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Loan Charge review - round #2

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    #71
    Originally posted by zal View Post
    Unfortunately, that was in a telephone call.
    While I try my best to never phone them, I record any calls with HMRC. I have a free app called ACR which is very good.

    I think for it to be admissible in court, you have to let the other party know you're recording, in which case they probably won't say things they shouldn't; but just for general peace of mind and/or shopping them to a rumour mill, I guess you don't have to let them know...

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      #72
      5. You sign and return that offer
      6. HMRC send back an acknowledgement and a copy of that offer, signed by them
      I signed the letter in February and they came back to me in August saying that I need to sign again, because they ran out of time to process the settlement - I said fine. I signed it and never heard again until 2 days ago. I received letter saying that "the government recently announced a review of the disguised remuneration loan charge. We expect that some people will still want to go ahead with settling their tax affairs now. But we recognise that others may want to wait for the government's response to the review before deciding what to do."

      It sounds a little suspicious to me (unless the letter is very generic and they blindly sent it to everyone), because I basically offered them to pay and they are rejecting the offer. It gives me feeling that they may charge me (not sure how and for what since all the money I agreed to pay are just unpaid tax + interests on it) more than I currently agreed to pay. I thought that the whole loan charge applied to people who don't want to settle, so why would reject my settlement offer when I agreed to pay already? Now if I want to settle, I have to send contract - again. I mean sure, at least they are treating people equally, but I am now a little bit hesitant about signing new settlement... I asked them whether the loan charge review could affect my settlement.

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        #73
        Originally posted by swicz View Post

        It sounds a little suspicious to me (unless the letter is very generic and they blindly sent it to everyone)
        I got it too. Seemed to be designed to sweep up any settlers who they might convince to pay up now before the review is complete.

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          #74
          Missed the deadline for declaring to HMRC.....advice please?

          Hi, first time poster so please go easy on me.

          I received a letter in the post from one of the entities that was involved in a Loan/Trust scheme that I was involved with in Tax Year 2009/2010. Even though the letter was dated 27 Sep 19, I didn't receive it until this last week.

          I'm now in a bit of a quandary as to what to do....I was paid a pretty insignificant sum through the loans, totaling around £7k. All within FY 09/10 and I earned no other income for the rest of the tax year. Obviously in hindsight, it would have been better to simply do PAYE (personal allowance in FY09/10 was £6,475) but I honestly don't remember that option being open to me and I was young and somewhat naive and got pushed in to this arrangement, as did all of my contractor colleagues.

          The issue now is - the deadline for declaring this to HMRC (01 Oct) has now passed.....and I am a little scared of popping my head above the parapets but I also understand I shouldn't shy away from my responsibilities.

          If this got included in my SA for 18/19 - I think it's going to cost me an additional £4k. Not the end of the world but it feels slightly unfair as given the tax rates at the time, it would have been 20% over the personal allowance of £6,475, so 20% of c. £500 is not a lot.

          Any friendly guidance would be really appreciated.

          Thanks in advance

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            #75
            Originally posted by GaryRobbo View Post
            Hi, first time poster so please go easy on me.
            The present settlement opportunity is officially closed but has been unofficially suspended until the loan charge reports - now likely to be January 2020.

            I suggest that you contact HMRC asking for settlement for 2009/10 and then wait until the loan charge review reports before submitting a tax return.

            If the loan charge stays and you are accepted for settlement, pay the £1k or so that will be due.

            If the loan charge stays and you are not accepted for settlement, then I'm afraid you pay the £4k.

            If the loan charge disappears, then HMRC as no way of getting to you and asking for money.

            If the loan charge is altered or amend, who knows.
            Best Forum Adviser & Forum Personality of the Year 2018.

            (No, me neither).

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              #76
              Originally posted by webberg View Post
              I suggest that you contact HMRC asking for settlement for 2009/10 and then wait until the loan charge review reports before submitting a tax return.
              Is he likely to get landed with penalties for late reporting of loans? Or are HMRC applying discretion in these situations?
              Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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