HMRC settlement Deadlines/delays and the LC

**regron** · 17 May 2018, 13:06

Originally posted by phil@dswtres View Post

There's a lot of understandable worry and panic as deadline number 1 approaches. So I'm posting this to calm fears on the same queries I keep hearing

These are 100% correct. HMRC will tell you themselves and i've got it in writing from them also.

1.You only need to register interest by 31 May. No loan details are required to be given.

2.Loan details to be provided by end Sep deadline.

Now, if those 2 things are done, then your obligations are 100% complete at that stage,

The loan charge will NOT kick in due to HMRC delays. As long as you/your advisor meets the deadlines you are 100% ok to settle.
When you receive the settlement deeds, there will be a deadline on them to sign. As long as that deadline is met, you are fine. You will settle and not be affected by the LC.

Also, whilst on the subject, if you're unaware, they have confirmed that the loan charge isn't final and they could come back for more, such as interest. (which realistically means they 100% will come back)

Finally - and I hope the mods don't mind me posting this part but its purely to help. All clients of mine will receive an email at least 24 hours before the deadline at end of this month confirming they are definitely registered with HMRC.

Thanks Phil so....

APN's weren't final
CLSO1 wasn't 100% final
CLSO2 isn't 100%
LC won't be 100% final

What an absolute joke HMRC and HMG are !!

Well looking more like BR will be the best option for me. At least that WILL be final !!

**catanonia** · 17 May 2018, 13:10

From a HMRC point of view, see my edits

Originally posted by regron View Post

Thanks Phil so....

APN's weren't final
CLSO1 wasn't 100% final - WRONG
CLSO2 isn't 100% - WRONG
LC won't be 100% final

What an absolute joke !!

Well looking more like BR will be the best option for me. At least that WILL be final !!

**cojak** · 17 May 2018, 13:12

I'll sticky this until the 1st June.

**Iliketax** · 17 May 2018, 13:24

Originally posted by regron View Post

Thanks Phil so....

APN's weren't final
CLSO1 wasn't 100% final
CLSO2 isn't 100%
LC won't be 100% final

What an absolute joke HMRC and HMG are !!

Well looking more like BR will be the best option for me. At least that WILL be final !!

Are you sure? This may be in the next Finance Act which could be law before 5 April 2019. https://assets.publishing.service.go...n_Document.pdf

**regron** · 17 May 2018, 13:41

Originally posted by Iliketax View Post

Are you sure? This may be in the next Finance Act which could be law before 5 April 2019. https://assets.publishing.service.go...n_Document.pdf

Subject of this
discussion:
This document seeks views on how to tackle the small minority of
taxpayers who abuse the insolvency regime in trying to avoid or evade
their tax liabilities through the use of companies or similar structures,
including through the use of phoenixism.
This document is only targeted at companies and similar structures
who are non-compliant in this way. It does not target companies of any
particular size, and companies who are compliant will not be impacted
by this measure.

Well I won't fall into that category, or is this consultation all smoke and mirrors too ?

**Iliketax** · 17 May 2018, 13:53

Originally posted by regron View Post

Well I won't fall into that category, or is this consultation all smoke and mirrors too ?

Not my area but when I read it I couldn't work out what HMRC actually wanted. It will probably muddy the waters a bit until the government decides what, if anything, it will do.

**ConfusedEasily** · 17 May 2018, 14:02

Originally posted by regron View Post

Thanks Phil so....

APN's weren't final
CLSO1 wasn't 100% final
CLSO2 isn't 100%
LC won't be 100% final

What an absolute joke HMRC and HMG are !!

Well looking more like BR will be the best option for me. At least that WILL be final !!

Just to be clear on this. Everyone needs advice. CLSO1 is not final if you did not declare all your providers, for example - if you settled for provider A, but you also had provider B then LC will capture provider B.
Pay for some advice, hoping that CLSO1 covers you for all your misdeeds is not safe.
In the case above, if you had closed years for A then just make sure that they are included in your CLSO1.

**regron** · 17 May 2018, 14:18

Originally posted by catanonia View Post

From a HMRC point of view, see my edits

CLSO1 wasn't 100% final - WRONG ----- incorrect, CLSO1 only dealt with pre-2010 loans, so not final if you had post 2010 loans
CLSO2 isn't 100% - WRONG ----- incorrect, still have the issue of IHT to deal with AFTER you sign the CLSO deal so still not final
and that isn't even mentioning the lack of 100% clarity in their contractual offer.

**ChimpMaster** · 17 May 2018, 15:54

1.You only need to register interest by 31 May. No loan details are required to be given.

1.a. HMRC to contact the taxpayer with settlement pack/details in good time.

2.Loan details to be provided by end Sep deadline.

----------------------------------------------------------------------------------------------

Hi Phil

I've added a line. Given the huge volume of "offenders", the challenge is for HMRC to get 1.a done and to get it done so that the taxpayer has sufficient time to complete step 2.

I don't think HMRC have any SLA or mandatory date to meet on step 1.a.

If HMRC they don't get 1.a done in good time then the taxpayer will miss step 2 and by no fault of their own will have to submit to the 2019LC.

Is that correct?

HMRC settlement Deadlines/delays and the LC