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New Finance Bill 2017-18

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    Originally posted by webberg View Post
    You can take HMRC's settlement terms. Essentially that is treat loans from all years as income, pay tax, perhaps NIC, interest. Disregard closed years (i.e. years with no enquiries).
    Originally posted by stonehenge View Post
    I thought CLSO2 was

    closed years - tax only (restitution)
    open years - tax, employees NICs, interest
    Yes this is correct as I see it too but position of NICs depends if you were employed or self-employed.

    I'm in that awkward space where I have only closed years from < 2011 and HMRC have never made contact with me. So I either pay voluntarily on all years, or declare on the 2019 LC. At this time the LC seems like it will be a real mess and won't allow us to move on with our lives. So I am leaning towards voluntary restitution.

    i.e. So you don't have to disregard closed years. Right?
    Last edited by ChimpMaster; 13 December 2017, 14:04.

    Comment


      Originally posted by ChimpMaster View Post
      Yes this is correct as I see it too but position of NICs depends if you were employed or self-employed.
      Doesn't that only affect the type of NICs they'll charge, class 1 employee or class 4 self-employed?

      Originally posted by ChimpMaster View Post
      I'm in that awkward space where I have only closed years from < 2011 and HMRC have never made contact with me. So I either pay voluntarily on all years, or declare on the 2019 LC. At this time the LC seems like it will be a real mess and won't allow us to move on with our lives. So I am leaning towards voluntary restitution.
      VR should work out cheaper than LC in your case because there will be no interest and the liability is spread across several tax years. Also, with VR, you get to settle the years once and for all.

      CSLO2 can work out more expensive than LC when you have open years which are very old where the interest is a killer.

      Comment


        Btw, is it just me or do others find that the Pros on these forums sometimes over complicate matters and add to the confusion?

        Comment


          Originally posted by stonehenge View Post
          Btw, is it just me or do others find that the Pros on these forums sometimes over complicate matters and add to the confusion?
          Why do you think it's possible to reduce the complexity we have here to a simple explanation which would almost inevitably miss out significant information and/or circumstances/influences?

          Tempting as it is to say "If you do A and B the answer is C", to do so would almost always result in an immediate accusation of the "pro" being reckless or ignorant or seeking to use misinformation for commercial gain.

          Instead most of us take the time to explain and discuss the consequences.

          At the end of the day, the "pro" is here to help you understand the legislation/statements etc. The "pro" is not here to tell you what to do, just explain the consequences of your choices.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            Originally posted by webberg View Post
            Why do you think it's possible to reduce the complexity we have here to a simple explanation which would almost inevitably miss out significant information and/or circumstances/influences?

            Tempting as it is to say "If you do A and B the answer is C", to do so would almost always result in an immediate accusation of the "pro" being reckless or ignorant or seeking to use misinformation for commercial gain.

            Instead most of us take the time to explain and discuss the consequences.

            At the end of the day, the "pro" is here to help you understand the legislation/statements etc. The "pro" is not here to tell you what to do, just explain the consequences of your choices.
            I tell you what.

            If you manage to get a deal better than CLSO2 for your members...

            I'll take back every single sarky comment I've made.

            What are the chances that I'll have to eat my words?
            Last edited by stonehenge; 15 December 2017, 07:27.

            Comment


              Originally posted by stonehenge View Post
              Btw, is it just me or do others find that the Pros on these forums sometimes over complicate matters and add to the confusion?
              It is HMRC who over complicate everything.

              Comment


                Originally posted by stonehenge View Post
                I tell you what.

                If you manage to get a deal better than CLSO2 for your members...

                I'll take back every single sarky comment I've made.

                What are the chances that I'll have to eat my words?
                If they manage to get CLSO2 without any IHT or anything that would be a good result? And ensuring the "loans" cannot be called back?

                Most people want closure - the issue is stopping HMRC from harrassing people? And scheme promoters?

                BG are in an almost impossible position. Obviously it would be far better if there was a group run by those who are actually affected. That does not exist. So BG are the best available.

                Comment


                  Originally posted by BrilloPad View Post
                  If they manage to get CLSO2 without any IHT or anything that would be a good result?
                  I doubt many BG members would count that as much of a result.

                  Comment


                    Originally posted by stonehenge View Post
                    I doubt many BG members would count that as much of a result.
                    Then they have very unrealistic expectations.

                    And, of course, they are welcome to go to BG's competitor.....

                    Comment


                      Originally posted by BrilloPad View Post
                      Then they have very unrealistic expectations.
                      You can get CLSO2 by approaching HMRC yourself.
                      https://www.gov.uk/guidance/disguise...ur-tax-affairs

                      I would imagine most BG members would expect to get more than that for all the subs they've paid.

                      Comment

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