Did anyone here use either of the above companies and repay their loans?
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There are a small number of us here.
Repayment was carried out using the mechanism offered by the scheme. However, I am not sure this makes a difference to the loan scheme. -
I have no records going beyond 7+ years, how should I estimate my liability even if it wasn't statute barred by now, or are we at the mercy of HMRC estimating things for us.... ?Comment
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In reaching any estimate, HMRC has to show that they have been reasonable and just.Originally posted by tomtastic View Post
Normally, in this scenario, it will be a multiple of salary and be based on people in similar or the same schemes.
You can challenge that and ask to see their evidence for the estimate.
You can supply counter arguments, perhaps based on bank statements, calculations of day rate, days worked or out of work, lifestyle etc.
It is true that HMRC is usually reluctant to change a number that they feel is just and reasonable and in such situations you may need to go to a Tribunal to argue your case. That is an informal process and nothing to be scared of if you have a decent case.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Is a loan / debt left unacknowledged for over 6 and half years even considered legally active at this point?Comment
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Yes.Originally posted by tomtastic View Post
The statute of limitations starts only when the lender executes his right to repayment.
If he does that, does not get paid, takes no action to recover, then after 6 years, the lender loses the right to repayment.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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OK, well as I've heard nothing regarding loan repayments, I'm going to email a reply to the cl.resolution team at HMRC to ask for their estimate as I don't keep (and don't believe I'm legally obliged to) financial records going back that far.Originally posted by webberg View Post
No idea how to contact the loan/trust, nor how to tell them that HMRC thinks they weren't loans, so trust should cancel/release them?!Comment
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You've conflated tax and loans and trusts here and I fear that your understanding is still a little confused.Originally posted by tomtastic View Post
You need to speak with an adviser.
Google WTT Consulting or Phil Manley at DSW. Then take your pick or speak to both.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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I am sorry to say but I am sure burying your head in the sands is not a good idea.Originally posted by tomtastic View Post
I would suggest you talk to both advisers.Comment
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I don't think contacting HMRC can be considered burying my head in the sand, can it ?Originally posted by me206et View Post
Neither do I understand why I'm recommended to contact these advisors when the process to settle tax affairs seems relatively straightforward?
My only question here is :-
If the loans are not in fact loans, but DR, what process must be followed to write off / release the loans once the tax has been settled on the DR?Last edited by tomtastic; 31 July 2018, 11:27.Comment
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