Closing opened years - is this possible?
+ Reply to Thread
Page 1 of 8 1 2 3 ... LastLast
Posts 1 to 10 of 78
  1. #1

    Still gathering requirements...


    Join Date
    Sep 2017
    Posts
    21
    Thanks (Given)
    12
    Thanks (Received)
    0
    Likes (Given)
    10
    Likes (Received)
    1

    Default Closing opened years - is this possible?

    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.

  2. #2

    Prof Cunning @ Oxford Uni

    WTFH's Avatar
    Join Date
    Nov 2012
    Posts
    10,700
    Thanks (Given)
    462
    Thanks (Received)
    1543
    Likes (Given)
    1460
    Likes (Received)
    3916

    Default

    Quote Originally Posted by Clairol View Post
    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    Strong and Stable Moderation

  3. #3

    Nervous Newbie


    Join Date
    Oct 2009
    Posts
    18
    Thanks (Given)
    2
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    Quote Originally Posted by Clairol View Post
    Hi,
    I'm not sure where to put my question. Maybe a lovely moderator could move it for me if this is the wrong spot please.
    We have open years 05/06/07. And closed years prior to that.
    Is it possible to get open years closed (to avoid the interest) and how does one do that?
    Many thanks.

    My understanding is the 2019 Loan Charge will *not* recognize any closed years starting from 1999...

  4. #4
    eek
    eek is offline

    bored now

    eek's Avatar
    Join Date
    Jun 2010
    Location
    😂
    Posts
    22,617
    Thanks (Given)
    261
    Thanks (Received)
    1252
    Likes (Given)
    1067
    Likes (Received)
    3680

    Default

    Quote Originally Posted by WTFH View Post
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    This should be in the HMRC Scheme Enquiries forum. That would answer your question.

    And it will be personal tax returns with open enquiries due to tax scheme memberships - to which the answer will be no unless all the tax (and fines) HMRC believe are due have been paid and the tax payer is no longer party to any tribunal case..
    Last edited by eek; 14th September 2017 at 10:09.
    merely at clientco for the entertainment

  5. #5

    Contractor Among Contractors


    Join Date
    Dec 2014
    Location
    WTT Consulting Ltd - London and online
    Posts
    1,656
    Thanks (Given)
    25
    Thanks (Received)
    298
    Likes (Given)
    70
    Likes (Received)
    540

    Default

    An "open" year is one with an enquiry that has not been settled.

    The only ways to close the enquiry are to reach agreement with HMRC or have a Judge decide the correct position.

    If your primary concern is interest charges and you don't want to settle on HMRC terms, you should go and buy a Certificate of Tax Deposit.

    You can search for that on line.

  6. #6

    Still gathering requirements...


    Join Date
    Sep 2017
    Posts
    21
    Thanks (Given)
    12
    Thanks (Received)
    0
    Likes (Given)
    10
    Likes (Received)
    1

    Default

    Quote Originally Posted by WTFH View Post
    When you say they are "open" do you mean that your accountants haven't closed off your company books, or are you saying there's an open HMRC investigation on them?

    For either situation, your first port of call should be your accountants.
    The latter and sadly I don't have an accountant.

  7. #7

    Still gathering requirements...


    Join Date
    Sep 2017
    Posts
    21
    Thanks (Given)
    12
    Thanks (Received)
    0
    Likes (Given)
    10
    Likes (Received)
    1

    Default

    Quote Originally Posted by AnotherContractor View Post
    My understanding is the 2019 Loan Charge will *not* recognize any closed years starting from 1999...
    HMRC told me on the phone that if the loan charge comes in open and closed years will all qualify for NI, Interest and Tax.

    I also understood they will be able to charge for upto 20 years ago.

    Hence they are incentivising (by not adding NI and allowing tax bands to be used) to settle Tax & Interest on open and closed years prior to Loan Charge coming in.

  8. #8

    Still gathering requirements...


    Join Date
    Jun 2017
    Posts
    65
    Thanks (Given)
    12
    Thanks (Received)
    1
    Likes (Given)
    1
    Likes (Received)
    3

    Default

    Quote Originally Posted by Clairol View Post
    HMRC told me on the phone that if the loan charge comes in open and closed years will all qualify for NI, Interest and Tax.

    I also understood they will be able to charge for upto 20 years ago.

    Hence they are incentivising (by not adding NI and allowing tax bands to be used) to settle Tax & Interest on open and closed years prior to Loan Charge coming in.
    Interest? That conflicts with Webberg's comment in other thread (http://forums.contractoruk.com/hmrc-...reporting.html) he says no interest.

  9. #9

    Godlike

    ChimpMaster's Avatar
    Join Date
    Jan 2006
    Location
    Here There and Everywhere
    Posts
    5,059
    Thanks (Given)
    81
    Thanks (Received)
    82
    Likes (Given)
    688
    Likes (Received)
    422

    Default

    Quote Originally Posted by starstruck View Post
    Interest? That conflicts with Webberg's comment in other thread (http://forums.contractoruk.com/hmrc-...reporting.html) he says no interest.
    IF closed years are caught in 2019 then it is unlikely HMRC can charge interest/penalties on them, because they had not queried them or put them under investigation previously.

  10. #10

    Still gathering requirements...


    Join Date
    Jun 2017
    Posts
    65
    Thanks (Given)
    12
    Thanks (Received)
    1
    Likes (Given)
    1
    Likes (Received)
    3

    Default

    Quote Originally Posted by ChimpMaster View Post
    IF closed years are caught in 2019 then it is unlikely HMRC can charge interest/penalties on them, because they had not queried them or put them under investigation previously.
    IF - is there a question mark over this? Again Webberg seems to think they are caught (and he seems to be very knowledgeable!)

+ Reply to Thread
Page 1 of 8 1 2 3 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.