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AML 2019 Loan Charge

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    Originally posted by Loan Ranger View Post
    For 2014/15, HMRC have 12 months after filing tax return to open an enquiry. They've missed this window.
    However, they then have 4 years after the end of the tax year (5/4/15) to raise a discovery assessment ie. they've got until 5/4/19.

    So, even if HMRC haven't investigated any of your years yet, they still have time to protect them.

    For the LC, you have to declare your loans between 6/4/19 and 30/9/19. If HMRC still haven't investigated by the time you declare, they would be out of time to protect 2014/15 but not for 2015/16 and 2016/17.
    Loan Ranger, Thanks for your doc. Just to clarify above dates ? Is it loans between 6/4/19 and 30/9/19 ?

    I was in similar situation where i will be better off if HMRC allows me to show 2013/14 income as of 2018/2019, so that i can contribute to pension and payoff the balance as tax to HMRC. What is your advice here.? shall i keep quiet until Arp 2019 instead of voluntary disclosure.

    Advance thanks..

    Comment


      settlement registration

      HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018 to register my interest for settlement. My questions are (a) Without any reference number how can I ensure that I have been registered for settlement? (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018? The pack contains loan information, type of scheme and UTR number etc.

      Comment


        First question:
        Originally posted by GUD View Post
        (a) Without any reference number how can I ensure that I have been registered for settlement?
        First answer:
        Originally posted by GUD View Post
        HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018.
        You aren't registered for settlement until you send the information back, which needs to be done by 31/05/18


        Second question:
        Originally posted by GUD View Post
        (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018?
        Second answer:
        Originally posted by GUD View Post
        HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018
        {emotionless greeting}

        Three Word Slogan

        Comment


          Originally posted by GUD View Post
          HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018 to register my interest for settlement. My questions are (a) Without any reference number how can I ensure that I have been registered for settlement? (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018? The pack contains loan information, type of scheme and UTR number etc.
          As I have already responded on a different thread, if HMRC has asked you to complete and return something, I recommend that you do.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            Originally posted by webberg View Post
            As I have already responded on a different thread, if HMRC has asked you to complete and return something, I recommend that you do.

            I thought you had to register an interest by 31st May and provide all information by 30th September. Looks to me as if HMRC are trying to nudge you to provide all the information in May rather than September.

            Comment


              Originally posted by Delendog View Post
              I thought you had to register an interest by 31st May and provide all information by 30th September. Looks to me as if HMRC are trying to nudge you to provide all the information in May rather than September.
              Nope. The settlement pack that I suspect GUD has been sent is explaining how to register an interest. HMRC are not trying to nudge people to send all their data at the same time as registering.

              But the best advice is to get a professional to do the work for you!
              {emotionless greeting}

              Three Word Slogan

              Comment


                Originally posted by WTFH View Post
                Nope. The settlement pack that I suspect GUD has been sent is explaining how to register an interest. HMRC are not trying to nudge people to send all their data at the same time as registering.

                But the best advice is to get a professional to do the work for you!
                and you know they are not nudging because? To register you just have to send an email to the published address with your name, tax reference and saying you wish to register. The settlement pack asks for all loan details etc - which is required by 30th September not the 31st May.

                Comment


                  The settlement pack is to ask for all the loan details so I can only assume it’s to nudge people into providing details earlier then necessary. Though any reasonable advisor will surely check with their client when they want the info providing before they send it in. There’s no change to the deadline dates so no obligation to respond quickly when the pack arrives if that’s your choice (HMRC seem to have forgot to mention this fact)

                  Comment


                    Originally posted by Delendog View Post
                    and you know they are not nudging because? To register you just have to send an email to the published address with your name, tax reference and saying you wish to register. The settlement pack asks for all loan details etc - which is required by 30th September not the 31st May.
                    I thought so as well. It was on the call that HMRC mentioned to send the pack by 31 May. The email says- " thanks for registering your interest. please complete the attached settlement pack and sent it to cl.resolution.......gov.uk. Please note that we deal with incoming post/emails in date order". Therefore, I am just wondering how should I register! It appears that I just need to send an email with name and UTR number with my intention to settle. Am I missing anything?

                    Comment


                      Originally posted by GUD View Post
                      I thought so as well. It was on the call that HMRC mentioned to send the pack by 31 May. The email says- " thanks for registering your interest. please complete the attached settlement pack and sent it to cl.resolution.......gov.uk. Please note that we deal with incoming post/emails in date order". Therefore, I am just wondering how should I register! It appears that I just need to send an email with name and UTR number with my intention to settle. Am I missing anything?
                      If the email says thank you for registering you are covered for the 31 May deadline

                      That being said, prob good idea for audit trail to email them if you only had a call. Just include Utr and ni If thats all I wish to give at this stage (and obviously state you’re confirming interest to settle)
                      Last edited by phil@pmtc; 15 May 2018, 17:42. Reason: Further info and fat thumbs on phone

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