Any settlement figures yet?

[here4beer]

TTP is taxed at 3.25% + 1% forward interest (HMRC add for their increased risk!). So you can't get 3.25% under a TTP agreement.

OK, thanks. So if you don't organise time to pay, and are just constantly late, its 3.25%. And if you organise a TTP, it's 4.25%?

[Delendog]

OK, thanks. So if you don't organise time to pay, and are just constantly late, its 3.25%. And if you organise a TTP, it's 4.25%?

If you don't organise TTP with a settlement you have to pay it all .

[here4beer]

If you don't organise TTP with a settlement you have to pay it all .

I see, I thought some people had qualified for the 3.25% some how. Thanks.

[contractor1981]

Hi

Got my settlement figures last week. Used AML PCC between 2011 and 2013 so two full years in total. Lucky me stopped it after that.

Been offered a settlement figure of £62K including back and forward interest. Now the issue is I was properly sent a income tax query for 2011/12 and that revised tax due per HMRC was recorded. I requested for a full statement of tax a few months back and it reflects the tax HMRC views as due and its was in hold status.

The other year looked fine and no query till date about the 2012/13 tax filing but declared it as part of the settlement pack as I thought that's what I'm supposed to do. What are people with this situation planning to do? Anyone contacted HMRC about this and offered to settle just the OPEN years.

Also is there a chance of making a one time and full settlement at a discount rather than opting for multi year settlement offers ??

Thanks and appreciate your help here.

[webberg]

I see, I thought some people had qualified for the 3.25% some how. Thanks.

It's really not difficult.

If your liability was £100,000 and fell due 31/1/09 and was paid 31/1/19, then interest is due.

The present rate is 3.25%.

If it was that for the entire 10 years the money was owed, you would owe HMRC another £32,500.

If you cannot pay it all on 31/1/19 but instead spread it forward under an agreed TTP then your would pay 4.25% on the unpaid instalments.

If you think that not agreeing a TTP is the way forward, you will be harrassed by DMB.

[here4beer]

It's really not difficult.

If your liability was £100,000 and fell due 31/1/09 and was paid 31/1/19, then interest is due.

The present rate is 3.25%.

If it was that for the entire 10 years the money was owed, you would owe HMRC another £32,500.

If you cannot pay it all on 31/1/19 but instead spread it forward under an agreed TTP then your would pay 4.25% on the unpaid instalments.

If you think that not agreeing a TTP is the way forward, you will be harrassed by DMB.

Thanks, I appreciate the explanation. I've regrettably paid absolutely no interest in tax previously, none at all. My super accountant did it all... Unfortunately now it's too late, I've started asking all the questions.

[BenjaminBraddock]

.

I've just created an account on here so I can contribute to this thread.

My wife has just received her settlement numbers now - Im still awaiting mine and dreading it as it will not be good news.

We're still trying to work out just how we can deal with this as understand that 0% credit card options, mortgage options have been ruled out.

Am totally fearful...

[dammit chloe]

I've just created an account on here so I can contribute to this thread.

My wife has just received her settlement numbers now - Im still awaiting mine and dreading it as it will not be good news.

We're still trying to work out just how we can deal with this as understand that 0% credit card options, mortgage options have been ruled out.

Am totally fearful...

Not sure you will get much in the way of insight here. Speak to tax advisors and join LCAG if you have not already done so. You will get much better help there.

[InNZ]

Finally Got Mine

Mine arrived in the post last week.
Final amount almost a third of the loan amount. Ouch!
Haven't decided what my next step will be - but fortunately I am lucky in that I have got the money to pay.

[BenjaminBraddock]

Mine arrived in the post last week.
Final amount almost a third of the loan amount. Ouch!
Haven't decided what my next step will be - but fortunately I am lucky in that I have got the money to pay.

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.