HMRC settlement Deadlines/delays and the LC

[lowpaidworker]

Is this loan charge only applicable to me in the end of a default or bankruptcy notice.

I.e. Can HMRC raid a partner or wife or even children's bank accounts/assets. By assets these could be saving ISA's trust funds, car etc.

Does anyone know ?

thanks
Adam

[me206et]

How would one know if their Trust was S72 or S86? And which one of these is subject to IHT?

Good question.
There must be a list of what trusts were what type?

[regron]

Is this loan charge only applicable to me in the end of a default or bankruptcy notice.

I.e. Can HMRC raid a partner or wife or even children's bank accounts/assets. By assets these could be saving ISA's trust funds, car etc.

Does anyone know ?

thanks
Adam

I would advise you contact an insolvency specialist for an answer to this one.

[lowpaidworker]

I would advise you contact an insolvency specialist for an answer to this one.

Hmm not dissing the response but everyone says seek a specialist here specialist there. Once you have engaged all these people understand your predicament your £10k down and still owe the money to HMRC.

I'm trying to find out as I am going to fight the charge and settlement as I cant even afford that. I've Google'd and can see a standard debt in my name cannot be lodged or transferred against a partner or family member unless they have stood as guarantor.... however this may be different.

I just want to find out worst case scenario.

[regron]

Hmm not dissing the response but everyone says seek a specialist here specialist there. Once you have engaged all these people understand your predicament your £10k down and still owe the money to HMRC.

I'm trying to find out as I am going to fight the charge and settlement as I cant even afford that. I've Google'd and can see a standard debt in my name cannot be lodged or transferred against a partner or family member unless they have stood as guarantor.... however this may be different.

I just want to find out worst case scenario.

A good and honest solvency professional will give you a free phone call / meeting. I've had one with 3 different ones, costing me £0
Don't mistake insolvency advice with tax advice, but you need both.
Stepchange.org is a good place to start and that is a charity, so all information is free. When it comes to Insolvency / Bankruptcy, everyone's personal circumstances are different.

[webberg]

Mel Stride - radio phone in

I am reliably informed that

Mel Stride will be on Iain Dale's LBC show tonight between 8 and 9pm and apparently will be taking calls.

It is probably not appropriate for a professional adviser to call in and ask questions, but if you are a taxpayer impacted by his policies, I see no reason why you should not.

Start here perhaps:

https://www.lbc.co.uk/radio/presenters/iain-dale/

(My thanks to my informant).

[MishaB]

Bedouine/ REDstone/ target umbrella

Dear all,

I would appreciate some advice as am feeling completely desperate now, being 5 months pregnant and looks like a single mum to be .

I am a nurse and have been involved in Loan schemes since 2013 on recommendation from my nursing agency.

It was Bedouine/ Redstone initially and then Target umbrella/ Integra management took over. I have received a letter from HMRC stating I owe them over 18.5 k for 2013/2014. They estimated my earnings, hugely excessively , and calculated INCOME tax only from this, NOT National insurance contribution, plus late penalties charge and interest rates.

My questions are :

1. Michelle B from Redstone/ Target claims that I have always been dual employed , hence not subject to a Loan charge 2019- does anyone know if this could be true? Should I try to settle or wait if HMRC has a real case against me?

2. If I was to settle, will HMRC add NI to calculate owed sum? I am finding different views, I think I am classed as an employee although I was under a nursing agency but payroll wise under Taget umbrell and Integra management.- so perhaps I am a contractor? ( Integra provided loan after it took over from Bedouine/redstone). How do I know for sure which one I am and if I would have to pay also NI , and why HMRC only asked for owed Income tax not NI? this could be difference between 30-50k owed.

3. I am not rich, and owe no property, and in 3 months I will be only on maternity allowance- how can I pay all this money? Would HMRC accept small payments to start with , do you know?

5. late charges are only applied to protected years- is this a year that HMRC is asking about , and will I not have to pay late penalties and charges on other years they not asked about yet?

Thank you for all your comments, it is hugely hugely appreciated.

[lowpaidworker]

A good and honest solvency professional will give you a free phone call / meeting. I've had one with 3 different ones, costing me £0
Don't mistake insolvency advice with tax advice, but you need both.
Stepchange.org is a good place to start and that is a charity, so all information is free. When it comes to Insolvency / Bankruptcy, everyone's personal circumstances are different.

thank you !

And no wont confuse the two. Tax advice in hand. Debt advice seeking

[lowpaidworker]

I am reliably informed that

Mel Stride will be on Iain Dale's LBC show tonight between 8 and 9pm and apparently will be taking calls.

It is probably not appropriate for a professional adviser to call in and ask questions, but if you are a taxpayer impacted by his policies, I see no reason why you should not.

Start here perhaps:

https://www.lbc.co.uk/radio/presenters/iain-dale/

(My thanks to my informant).

am not sure I could keep my cool.....

[QUODM]

IHT on 10 year old trusts only

My understanding (from reading abut types of trust) is that a discretionary trust has an IHT point when it hits the 10 year mark (where a charge occurs). If the trust is less than 10 years old, any money can be removed from the trust without such a charge.
Given they went back 20y on LC, I'd guess that's why they now think they can get IHT too.
Would be interested in someone correcting this if its wrong...