HMRC settlement Deadlines/delays and the LC

[FairyLiquid]

Bank statements

I provided them with blanked out copies of the actual bank statements showing the actual payments, all other amounts and descriptions were redacted.

So we’re you able to obtain real statements or were they viewable PDFs. I’m in the position whereby my statements are only available to view or download as pdf files. They don’t look the same as normal bank state, bank statements.

[LandRover]

HMRC accepted my redacted statements and if they queried it, I’m not a legal expert but my understanding is they can’t just barge in and say show us your private life which everything else is.

I provided them with blanked out copies of the actual bank statements showing the actual payments, all other amounts and descriptions were redacted. HMRC accepted that. I understand why because if anybody is stupid enough to go “doctor” an amount (statement), my guess is that is jail time and it is not for me, it is not worth the risk.

All they were interested in is the correct loan amounts and proof, what better way than bank statements. Should HMRC ever query the amounts which I can’t see why they would, I now have all my bank (not redacted) statements on file. I will now never get rid of them because I do not trust the people working at HMRC not to do something else that is stupid.

Good luck and hope you have lots of Vaseline handy because this is painful.

Out of interest, did you manage to get any decent TTP terms?

[HMRC made Atlas Shrug]

So we’re you able to obtain real statements or were they viewable PDFs. I’m in the position whereby my statements are only available to view or download as pdf files. They don’t look the same as normal bank state, bank statements.

Not all were original statements and I ended up sending many different layouts. I used whatever I could get from the bank, where I did not have the original statement. They all however showed all the bank and account info needed to identify me and my account.

As I said before, I blanked out all the transactions not related to the loan scheme. There is nothing to hide but I do not trust the sc*m working at HMRC.

[HMRC made Atlas Shrug]

Out of interest, did you manage to get any decent TTP terms?

I’m not sure what TTP is (not following these forums any more) and I can’t call settling 100% on HMRC terms a good settlement, so sadly no. I was however able to get out of paying IHT on my released loan through my own determination and belief in when I see a clear violation of a legally binding contract (HMRC’s settlement with me). IHT is a massive amount people seem to be ignoring, they had better wake up because it is a shocker they cannot avoid as things stand.

The moment a loan is released HMRC has to be informed and guess what, bingo (IHT) for HMRC.

[Vincenth1]

IHT

How did you manage to get out of paying IHT?

[snk888]

How did you manage to get out of paying IHT?

In regards to myself. I questioned hmrc to them about IHT. They put me on hold for 10 mins as they wanted to check my case/Status. They told I won't be part of IHT. I asked them to make sure it's noted they complied. I was still unsure so phoned them up again a few days later to double check, still said they have my file & wont be included with IHT

[Finalwhistle]

I’m not sure what TTP is (not following these forums any more)

TTP I thought was Time to Pay - Or basically Terms of Payment. I thought it applied to this new 5
year time to pay back the loan they appear to be offering if you can demonstrate you are earning less than £50k pa.

In terms of redacted statements there is no need for official statements. Basically just anything you can provide as evidence of the loan amounts is enough. But if you do send bank statements ensure you black line EVERYTHING else. Just out of principle.

[Dmac]

TTP I thought was Time to Pay - Or basically Terms of Payment. I thought it applied to this new 5
year time to pay back the loan they appear to be offering if you can demonstrate you are earning less than £50k pa.

In terms of redacted statements there is no need for official statements. Basically just anything you can provide as evidence of the loan amounts is enough. But if you do send bank statements ensure you black line EVERYTHING else. Just out of principle.

Totally agree - but not just out of principle. If HMRC see a credit on your account statement, they may assume this is additional income to count towards your total income (for debt repayment / TTP purposes) even if it is just the funds, eg, from selling a car.

And if HMRC see any loan repayments on your bank statements, they might ask to see the application forms for those loans, on which you may have included a different income figure than you are telling them (which may be for entirely legitimate reasons).

So redact EVERYTHING except the loan amounts.

[TroyT]

Will the Loan Charge apply if declaring Profit Share?

I just received the Loan Charge letter.
I was operating through Glen May and last tax year declared (and paid the tax due on) the Profit Share figure for year 2011/12.
I am just about to do Year 2017/18 SA Return and declare the current Profit Share figure for years 2011-2016....and pay the tax due.
Next year I was planning on doing the same for the “final” Profit Share figure.

If I’m declaring all the Profit Share Figures that I’m being issued and paying the tax; am I wrong in thinking that I’m complying with the current HMRC Loan rules and therefore safe from being issued with a Loan Charge???

[HMRC made Atlas Shrug]

In regards to myself. I questioned hmrc to them about IHT. They put me on hold for 10 mins as they wanted to check my case/Status. They told I won't be part of IHT. I asked them to make sure it's noted they complied. I was still unsure so phoned them up again a few days later to double check, still said they have my file & wont be included with IHT

This is the short of it.

I had it in writing in HMRC’s own settlement that they included IHT in their settlement, because I opted for the option to release my loan as part of their settlement offer to me. This was all OK until I got my loan released as part of the agreed settlement. At that point I notified as instructed, the IHT department that has been ignoring me up to that point (they did not want to answer my questions), sent me a bill/invoice for the IHT due on the released loan. It took a lot of correspondence with brick walls and sleepless nights and after months, they admitted it was part of their own settlement.

My experience, the people working in the settlement department and the people working in the IHT department act as if they do not to talk to each other when it comes to sorting out their own mess.

I am surprised they would say over the phone anybody is excluded from IHT, are you sure you spoke to the IHT department. I hope you recorded that conversation. My advice, get it in writing a.s.a.p. and make sure it is the IHT on the RELEASE of your loan. Note, the IHT only comes into existence on the release of your loan, not during the settlement. It is only when the loan is released when the IHT department at HMRC has to be informed, that is when they jump on you. Make sure the letter say no IHT if/when your loan is released.