CLSO - Settlement with HRMC Discussion

[pateen]

Hi All,

Now that the deadline has passed for registering interest in the Contractor Loan Settlement Opportunity (CLSO) I thought it could be good to have a separate discussion on this for people interested in going via this route.

Deadline is the 30 Sept 2018. I guess things that could be discussed are:

What Moneys are affected

Allowable expenses for each year

Consideration of personal assets

Potential changes to legislation

Tax advisors and settlement companies to use (I’ve registered with WTT, but other may use PTS or other companies)

AOB – related to

Perhaps this could be made a sticky Admin but I know its getting pretty busy there at the top.

[MyxALot]

The deadline for registering hasn't passed yet, in case anyone has yet to register and has had a fright thinking they've missed it.

[Kareema]

Hmrc settlement steps

Hi there, I'm very confused.I'm panicking. On Friday I spoke to loan contractors help liberal. Part of Hmrc. I explained that I want to settle with Hmrc. The guy York my insurance number name ...then on Tuesday I received a tax return request. Is that how they proceed. I read some people talking about settlement pack. I'm confused I'm registered or not.

The deadline for registering hasn't passed yet, in case anyone has yet to register and has had a fright thinking they've missed it.

[WTFH]

Hi there, I'm very confused.I'm panicking. On Friday I spoke to loan contractors help liberal. Part of Hmrc. I explained that I want to settle with Hmrc. The guy York my insurance number name ...then on Tuesday I received a tax return request. Is that how they proceed. I read some people talking about settlement pack. I'm confused I'm registered or not.

Hi Kareema, can you go through your post - it looks like auto-correct has randomly changed words and it doesn't quite make sense.
What phone number did you ring?
What form did they send you? It may have a form number at the top or at the bottom of the page?
When you spoke to them, did you give them your NI number and UTR?

[Iter]

If you have any years which arnt protected you won’t have to pay interest, by registering to settle HMRC have a little tactic to then issue SA requests, I think this then allows them to open an enquiry. By doing this if you then decide to settle you’ll have to pay the interest as well

[pateen]

Can anyone fully explain how the CLSO works in terms of Assets.

I am told that assets are taken into consideration.
However if you settle via the CLSO, how you spent your loans between when you first joined the scheme and when you settle should not be related to assets.

Or am I missing something here?

[ChimpMaster]

If you have any years which arnt protected you won’t have to pay interest, by registering to settle HMRC have a little tactic to then issue SA requests, I think this then allows them to open an enquiry. By doing this if you then decide to settle you’ll have to pay the interest as well

Only if the years in question are within the timeframe for correction. This is either 12 months, 4 years, or 6 years - depending on how HMRC see it.

[pateen]

With regard to assets and the CLSO, just spoke with two tax consultants and HMRC directly.

Assets are only considered if you don’t have funds for payment but not considered in deciding your settlement amount.

[ChimpMaster]

Has anyone received a Settlement offer?

How did HMRC calculate the presumed tax liability?

How would HMRC calculate the liability if you don't have any paperwork due to it being > 10 years (or whatever) old?

[rshome]

Has anyone received a Settlement offer?

How did HMRC calculate the presumed tax liability?

How would HMRC calculate the liability if you don't have any paperwork due to it being > 10 years (or whatever) old?

I am interested in this too, did you receive an answer to this question?