AML Loan Charge Calculator

[StressedContractor]

Did you use a professioal company

I just joined and thank you for being here.

I have loans totaling about £110,000 and HMRC say I owe about £33500 inc NICS and interest.

In the light of Mondays decision in the house of commons re NC26. I want to stall payment and dont want to enter into a binding payment plan with HMRC. I've started a new business and will post losses this year 2018/19 should I accept the loan charge?

Best AR916

Hi, did you chat only directly with the HMRC to get to the amount owed, or did you use a company to help you deal with the HMRC? If so, would you mind sharing their details. I got a letter from HMRC and want to work with HMRC to get to an amount owing, but not sure if it would be better doing this personally or get a professional organisation to do this?

[StressedContractor]

I just joined and thank you for being here.

I have loans totaling about £110,000 and HMRC say I owe about £33500 inc NICS and interest.

In the light of Mondays decision in the house of commons re NC26. I want to stall payment and dont want to enter into a binding payment plan with HMRC. I've started a new business and will post losses this year 2018/19 should I accept the loan charge?

Best AR916

Hi,

Did you make use of a professional company to handle the negotiations with the HMRC or did you deal with them directly?

Regards

[ric_77]

When you say 'about' is that HMRC's offical figure or your estimate?

[AR916]

Neby

Hi,

Did you make use of a professional company to handle the negotiations with the HMRC or did you deal with them directly?

Regards

Sorry for the tardy response, i hadnt realised my question had been published, probably a bit slow as it was my 1st post.

My book keeper and myself did all the paperwork and dealt with HMRC oursleves, I'm happy to pay a pro, but no one seems to understand what is going, but are willing to take your money. Proved by the fact that my preferred tax expert knew nothing of NC26

[StressedContractor]

Sorry for the tardy response, i hadnt realised my question had been published, probably a bit slow as it was my 1st post.

My book keeper and myself did all the paperwork and dealt with HMRC oursleves, I'm happy to pay a pro, but no one seems to understand what is going, but are willing to take your money. Proved by the fact that my preferred tax expert knew nothing of NC26

THANKS for the reply. How did you find dealing with the HMRC? Were they easy to talk to? I have approached WLH TAX. I see them tomorrow as I only received a letter from the HMRC and want to work with the HMRC to get this sorted by April.

I have started gathering all the information. How long did it take you to complete the process to a settlement amount?

[StressedContractor]

Processing Time

I just joined and thank you for being here.

I have loans totaling about �110,000 and HMRC say I owe about �33500 inc NICS and interest.

In the light of Mondays decision in the house of commons re NC26. I want to stall payment and dont want to enter into a binding payment plan with HMRC. I've started a new business and will post losses this year 2018/19 should I accept the loan charge?

Best AR916

Hi,

Hope you are well ! Sorry to hassle you, I am engaging with the HMRC now. How long did the process take. I have all the info collected already. Is there a way to speed up the HMRC so that I can make the April 5 deadline?

[webberg]

Hi sorry to butt in, I dealt with the HMRC and they settled my affairs in less than 3 months. You get assigned to a senior person and they are useful.

I suggest that you buy a lottery ticket. With the sort of luck you describe as above, you're bound to win.

We have several hundred clients looking for settlement calculations.

Some of them sent details of loans etc to HMRC in Q1 2018. 90% of them have heard nothing since, despite our chasing and harrying.

Another example of HMRC promising Parliament one thing and delivering quite another.

[AR916]

I suggest that you buy a lottery ticket. With the sort of luck you describe as above, you're bound to win.

We have several hundred clients looking for settlement calculations.

Some of them sent details of loans etc to HMRC in Q1 2018. 90% of them have heard nothing since, despite our chasing and harrying.

Another example of HMRC promising Parliament one thing and delivering quite another.

This is my experience too, I've had no sensible comms with HMRC requesting circa £33.5k

[Dmac]

Cases with advisors

I suggest that you buy a lottery ticket. With the sort of luck you describe as above, you're bound to win.

We have several hundred clients looking for settlement calculations.

Some of them sent details of loans etc to HMRC in Q1 2018. 90% of them have heard nothing since, despite our chasing and harrying.

Another example of HMRC promising Parliament one thing and delivering quite another.

Is it possible that HMRC are prioritising individual cases (those with no with no advisor)? Or putting multiple cases with one advisor to the back of the queue?

[webberg]

Is it possible that HMRC are prioritising individual cases (those with no with no advisor)? Or putting multiple cases with one advisor to the back of the queue?

According to HMRC at Parliament yesterday, of the 25000 cases awaiting settlement, 9000 calculations have been sent.

That leaves 16000 outstanding.

Noises were made, hedged with a number of unexplained and subjective conditions, that the deadline would be extended for those genuinely seeking settlement.

Let's examine that.

In May 2018 there had been around 5000 people who had settled.

By September 2018, close to 21000 had applied. This is the figure I think has now increased to 25000 (?)

Between end Sept 18 and yesterday, 9000 calculations done. That's 2,250 a month.

16000 to go. At that rate, 7 months are needed = August 2019 - minimum.

Any slight glitch or holdup and we are into September. Why is that important? Because that is when the loan charge disclosure is due.