Originally posted by CanPayButWouldRatherNot
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Sympathy for the Devil
Collapse
X
Collapse
-
-
US Based 2019 Loan Charge
I live in the US and have done so for 5 years, and am a perm resident here.
I contracted through Bedouin for 1 year in 2008/2009 and 2009/2010 (spanning both tax years).
I have a very small UK income from a property I own, which actually translates to a loss for tax purposes. This has built year on year and I have been told should I ever move back to the US this amount would reduce my tax bill on earnings in my first year.
How will the 2019 loan charge affect me? With zero income, will the first X GBP just burn my personal allowance?
Are they going to tax me as a resident but not give me a personal allowance as one?
My amount owed is small, around 10k GBP, and easily payable, I just feel all of this is morally wrong. I already have 6k GBP set aside as a Certificate of Deposit to stop the interest rising too much.Comment
-
Originally posted by phil@dswtres View PostYes, as it happens my last post at HMRC was leading that team which produced the rejection letters. I can confirm errors can and indeed have meant that they were rendered invalid. Obv it depends on the error.
Thanks for confirmation that the FNs/APNs/LoR rejection letters are all deemed to be legal documents. Is there any regulation that I can use to support that claim?
Given you stated that errors within those documents might render them invalid can I PM or email your work email address?
Regards
CPBWRNComment
-
Originally posted by CanPayButWouldRatherNot View PostPhil,
Thanks for confirmation that the FNs/APNs/LoR rejection letters are all deemed to be legal documents. Is there any regulation that I can use to support that claim?
Given you stated that errors within those documents might render them invalid can I PM or email your work email address?
Regards
CPBWRN
PhilComment
-
Apologies if this question is buried somewhere in this thread. Will there not be an onus on HMRC to prove that they have attempted to collect whatever tax they believe is owing from Employers (as per the Rangers case) before they start pursuing individuals / contractors? If so, how is this likely to work in reality?Comment
-
Originally posted by phil@dswtres View PostIll PM you my email address (and link to website so you can see who we are)
PhilComment
-
Originally posted by ric_77 View PostPhil would you be able to pm the same details also please. Tried pm ing you but for some reason its now allowing it.Comment
-
Originally posted by bandemelbs View PostApologies if this question is buried somewhere in this thread. Will there not be an onus on HMRC to prove that they have attempted to collect whatever tax they believe is owing from Employers (as per the Rangers case) before they start pursuing individuals / contractors? If so, how is this likely to work in reality?Comment
-
Originally posted by bandemelbs View PostApologies if this question is buried somewhere in this thread. Will there not be an onus on HMRC to prove that they have attempted to collect whatever tax they believe is owing from Employers (as per the Rangers case) before they start pursuing individuals / contractors? If so, how is this likely to work in reality?
https://forums.contractoruk.com/hmrc...-employee.htmlComment
-
I receive quite a few calls a day asking the same questions (which is fine as always happy to chat) but to assist I figured i'd answer a few of the most basic ones here:
1. Do I believe taking settlement will mean the LC does not apply?
Yes, 100%. Its not even in question as far as I'm concerned.
2. Can I negotiate the amount owed to HMRC?
No, other than when the calculations/dates used are incorrect (for example - interest incorrectly applied) or estimates have been used which we can disprove.
3. Do I think people should settle?
I don't have an opinion as quite frankly, its not my money. I see my role as an advisor to be to clarify the options available and show the outcome for each. Only the individual can make the final decision. I know what i'd do but again, that's somewhat irrelevant. As i've said to a number of people who have called, if for any reason you are unsure or want to believe that other options may arise, I actually think there's no harm in waiting. You have time yet before you need to register interest in settling (or not).
4.How long will settlement take?
Shouldn't take any time at all but out of my/your hands to an extent as dependent upon HMRC supplying the required details. I suspect it may slow down a bit towards the deadline.
5.Do I consider the LC to be retrospective tax?
Tbh i try to avoid controversial questions (for an advisor) which don't especially help move matters forward for anyone, but what i will say is that if a tax is charged on a historic year's income earned (from before the legislation was introduced) and where potentially no enquiry exists for that year and the enquiry window long since closed, then its very difficult to state that such a charge is anything other than retrospective.
HMRC would state that its not retrospective as people can choose to repay the loan and therefore no LC will arise.
I suspect that if I asked 100 people to choose which side of the argument they felt was correct, it wouldn't be a very close call.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment