I'm so sorry, I'm impacted by all this and have buried my head in the sand. I don't deserve your time but if anyone has the patience to help me with answers it would really help me out - i've searched for answers for what I thought was very simple questions but can't seem to get it clear in my [increasingly-panicy] head!
Background: Loan arrangements limited to tax years 2009/10 & 2010/11. HMRC Compliance team assessed the amounts due as £10k and £1k respectively (excl. iinterest and surcharges) in 2014 at which point I appealled and postponed. Higher rate tax payer for tax year 2018/19.
1. Is it fair to assume on the basis HMRC assessed those years, they are "open"? Would it be silly to phone HMRC to ask which tax years are open?
2. Where is the HMRC form I must complete by 30th Sept 2019?
3. Do I understand correctly that the loan charge is a penalty that I must pay by 31-January-2020? but only if I do not settle? and that regardless the outstanding assessment would still be payable?
4. How do I calculate the loan charge?
5. How do I calculate what the settlement would be?: is it simply the tax they have already assessed, plus interest plus the 5%+5% surcharge that their assessment referenced?
I feel thankful that my exposure is relatively low and may opt to settle rather than have the burden hang over me any longer.
Thanks for any of your time,
ViD
Background: Loan arrangements limited to tax years 2009/10 & 2010/11. HMRC Compliance team assessed the amounts due as £10k and £1k respectively (excl. iinterest and surcharges) in 2014 at which point I appealled and postponed. Higher rate tax payer for tax year 2018/19.
1. Is it fair to assume on the basis HMRC assessed those years, they are "open"? Would it be silly to phone HMRC to ask which tax years are open?
2. Where is the HMRC form I must complete by 30th Sept 2019?
3. Do I understand correctly that the loan charge is a penalty that I must pay by 31-January-2020? but only if I do not settle? and that regardless the outstanding assessment would still be payable?
4. How do I calculate the loan charge?
5. How do I calculate what the settlement would be?: is it simply the tax they have already assessed, plus interest plus the 5%+5% surcharge that their assessment referenced?
I feel thankful that my exposure is relatively low and may opt to settle rather than have the burden hang over me any longer.
Thanks for any of your time,
ViD
Comment