Settlements negotiations

[webberg]

Won't HMRC estimate tax based on 5 x salary for the other years?

I had APN notices for only 2009 and 2010 but also I was with AML in 2011 as well (no APN).

So I would have to say I declare for all three years.

Can anyone confirm?
Regards

Just step back and think about it.

HMRC want you to pay tax on EVERY loan payment you have received.

The settlement is a process for doing that.

If you declare EVERYTHING and pay the tax, in theory you walk away and get on with life.

If you declare some and not all, you run the risk of HMRC being aware of this; rescinding the settlement; charging penalties.

In this scenario, entering an agreement with anybody, HMRC or otherwise, in which you have been less than 100% honest will have consequences if that shortfall comes to light.

The additional issues with HMRC are that they have a lot of data and may cross check to that; they have statutory penalty powers and need not go to Court to prove them; you have to declare ALL loans for the loan charge.

It's your choice, but deliberately withholding information is not something we would ever recommend.

[Hero1234]

Settlement Negotiations

Just step back and think about it.

HMRC want you to pay tax on EVERY loan payment you have received.

The settlement is a process for doing that.

If you declare EVERYTHING and pay the tax, in theory you walk away and get on with life.

If you declare some and not all, you run the risk of HMRC being aware of this; rescinding the settlement; charging penalties.

In this scenario, entering an agreement with anybody, HMRC or otherwise, in which you have been less than 100% honest will have consequences if that shortfall comes to light.

The additional issues with HMRC are that they have a lot of data and may cross check to that; they have statutory penalty powers and need not go to Court to prove them; you have to declare ALL loans for the loan charge.

It's your choice, but deliberately withholding information is not something we would ever recommend.

Yes we understand that. But my question is, where there are no other loans other than the ones hmrc have information on, how do I prove to them that there are no others? They ask us in their loan pack to list all loans taken. Assuming you list these loans and they tally up with hmrc information, could they go about asking for you to prove you do not have more?

[webberg]

Yes we understand that. But my question is, where there are no other loans other than the ones hmrc have information on, how do I prove to them that there are no others? They ask us in their loan pack to list all loans taken. Assuming you list these loans and they tally up with hmrc information, could they go about asking for you to prove you do not have more?

Surely you know if you've signed a loan agreement?

If not then check your bank account credits.

[Hero1234]

Settlements negotiations

Surely you know if you've signed a loan agreement?

If not then check your bank account credits.

Yes Webberg. Just worried about them fishing for more. Do I provide them with bank account detailing credits from 10 years ago? sorry my questions probably have obvious answers but I dont want to provide more information than is necessary.
Thanks for responding Webberg.

[webberg]

Yes Webberg. Just worried about them fishing for more. Do I provide them with bank account detailing credits from 10 years ago? sorry my questions probably have obvious answers but I dont want to provide more information than is necessary.
Thanks for responding Webberg.

If you have no undeclared income or mysterious credits to the account or have received any money that does not have a reasonable and honest explanation, why do you have anything to fear.

How much you have received is a fact.

It's a fact that YOU have a legal obligation to declare for tax purposes.

Thinking that HMRC is going to invent money you've never had and tax it, is frankly taking conspiracy theory into the stratosphere.

[Hero1234]

Settlements negotiations

If you have no undeclared income or mysterious credits to the account or have received any money that does not have a reasonable and honest explanation, why do you have anything to fear.

How much you have received is a fact.

It's a fact that YOU have a legal obligation to declare for tax purposes.

Thinking that HMRC is going to invent money you've never had and tax it, is frankly taking conspiracy theory into the stratosphere.

Thanks Webber.
You know them better than most of us here. Its natural to fear what you do not have a full grasp of as is the case here. But thanks for the reassurance.

[Swan1e]

Instalment Assurances

Within the settlement pack theres a section that requests further information in respect of your current financial status (called Instalment Assurances), does anyone know if the completion of this section necessery at this point?? will it hinder your chances of extended time to pay if you dont answer?. how can I comment if I dont know my total TAX liability.

Explain why you cannot pay in full in 30 days
Can you confirm that you have considered a bank loan to cover the settlement offer? If not, why not?
Can you confirm that any assets that you can realise are included in the lump sum amount? If not, why not?
What lump sum can you pay within 30 days?
What monthly payments can you afford to pay after 30 days?
Does the lump sum include any savings that you have? If not, why not?
Do you have any other payment arrangements in place?
If so, can you confirm that you are able to fund a settlement offer on top of these arrangements?
If you have other payment arrangements in place, have you kept up to date with these payments? If not, why not?


any thoughts would be appreciated

[LandRover]

Within the settlement pack theres a section that requests further information in respect of your current financial status (called Instalment Assurances), does anyone know if the completion of this section necessery at this point?? will it hinder your chances of extended time to pay if you dont answer?. how can I comment if I dont know my total TAX liability.

Explain why you cannot pay in full in 30 days
Can you confirm that you have considered a bank loan to cover the settlement offer? If not, why not?
Can you confirm that any assets that you can realise are included in the lump sum amount? If not, why not?
What lump sum can you pay within 30 days?
What monthly payments can you afford to pay after 30 days?
Does the lump sum include any savings that you have? If not, why not?
Do you have any other payment arrangements in place?
If so, can you confirm that you are able to fund a settlement offer on top of these arrangements?
If you have other payment arrangements in place, have you kept up to date with these payments? If not, why not?


any thoughts would be appreciated

As long as the figures are sent in and perhaps you answer that TTP required with YES, then my thoughts are to not complete Instalment Assurances section. TTP can always be negotiated at a later stage.