31st May Deadline - All news to me!

**cojak** · 1 June 2018, 09:58

I'm not sure about your position, but to all lurkers out there - still try to register.

Read this: HMRC: Disguised Renumeration - Settling your tax affairs

**WTFH** · 1 June 2018, 10:01

Originally posted by uppoocreek View Post

Action taken so far
1) Request bank statements for period with IQ from bank
2) Have no records of loans/etc with IQ (nearly 4 years ago!)
3) Checked PAYE records on HMRC website 2014/2015 still showing

Questions:
1) Checked PAYE records on HMRC website 2014/2015 still showing would I be able to update with loan now?
2) Would I face penalties for not declaring the loan on SA in 1 when I filled it in 2 years ago?
3) HMRC already did a review of tax year 2014/2015 and signed off on the SA I paid outstanding tax based on submission would they now reopen that tax year if I registered via the settlement option?
4) Given 2 & 3 would I just be best to wait for LC 2019 anyway and get hit since I think I am already in the poo for number 2?

Any help most welcome!

OK, stop running round doing all that, and try to register. Then, after you've registered, you can start running round again. You could spend a week, a month, a year, faffing around trying to work out if/what you might owe, but right now you need to try to register.

**GUD** · 1 June 2018, 10:24

HMRC website updated

Extract from HMRC website" How to settle your tax affairs - To start settling your tax affairs, you should register your interest with HMRC as soon as possible and provide all of the required information by 30 September 2018." They have removed the date of 31 May and replaced it by ASAP!!!!

**webberg** · 1 June 2018, 10:53

The website page with the 31st May deadline has indeed been changed.

As indicated above, try to register first and then come back to the various questions.

**Delendog** · 1 June 2018, 11:15

Originally posted by GUD View Post

Extract from HMRC website" How to settle your tax affairs - To start settling your tax affairs, you should register your interest with HMRC as soon as possible and provide all of the required information by 30 September 2018." They have removed the date of 31 May and replaced it by ASAP!!!!

Another example of HMRC nudge tactics.

**uppoocreek** · 1 June 2018, 12:05

What now?

Registered. What now?

Questions:
1) Checked PAYE records on HMRC website 2014/2015 still showing would I be able to update with loan now?
2) Would I face penalties for not declaring the loan on SA in 1 when I filled it in 2 years ago?
3) HMRC already did a review of tax year 2014/2015 and signed off on the SA I paid outstanding tax based on submission would they now reopen that tax year if I registered via the settlement option?
4) Given 2 & 3 would I just be best to wait for LC 2019 anyway and get hit since I think I am already in the poo for number 2?

thanks

**webberg** · 1 June 2018, 13:11

Originally posted by uppoocreek View Post

Registered. What now?

Questions:
1) Checked PAYE records on HMRC website 2014/2015 still showing would I be able to update with loan now? No -too late. You can make a written submission to HMRC with the "new" information but that may not protect you from a penalty for making an incorrect return. Settlement via the offer has no penalties.
2) Would I face penalties for not declaring the loan on SA in 1 when I filled it in 2 years ago? Possibly.
3) HMRC already did a review of tax year 2014/2015 and signed off on the SA I paid outstanding tax based on submission would they now reopen that tax year if I registered via the settlement option? By electing for settlement, you reopen the year. What do you mean by "signed off"? A letter from HMRC saying that they made an enquiry and subsequently closed it?
4) Given 2 & 3 would I just be best to wait for LC 2019 anyway and get hit since I think I am already in the poo for number 2? Possibly. Depends on your income in 18/19 and where adding the loan value might take you in tax bands.

thanks

See above..

**uppoocreek** · 1 June 2018, 13:40

Thanks but that has raised more questions for me..

Questions:
1) Checked PAYE records on HMRC website 2014/2015 still showing would I be able to update with loan now? No -too late. You can make a written submission to HMRC with the "new" information but that may not protect you from a penalty for making an incorrect return. Settlement via the offer has no penalties.
So if I settle via the settlement I will NOT pay penalties?
2) Would I face penalties for not declaring the loan on SA in 1 when I filled it in 2 years ago? Possibly. - So screwed?
3) HMRC already did a review of tax year 2014/2015 and signed off on the SA I paid outstanding tax based on submission would they now reopen that tax year if I registered via the settlement option? By electing for settlement, you reopen the year. What do you mean by "signed off"? A letter from HMRC saying that they made an enquiry and subsequently closed it?
Yes they sent a letter saying everything fine and I would no longer need to do SAs going forward
4) Given 2 & 3 would I just be best to wait for LC 2019 anyway and get hit since I think I am already in the poo for number 2? Possibly. Depends on your income in 18/19 and where adding the loan value might take you in tax bands.
According to the HMRC website they estimate my year 18/19 will be £87500 via PAYE with an estimate of £25k+ from this as tax. So I need to get the loan value then and add together. Which I suspect will take me into the 45% bracket...

**webberg** · 1 June 2018, 13:49

Re point 3, that's not a letter from HMRC saying that they made enquiries and have no questions.

I suspect it's not worth much in this context.

Go for settlement.

31st May Deadline - All news to me!