Loan Charge review - round #2

[Kladderadatsch]

[QUOTE=dammit chloe;2680586]

I have all closed years too. Everyone's situation is different. I have always maintained that while the JR is a tough ask it is necessary to push back against HMRC and that is the main reason I signed up. The more people that push back the more chance of change. There are no guarantees that the JR will do anything although as recent Tax Advisor magazine suggested that our odds were improving because of all the stuff being exposed as HMRC tried to defend themselves.

JR is a long haul too.

As I imagine its the same for a lot of people on here all the money to pay the loan charge will come as a divi from my limited company. Whilst I understand I am in a luckier position that some, I won't be losing my house, if the divi's can be spread out to avoid a 45% tax rate all the better.

But depends on the penalties of a JR loss.

[dammit chloe]

[QUOTE=Kladderadatsch;2680590]

As I imagine its the same for a lot of people on here all the money to pay the loan charge will come as a divi from my limited company. Whilst I understand I am in a luckier position that some, I won't be losing my house, if the divi's can be spread out to avoid a 45% tax rate all the better.

But depends on the penalties of a JR loss.

Think you will need to follow the details of the JR for that. I am not sure what specific penalties there will be, whether it is just interest etc etc.

[DavidD]

When you originally sent your TTP ‘agreement’ back to HMRC did they send you anything back? Some instructions or countersigned agreement?

I emailed HMRC and requested an extension to my settlement payment (due next week).
I got the following reply:-

Thank you for your email. Your contract with HMRC is not changed by this review, and the loan charge legislation continues to remain in force. You should continue to pay the amounts you have agreed to pay while the review is ongoing. HMRC will set out if your payment arrangement needs to change once the government has responded to the review.

Should the legislation change after my payment, is there any chance of getting any of my settlement back?

[ChimpMaster]

Some good news today in that WTT and Keith G. have been invited by Sir AM to give evidence.

The whole process of Review is never going to be perfect, but there are few better people who we could hope to be invited.

[wilks]

Some good news today in that WTT and Keith G. have been invited by Sir AM to give evidence.

The whole process of Review is never going to be perfect, but there are few better people who we could hope to be invited.

_____________

Yes that is very good news, means it aint gonna be a whitewash like some feared with HMRC as secretariat and the review will take feedback from all sides.

[DavidD]

I’ve deleted this temporarily whilst I check whether it should be posted here. Wait out

[lowpaidworker]

Hi

I've seen a lot of confusion around the 30/9 Loan reporting. I've seen a comment around emails from HMRC about waiting on communication from them.

I've tried emailing and nothing back.

So simple question - is the deadline still valid.

PS I think it still is ?

[Paralytic]

Hi

I've seen a lot of confusion around the 30/9 Loan reporting. I've seen a comment around emails from HMRC about waiting on communication from them.

I've tried emailing and nothing back.

So simple question - is the deadline still valid.

PS I think it still is ?

Seen lots of confusion or suffered lots of confusion?

I'd suggest this part of webberg's original post on this thread could not have made it clearer:

The end September deadline for disclosure of loans, remains YOUR legal obligation.

In the absence of any change in legislation - which requires Parliamentary approval, not just HMRC statements - the requirement to disclose remains.

Unless there is some announcement that can be relied upon, disclosure should be made.

The legal requirement to disclose loan values in tax returns also remains. We know that views among the adviser community differ as to what form and format that disclosure should take, but so far as I can see, no adviser is recommending that disclosure is not made.

Unless there is some announcement that can be relied upon, disclosure should be made.

[lowpaidworker]

Seen lots of confusion or suffered lots of confusion?

I'd suggest this part of webberg's original post on this thread could not have made it clearer:

Yep seen that and trust his judgement.

But I've also seen people post emails from HMRC after Webberg's post that saying HMRC will be making an announcement regarding the 30/9 loan reporting.

[ChimpMaster]

Yep seen that and trust his judgement.

But I've also seen people post emails from HMRC after Webberg's post that saying HMRC will be making an announcement regarding the 30/9 loan reporting.

There's a link somewhere if you search - HMRC have said that you don't need to report by Oct 1st IF you are in settlement negotiations with them already.