HMRC settlement Deadlines/delays and the LC

[Vincenth1]

HMRC settlement deadlines/delays & LC

Hi Misha,

Look up Dow Schofield Watts in Warrington (Phil's company)

I'm just another punter, not a tax advisor, but my understanding as to whether you'll be requested to pay NI depends on the structure of the scheme you were/are in. HMRC does of course love it's penalties and interest (the later if you have open/protected years i.e. they have opened enquiries, if so, you should have received letters for the years in the scheme from HMRC). The other sting in the tail is Inheritance Tax at 1% per year from the time you took out the loans to when they are written off.
Again, suggest you join LCAG for support and consider a misselling claim and possibly taking part in legal action to fight the Loan Charge.

[lowpaidworker]

I am seeing and guess well see a lot more people join this forum as HMRC send those brown envelopes. My humble opinion is this forum is an excellent place to start, but downside a bit of minefield to get advice. There are some extremely good people on here who post advice for free but this forum is merely a place to vent your frustration. You will see thousands do so.


Personally I don't think you will ever find resolution here. I suggest as people Google 2019 Loan Charge, HMRC, APN etc.) and this forum shows up please read and glean what you can. If like me you are one of those people I recommend 100% join LCAG (Loan Charge Action Group).

Will be the best £100 you will ever spend. I would do this sooner rather than later. The awareness and fight they are taking to HMRC has given me inspiration to fight on. I can assure all new people joining and seeing these 2019 demands that whatever your feeling there are thousands, if not hundred of thousands, of people in the same position.

[zks1983]

Potential advice needed

Hi All

I hope all you are well

I was just hoping for a quick bit of advice from someone here.

HMRC contacted me around 6 months ago saying I had an estimated 60k worth of undeclared income and asking for 25k in tax. My initial response was wow as I had only earnt 25k that year. I replied and they put it hold pending a further investigation.

They have then comeback to me and are enquiring into a specific company I worked for 6 months. They want my bank statements, how much loan I was paid etc what details do I need to provide them to reach the deadline by the end of the month? Just how much loan I was provided? There isn’t any agreement on settlement amounts yet

Thanks and I will be grateful for any information you guys can give.

Thanks

[webberg]

Apologies for sounding like Cassandra but there are some important issues to clarify here.

1. LCAG and their work is not primarily aimed at achieving a final tax position. They have explained their position and how it varies from what the advisers here offer and I recommend reading them.

2. If LCAG are wholly succesful, they will convert the loan charge into a basis of settlement. If they are partly successful, perhaps the charge will be delayed. If they are entirely unsuccessful, the charge remains in place.

3. If the loan charge is withdrawn wholly or partly or is delayed, HMRC still believe that a liability for the year in which the loan was made, arises. That still needs to be dealt with (except of course for closed years).

4. In this scenario your choices are to settle or to fight.

5. Settlement is open until the end of this month in terms of registration and supplying data. Once you do that, you need to reach a written agreement before 5th April 2019. If you do not, the loan charge will apply.

6. fighting can be via a group organised by a promoter or ex promoter. Some schemes have this option. This will be litigation.

7. Big group has a plan to resolve the position - no guarantees - and is perhaps the largest unbiased group of there.


In short, LCAG are doing good work, but you still need to resolve the liability in some manner.

[zks1983]

Could I please get access to private message?

[SymonA]

Hi,
Could you please recommend me a tax consultant who could deal with my settlement with HMRC?
I've got a confirmation from PTS Tax they registered me for the settlement option but I haven't sent all the required documentation to HMRC yet and there's less than 2 weeks left only :/

Anyone can help?

[Boodog]

The Loan Charge could be more advantageous for some...

I have read a couple of posts on different threads that indicate the loan charge could be advantageous for some people. For example, if income for the year in which the loan was taken, was much higher than 18/19, resulting in a greater amount to be re-paid at a higher rate of tax. At least at the moment there is the choice of settlement or pay the loan charge.

Does anyone have a view on this?

[kentishlad]

Hi,
Could you please recommend me a tax consultant who could deal with my settlement with HMRC?
I've got a confirmation from PTS Tax they registered me for the settlement option but I haven't sent all the required documentation to HMRC yet and there's less than 2 weeks left only :/

Anyone can help?

Phil or Webberg I believe? Ive not received my pack yet but applied back in May

[headspin]

Phil or Webberg I believe? Ive not received my pack yet but applied back in May

Have you checked your Spam box? Mine went there, I've heard others have too

[chathan]

Settling with HMRC ...

Hi Guys,

Did anyone tried to settle the dispute with HMRC? If yes, can you please share the experience? They have sent me a bill, which may be manageable provided they give few years to settle. I am deciding whether to go with the Big Group or to go for a settlement with HMRC, WTT (Big group) cost is more than 15% of my settlement amount. My contracting experience was just 13 months of my life and never thought it will end up this way

Any help would be appreciated.

Thanks,