumbers]

Thanks Jbryce

[davieloco]

Late notification or not

Hi,

I recently checked if I had a request for 2007/8 as I had already had one for 2006/7 and 2008/9 as I had not received one for that year. All my previous enquiries I have replied to with a register letter so I know that they had received it.

I have been informed by Hector that there is an enquiry for 2007/8, they provided me with a copy of the "original" from Dec 2009 but funnily enough stated that there was no correspondence from me.

So my question is (and I think I know the answer) is there anything I can do about this as I never received the original letter.

DL

[DownButNotOut]

Cash equivalent of loans after deducting any interest paid by the borrower

I could be wrong but I haven't read anything that discusses the above. For the uninitiated this means;

The cash equivalent figure (recorded on your annual P11D) is the amount that you were taxed on each year and is the average loan value over the tax year multiplied by the official rate of interest. (not sure what the offical rate of interest is)

The intention is that you are taxed on the interest you would have paid had you obtained the loan commercially i.e. the benefit you received by virtue of the loan being interest free.

Has anyone seen this taken into account when calculating a settlement or discussed this with HMRC?

[StrengthInNumbers]

Hi,

I recently checked if I had a request for 2007/8 as I had already had one for 2006/7 and 2008/9 as I had not received one for that year. All my previous enquiries I have replied to with a register letter so I know that they had received it.

I have been informed by Hector that there is an enquiry for 2007/8, they provided me with a copy of the "original" from Dec 2009 but funnily enough stated that there was no correspondence from me.

So my question is (and I think I know the answer) is there anything I can do about this as I never received the original letter.

DL

I have exactly the same situation. So neither me nor my accountant received the notice which Hector says he sent?

[Boobetty]

I could be wrong but I haven't read anything that discusses the above. For the uninitiated this means;

The cash equivalent figure (recorded on your annual P11D) is the amount that you were taxed on each year and is the average loan value over the tax year multiplied by the official rate of interest. (not sure what the offical rate of interest is)

The intention is that you are taxed on the interest you would have paid had you obtained the loan commercially i.e. the benefit you received by virtue of the loan being interest free.

Has anyone seen this taken into account when calculating a settlement or discussed this with HMRC?

Yes, I have. One of my discovery assessments has within its calculations given me credit for the benefit I declared for interest free loans. It makes sense really...they cannot levy additional tax on these loans without first giving us back the tax we paid on the interest free loans as a benefit in kind.

[davieloco]

Late notification or not

So did your accountant advise a way ahead or are we just meant to accept that it is our fault for not receiving notification and pay up!!

I have exactly the same situation. So neither me nor my accountant received the notice which Hector says he sent?

[StrengthInNumbers]

Accountant has requested ask for a copy. On asking for copy HMRC lady said she THINKs copy is on the file. So I awaiting a copy.

[gettingangry]

Would you send a demand to someone for £x,000s second class. No you'd send it recorded delivery. How thick can you get??

Asking for proof - what are they going to do - admit it wasn't sent or knock up a copy with a fictitious date.

Maybe it was a big mistake appealing against the demands we received because otherwise they had no proof we actually received them.