Settlement Opportunity

[slatt]

1 year is normally the maximum I believe (from reading the time to pay website), but you may be able to negotiate something longer if you have "exceptional circumstances"

Google "Time to pay" for more info.

There will be interest on whatever you have to pay back and there possibly may be penalties too, I can't work out if they'll still penalize for late payment if ttp has been agreed...

[tarbera]

Time to pay - my friend had a divorce let tax bills mount up, out of contact for a while owed £22k got back in contract and could pay £22K over 4 months, called them up with a nice 16 week payment plan

HMRC refused wanted it in 6 weeks or close him down - he explained the circumstance his accountant explained the circumstances, he managed to get an overdraft of £5k bringing it down to 12 weeks

They made him bankrupt about week 8 despite him paying off more than 2/3 by then - advice the HMRC collector said at the time was he should not even bothered to have tried

[frodo]

1 year is normally the maximum I believe (from reading the time to pay website), but you may be able to negotiate something longer if you have "exceptional circumstances"

Google "Time to pay" for more info.

There will be interest on whatever you have to pay back and there possibly may be penalties too, I can't work out if they'll still penalize for late payment if ttp has been agreed...

I think most cases willl be exceptional.

[tarbera]

Does anyone have a view on what payment terms HRMC could offer? Based on my figure I would need around 5 years.

After you sell your house / car ? Is it still 5 years ?

HMRC will go after all your assets, then bankrupt you, they don't mess about, and won't wait 5 years

[frodo]

After you sell your house / car ? Is it still 5 years ?

HMRC will go after all your assets, then bankrupt you, they don't mess about, and won't wait 5 years

have no assets so yes, it's still 5 years.

[BrilloPad]

Time to pay - my friend had a divorce let tax bills mount up, out of contact for a while owed £22k got back in contract and could pay £22K over 4 months, called them up with a nice 16 week payment plan

HMRC refused wanted it in 6 weeks or close him down - he explained the circumstance his accountant explained the circumstances, he managed to get an overdraft of £5k bringing it down to 12 weeks

They made him bankrupt about week 8 despite him paying off more than 2/3 by then - advice the HMRC collector said at the time was he should not even bothered to have tried

I am amazed they got a judge to sign the bankruptcy order. So it looks like drugs, hookers squander the rest, then give HMRC the finger....

[BrilloPad]

HMRC has clearly said they will be issuing APN from January in large numbers. HMRC are not that good that they will wait for a tribunal decision before issuing APN. Directly tribunal might mean issue of follower notice and force settlement or court.

As soon as there are signs of APNs there will be JRs flying all over the place - that should add an extra couple of years.

[frodo]

After you sell your house / car ? Is it still 5 years ?

HMRC will go after all your assets, then bankrupt you, they don't mess about, and won't wait 5 years

You say it with such conviction. Do you know a lot of people that have tried to settle through the contractor loan scheme and and were told point blank by HMRC that they would not have 5 years to pay?

[jbryce]

After you sell your house / car ? Is it still 5 years ?

HMRC will go after all your assets, then bankrupt you, they don't mess about, and won't wait 5 years

It's not that simple, it's an enforceable debt - yes, but HMRC may be asking for bankruptcy before this has been to an FTT. I have spoken to a few insolvency practitioners whose considered opinion is that HMRC will only do this as a last resort. They want you to pay, they want to avoid JRs which are more likely if HMRC bankrupt someone for a debt which maybe still in the system and waiting an FTT which may rule in your favour.

It's a fVc651Ng mess.

[StrengthInNumbers]

APNs have been issued already with first one in August - No JR is happening. For HMRC it is a process to forward the case for debt collection - another department and they will follow the book without worrying about JR or what accountants think. Start saving and start preparing for a legal battle - rest all is talk