Any settlement figures yet?

[webberg]

Once you pay the settlement amounts now chased, do you think that is the end to this matter or is there any chance that HMRC will reopen and bring back new charges? I know this is a difficult question, but just good to hear your opinions.

Settlement is settlement.

Providing you've been honest and declared everything, there is no further matters for HMRC to chase.

[DavidD]

If I understand correctly if I agree a TTP deal my forward interest is calculated and added to the outstanding sum. Then this sum is divided into months that I have to pay.

If I make some early repayments will HMRC re-calculate the interest owed? Or if I suddenly can come up with the money (unlikely) will they recalculate what I owe minus the forward interest.

It certainly seems like they should but knowing HMRC I just wanted to check?

[webberg]

If I understand correctly if I agree a TTP deal my forward interest is calculated and added to the outstanding sum. Then this sum is divided into months that I have to pay.

If I make some early repayments will HMRC re-calculate the interest owed? Or if I suddenly can come up with the money (unlikely) will they recalculate what I owe minus the forward interest.

It certainly seems like they should but knowing HMRC I just wanted to check?

Why not ask HMRC?

(But yes, if you make accelerations, you can ask for a recalculation).

[kat2019]

Settlement is settlement.

Providing you've been honest and declared everything, there is no further matters for HMRC to chase.

Hi Webberg, it looks like I am unable to message you due to my account status on the forum. Is there a way to get intouch with you to discuss a settlement offer I have received?

[piebaps]

Kat

webberg is actually Graham Webber from a firm called WTT Home - WTT Consulting

Contact details are on their site.

Other advisors are of course available

[Finalwhistle]

Protected, Unprotect or Both?!?!!?

Just got my figures through. Disappointingly they are quite a bit higher than I was told by the company dealing with my resolution. Still whats another £25k eh

Anyways, where are people currently sitting in terms of settling protected and/ or unprotected loans?

Does anyone have any confidence in the argument not to settle "unprotected years". I feel like there is a strong case for it (but then i'm obviously bias).

[DavidD]

This arrived via email today...

Thank you for contacting us and for your interest in settlement. I am sorry for the further delay in sending you settlement calculations, the interest in settling has been higher than anticipated.

HMRC have made clear that no customer will be disadvantaged as a result of HMRC delay. As we have not provided calculations for you in a timely manner, we understand that you will be unable to settle before 5 April 2019.

As you have provided us with the information needed, you will be given a chance to settle on the existing terms. Please look out for any correspondence we send you in relation to settlement. We hope to send you further information by 22 March 2019. Once you receive a letter offering you your chance to settle, this will explain what you need to do in order to finalise your settlement and not be impacted by the loan charge.

[pegzyisdeed]

Got my settlement letter

I was through IQ for only 10 months. HMRC have given me the following settlement. They have also included interest and Student loan deductions.

Year 1 - Loan £17,142 - Tax to pay £7,064.00 (41%)
Year 2 - Loan £37,765 - Tax to pay £14,433.06 (41%)

During the time when I was in this scheme I was also paid minimum wage. Surely the entire loan amount should not be taxed at the higher rate (41%)? It should be tiered right?

[webberg]

I was through IQ for only 10 months. HMRC have given me the following settlement. They have also included interest and Student loan deductions.

Year 1 - Loan £17,142 - Tax to pay £7,064.00 (41%)
Year 2 - Loan £37,765 - Tax to pay £14,433.06 (41%)

During the time when I was in this scheme I was also paid minimum wage. Surely the entire loan amount should not be taxed at the higher rate (41%)? It should be tiered right?

And it no doubt is.

Have a look at the calculations that came with the settlement and they will take into account other income, basic rate values etc.

HMRC does NOT apply a flat 41% (in your case) rate.

[Iter]

You may not have rec that detail, ask them to provide full calculations