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can I contact HMRC to settle

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    can I contact HMRC to settle

    hi, I was in a scheme for 2014/15 so I know I will receive a demand to pay at some point. I would much rather just contact HMRC to say look, I was in this scheme, here are my bank statements, what do I owe?

    Has anyone else done this? Is it a terrible idea? I just hate being in limbo and would much rather just pay it now and stop it hanging over me.

    I have savings. Probably not quite enough but could pay a good chunk of what I owe and would hope I might be able to pay the rest in instalments . I was only in the scheme for a year.

    #2
    Sounds perfectly reasonable to me.

    If you're still in the game and have an accountant then ask their advice. If not a phone call and a strong stomach may be your best option.

    Comment


      #3
      What sort of scheme was it? You may still have liability to the promoters.

      However you should call HMRC. They never give up. Unlimited money supply.

      Comment


        #4
        Honestly think this is a good idea. Peace of mind is worth it if you know you can pay to make it all go away.

        Comment


          #5
          Originally posted by HebdenMole View Post
          hi, I was in a scheme for 2014/15 so I know I will receive a demand to pay at some point. I would much rather just contact HMRC to say look, I was in this scheme, here are my bank statements, what do I owe?

          Has anyone else done this? Is it a terrible idea? I just hate being in limbo and would much rather just pay it now and stop it hanging over me.

          I have savings. Probably not quite enough but could pay a good chunk of what I owe and would hope I might be able to pay the rest in instalments . I was only in the scheme for a year.
          Are your provider still around?

          Comment


            #6
            Originally posted by WalterWhite View Post
            Are your provider still around?
            I would recommend that you take advice - which shouldn't cost much. If you want to settle then crack on but you also want to guarantee that your have finality. Handing money to HMRC won't necessarily guarantee this.

            Comment


              #7
              Professional advice is always the preferred option however I would say be careful throwing good money after bad. If you're on £1000 per day then sure, a few hundred quid is a drop in the ocean. Lower earners however should tread more carefully.

              Comment


                #8
                Originally posted by HebdenMole View Post
                hi, I was in a scheme for 2014/15 so I know I will receive a demand to pay at some point. I would much rather just contact HMRC to say look, I was in this scheme, here are my bank statements, what do I owe?

                Has anyone else done this? Is it a terrible idea? I just hate being in limbo and would much rather just pay it now and stop it hanging over me.

                I have savings. Probably not quite enough but could pay a good chunk of what I owe and would hope I might be able to pay the rest in instalments . I was only in the scheme for a year.
                Behavioural Insights Ltd (the "nudge" unit) are employed to give you a feeling of uncertainty so you may well, in the future, get vague letters from HMRC where "they believe" you owe them money but some independent advice might be of use.

                You could possibly even see posts on forums with sockpuppet accounts nudging you another way. Usually on a Friday.

                Comment


                  #9
                  Just be aware that by settling the tax position, you are not removing any loan liability.

                  Doing that subsequently, may well incur more tax charges that HMTV will be reluctant to give you an indemnity for, even if you have settled.

                  Tread carefully.

                  If you can afford it, go and get some advice.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    #10
                    Originally posted by webberg View Post
                    that HMTV .
                    Do they have their own channel on Sky now?

                    Comment

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