Well, almost 11 months since HMRC decision and my appeal, I finally received another letter from them today regarding my case with the "offer of a review". The letter gives 30 days to respond, where I can either request a review, or take my appeal to independent tribunal. If I don't respond, then the matter is settled and that's it, I owe what they say I owe and have to pay up.
Funny how they can take almost a year to get back to me, but if I don't reply in 30 days then that's it.
The review is supposedly by an "impartial officer" who works for HMRC, but I have very strong doubts they will come to anything other than the same decision.
My main concern is, despite what Procorre Legal have repeatedly stated to me, I don't want to argue with HMRC over whether tax should be paid on the amounts I had outstanding in the overdrawn capital account. I am more than happy to settle the tax on that. My issue is, they are stating the amount I owe tax on is the total amount my company was acquired for, as it was purely done to extinguish the balance on these loans. The big problem with that is the balance in my OCA was around 5% of what my company was acquired for, yet HMRC do not seem to acknowledge that at all
I have requested to go ahead with the review and apparently find out their answer within 45 days.
Funny how they can take almost a year to get back to me, but if I don't reply in 30 days then that's it.
The review is supposedly by an "impartial officer" who works for HMRC, but I have very strong doubts they will come to anything other than the same decision.
My main concern is, despite what Procorre Legal have repeatedly stated to me, I don't want to argue with HMRC over whether tax should be paid on the amounts I had outstanding in the overdrawn capital account. I am more than happy to settle the tax on that. My issue is, they are stating the amount I owe tax on is the total amount my company was acquired for, as it was purely done to extinguish the balance on these loans. The big problem with that is the balance in my OCA was around 5% of what my company was acquired for, yet HMRC do not seem to acknowledge that at all
I have requested to go ahead with the review and apparently find out their answer within 45 days.
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