HMRC settlement Deadlines/delays and the LC

[phil@pmtc]

Hi Phil

How do I contact you outside of this thread.
I was with AML for 4 yrs 09/10 - 12/13
& white collar/ asmg for 05/06 - 09/10

Regards
Lisa

I cant provide inks or contact details in the forum as would break the site rules, but a google search should do it.

[mayfire]

Does anyone know what the repayment options will be? Or how we will be tested for eligibility on postponing payments if we settle?

There is no way we can afford to settle all in one go, but are there conditions we must meet in order to stagger the payments? Ie, will be forced to sell our car and home etc before they will allow us to stagger payments?

[phil@pmtc]

Does anyone know what the repayment options will be? Or how we will be tested for eligibility on postponing payments if we settle?

There is no way we can afford to settle all in one go, but are there conditions we must meet in order to stagger the payments? Ie, will be forced to sell our car and home etc before they will allow us to stagger payments?

They cant force you into selling home/car/assets before arranging anything. As a starting point its simply a case of providing a simple income/expenditure list and making an offer. With CLSO meaning more and more are requiring TTP its not even required to do that much some times.
On the whole, as long as there's a valid reason for needing an arrangement then it should be ok to get one.
There's no set guideline on what's available, it really is case specific. Just be careful not to offer too much/more than is affordable as that's a mistake many make. HMRC are still getting their full amount of money so they can wait, you need to maintain an acceptable life for you and your family as that's more important than anything.

[CockneyRed]

Does anyone know what the repayment options will be? Or how we will be tested for eligibility on postponing payments if we settle?

There is no way we can afford to settle all in one go, but are there conditions we must meet in order to stagger the payments? Ie, will be forced to sell our car and home etc before they will allow us to stagger payments?

That is the golden question, it seems that individually everyone gets a different TTP. I have read someone with a circa £30k liability had to pay immediately and then there's someone on the forum today saying they are paying £3400 over a year. The conundrum for some/most is that when there is 6 figures involved how much TTP will be agreeable? If you cant fit HMRC window then do you have to sell your home? I have 4 children and the only way to raise funds like that would be to sell up but then what? Where do we go? I am sure benefits office wont wan that but in the other hand HMRC want cash... I am living a nightmare at the moment

[Mathew2414]

new user, offering thanks

Thanks for your reassuring words, I would like to make contact with you with a view to becoming a new client, please advise how I can do this.

[ConfusedEasily]

That is the golden question, it seems that individually everyone gets a different TTP. I have read someone with a circa £30k liability had to pay immediately and then there's someone on the forum today saying they are paying £3400 over a year. The conundrum for some/most is that when there is 6 figures involved how much TTP will be agreeable? If you cant fit HMRC window then do you have to sell your home? I have 4 children and the only way to raise funds like that would be to sell up but then what? Where do we go? I am sure benefits office wont wan that but in the other hand HMRC want cash... I am living a nightmare at the moment

It's unlikely HMRC would sell your house from underneath you. Stay calm and get some advice.

[GUD]

They cant force you into selling home/car/assets before arranging anything. As a starting point its simply a case of providing a simple income/expenditure list and making an offer. With CLSO meaning more and more are requiring TTP its not even required to do that much some times.
On the whole, as long as there's a valid reason for needing an arrangement then it should be ok to get one.
There's no set guideline on what's available, it really is case specific. Just be careful not to offer too much/more than is affordable as that's a mistake many make. HMRC are still getting their full amount of money so they can wait, you need to maintain an acceptable life for you and your family as that's more important than anything.

If we have TTP, will HMRC charge interest until full amount is paid? If yes, any idea what the rate of interest will be?

[Delendog]

If we have TTP, will HMRC charge interest until full amount is paid? If yes, any idea what the rate of interest will be?

Interest is charged in 2 parts. interest is 3% + a 1% forward interest charge for HMRCs increased risk!

I believe the calculation is:-

Amount owed x ((annual interest + forward interest)x(months/12)/2)

annual interest is currently 3%
foward interest is currently 1%

[phil@pmtc]

Thanks for your reassuring words, I would like to make contact with you with a view to becoming a new client, please advise how I can do this.

Hi, I cant break forum rules on advertising so afraid best I can do is to point towards google (and my username)

[AVFC]

I presume the scheme provider said you didn't need to file SA returns?

Aren't there penalties for filing a late return? Deadline is 31 Jan following the end of the tax year eg. 31/1/17 for 15/16.

For 13/14 and 14/15, what did you declare the loans as on the SA? Other income? Did you pay nics on the loans as well as tax, or just tax?

I think you'd be better off getting some advice from an independent advisor.

If your not asked to file a return and HMRC send you written confirmation saying so then I would say there are no penalties. Remember you can file voluntary SA's if someone wants to.

I just paid the tax that was quoted although for 13/14 I declared £1900 more on the SA at the time of submitting than my actual loan statement said which I didn't receive until last week which said the loan was £7000 . For 14/15 I used my P11D which said £25500 and paid £6500 tax.

The next two years I have worked on a rounded up salary of £13000, with loans of 15/16 at £51000 (1050L) (Tax £15050) and 16/17 at £41000 (1100L) (Tax £10800)

I have no open enquiries in to these two years so from what previous posts have said they are looking for just tax or is this incorrect.

I think someone needs to state a clear and accurate post based on some examples so people can move forward quickly and formulate plans on how they are going to meet the required repayments and this is the most vital point to many of us.