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TTP - time to pay Loan Charge and Settlement

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  • eek
    replied
    Originally posted by Ian Richardson GT Leeds View Post
    My favourite real life example is someone who has been a "contractor" at the same multinational for more than 5 years now

    During the two years that he was employed by one "umbrella", he received loans > £350k …..
    - but at least he qualifies under my rule that using a scheme is a rich person's game.

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by Ian Richardson GT Leeds View Post
    My favourite real life example is someone who has been a "contractor" at the same multinational for more than 5 years now

    During the two years that he was employed by one "umbrella", he received loans > £350k …..
    Oh dear...........

    Leave a comment:


  • Ian Richardson GT Leeds
    replied
    PYFT

    Originally posted by Fred Bloggs View Post
    Which would be completely unrealistic if the tax bill was more than a hundred grand or so. Anyone persistent in using schemes for a number of years on a day rate of more 500 quid could quite likely fit that bill. I really don't have much idea, but a tax debt of more than a 100 grand is perhaps not unheard of?
    My favourite real life example is someone who has been a "contractor" at the same multinational for more than 5 years now

    During the two years that he was employed by one "umbrella", he received loans > £350k …..

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by DealorNoDeal View Post
    True but it wasn't so long ago that HMRC were only accepting max 2 years TTP.
    Which would be completely unrealistic if the tax bill was more than a hundred grand or so. Anyone persistent in using schemes for a number of years on a day rate of more 500 quid could quite likely fit that bill. I really don't have much idea, but a tax debt of more than a 100 grand is perhaps not unheard of?

    Leave a comment:


  • Delendog
    replied
    Originally posted by DealorNoDeal View Post
    True but it wasn't so long ago that HMRC were only accepting max 2 years TTP.
    Tax £77K FI added £22K -£99K total

    Leave a comment:


  • DealorNoDeal
    replied
    Originally posted by Fred Bloggs View Post
    Maybe not, might indicate an enormous tax bill that nobody would regard as impressive.
    True but it wasn't so long ago that HMRC were only accepting max 2 years TTP.

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by DealorNoDeal View Post
    Impressive. Can anyone beat that?
    Maybe not, might indicate an enormous tax bill that nobody would regard as impressive.

    Leave a comment:


  • DealorNoDeal
    replied
    Originally posted by Delendog View Post
    6) 20 years
    Impressive. Can anyone beat that?

    Leave a comment:


  • Delendog
    replied
    Originally posted by lowpaidworker View Post
    Wondered what people experiences are. I see not many people have agreed these.

    So - if we can keep this on topic would be great.
    1. Has anyone agreed
    2. How did you find the process and agreement
    3. Did you use an advisor or do this yourself
    4. Did you have to provide an Income and Expenditure statement
    5. Did HMRC ask lots of questions about your expenditure and if so refuse to include certain items
    6. How long was your TTP



    Am finding the process pretty stressful IMHO.
    1) Yes
    2) A lot of back and forth - i did calculations myself including removing 10% for expenses.
    3) Did it myself but did copy in MP and LCAAPG - which vastly improved HMRC response time and got a named caseworker allocated.
    4) yes
    5) no
    6) 20 years

    Leave a comment:


  • Albert49
    replied
    Originally posted by lowpaidworker View Post
    Wondered what people experiences are. I see not many people have agreed these.

    So - if we can keep this on topic would be great.
    1. Has anyone agreed
    2. How did you find the process and agreement
    3. Did you use an advisor or do this yourself
    4. Did you have to provide an Income and Expenditure statement
    5. Did HMRC ask lots of questions about your expenditure and if so refuse to include certain items
    6. How long was your TTP



    Am finding the process pretty stressful IMHO.
    1. Yes, agreed settlement
    2. Quite easy, I made a repayment offer of a lump sum of 30%, and how much I could afford per month (which was approx 25% of my pay after tax) and they agreed.
    3. Did it myself.
    4. No, just quoted my monthly income after tax.
    5. No.
    6. 100 months (8 + years)

    Fortunately for me they messed, up the Forward interest calculation and only effectively charged me 0.5% .

    Leave a comment:

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