Finance (No.2) Bill - Have your say [URGENT]

**luxCon** · 5 January 2018, 15:46

Im seeing my MP about the Finance Bill

Im seeing my MP about the Finance Bill. Any specific point I should bring up regarding this?

**ConfusedEasily** · 5 January 2018, 16:07

Originally posted by luxCon View Post

Im seeing my MP about the Finance Bill. Any specific point I should bring up regarding this?

How about the 2019 Loan Charge leaves all the years open - this is an opportunity to end this mess once and for all. At the very least payment of the charge should see the years closed.

Or perhaps that, for some, the Loan Charge will make many insolvent as the amounts represent several years worth of earnings to be paid in a single year?

So a flat rate paid on all loan amounts and extensive TTP to prevent many from going into bankruptcy. Get it over once and for all.

Finally - I have received nothing from HMRC to even indicate that I will be impacted by this as my year is closed.

When I saw my MP he was stunned that HMRC was missing such an obvious opportunity to finish this off in a fair and even-handed way. But he's Labour - so can do **** all.

**ConfusedEasily** · 5 January 2018, 16:12

Submitted!!!!

I submitted something. I also looked at the previous submissions to the latest draft from CIOT, Accountants, Consultancies etc. - virtually nothing submitted has been included in the current bill.

**Stevep42** · 5 January 2018, 16:21

Only chance to make your feelings known - if this law comes in and you end up bankrupt at least you’ll have made your situation known before hand.
You can request to make your comments and identity confidential if you chose - suggestion is to not bother with Boring legal jargon and reasons - focus on the why you did it in a summary, and how this charge will impact you, your family and future. This law could bankrupt thousands - nor a few.

**luxCon** · 5 January 2018, 16:33

Thanks,

Thanks, Please others post more concise bullet points I and present to my MP

**Stevep42** · 5 January 2018, 16:41

Finally - I have received nothing from HMRC to even indicate that I will be impacted by this my year is closed.

Closed the loans or your tax return is closed?

If you’ve got an open loan from that year - as the law stands you’ve got to declare it.

**Stevep42** · 5 January 2018, 16:51

Originally posted by luxCon View Post

Im seeing my MP about the Finance Bill. Any specific point I should bring up regarding this?

It’s 20 year retrospective - could be s lot of bankrupts out there that will be state dependent ?

**foobar** · 5 January 2018, 17:42

Originally posted by ConfusedEasily View Post

I submitted something. I also looked at the previous submissions to the latest draft from CIOT, Accountants, Consultancies etc. - virtually nothing submitted has been included in the current bill.

Statements submitted are found here: https://services.parliament.uk/bills...ill201719.html

Seems only a handful of people have bothered submitted anything! Please take 5 minutes and get writing everyone!! The cut off for submissions is imminent.

Weird there is nothing submitted from ICAEW or CIOT.

**ConfusedEasily** · 5 January 2018, 17:47

Originally posted by luxCon View Post

Thanks, Please others post more concise bullet points I and present to my MP

Here's a standard example from one of my BAs who's just asked if we would take her on as a contractor.

In a scheme for five years on the advice of her agency and accountant.
Divorced - very messy, very expensive - family home sold. She rents.
Owes 200+K.
She's a permie on 45K.
Settlement from HMRC would see her bankrupt so HMRC would not let her take the settlement.
Loan charge would see her bankrupt.
She has two kids.

Nice one HMRC.

She's going to put in a submission - chances of it being read?

Finance (No.2) Bill - Have your say [URGENT]