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TTP - time to pay Loan Charge and Settlement

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    TTP - time to pay Loan Charge and Settlement

    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.

    #2
    Answers

    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. Pretty easy because of next answer
    3. Used a tax advisor/specialists
    4. Yes
    5. They didn't really no
    6. 120 months (I have since reduced this to 60 months)

    It is stressful and tough for sure I couldn't handle it on my own, I got my tax advisors to do all the talking, emailing any correspondence at all, money well spent.
    I also involved my local MP

    You will get through it just don't try to hide anything is my advice.
    Last edited by GregRickshaw; 17 December 2020, 12:05. Reason: Numbers added for clarity and revision

    Comment


      #3
      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. I have agreed and paid settlement.
      2. An absolute nightmare. HMRC dragged it out over 2 1/2 years with incorrect calculations, severe delays, allowing me to settle as self-employed (which I was), then after it was paid they incorrectly raised assessments on settled years which they eventually cancelled and paid me £50 D&I, and then over the next year sending calculations and repeated demands to my Ltd Company (who never paid me a penny except for dividends) demanding the full amount and not even taking into account what had already been settled personally, despite a formal appeal already in place demanding they look into what I'd already settled. After contacting my MP who urgently raised my case with them they eventually dropped it 2 weeks later and confirmed I had already settled correctly as self-employed and that they considered the matter over.
      3. I used WTT's settlement services. 2 awful tax managers (one who sent an email to all their clients going through settlement without BCc-ing the recipients so the entire list of email addresses was made available for all to see!)but eventually got passed to one that was great and was a lot more pro-active. I'm not sure it was worth the £1500 + VAT but being able to just forward copies of letters from HMRC to them to advise on did take some stress out of the situation.
      4. I settled in full and didn't require TTP
      5. n/a
      6. n/a

      Comment


        #4
        Originally posted by GregRickshaw View Post
        1. Yes
        2. Pretty easy because of next answer
        3. Used a tax advisor/specialists
        4. Yes
        5. They didn't really no
        6. 120 months (I have since reduced this to 60 months)

        It is stressful and tough for sure I couldn't handle it on my own, I got my tax advisors to do all the talking, emailing any correspondence at all, money well spent.
        I also involved my local MP

        You will get through it just don't try to hide anything is my advice.
        Ive spoken to an Advisor however he has said he needs to refer to me.

        Do you mind if I ask how much your advisor charged. My TTP is complicated in that realistically I don't have enough disposable cash to pay off before I retire and so I will use a number of pension allowances and possibly any inheritance.

        Comment


          #5
          Originally posted by lowpaidworker View Post
          Ive spoken to an Advisor however he has said he needs to refer to me.

          Do you mind if I ask how much your advisor charged. My TTP is complicated in that realistically I don't have enough disposable cash to pay off before I retire and so I will use a number of pension allowances and possibly any inheritance.

          In total I paid just over £500, sounds a lot I guess but to me it was money well spent.

          Comment


            #6
            Originally posted by GregRickshaw View Post
            In total I paid just over £500, sounds a lot I guess but to me it was money well spent.
            that's certainly the ballpark I would be happy or expect to pay. This isn't contesting or fighting the tax its just negotiating a TTP on my behalf.

            I've seen amounts like 1500 to 2000.

            Any chance you could message me who you used please.

            Comment


              #7
              Originally posted by lowpaidworker View Post
              that's certainly the ballpark I would be happy or expect to pay. This isn't contesting or fighting the tax its just negotiating a TTP on my behalf.

              I've seen amounts like 1500 to 2000.

              Any chance you could message me who you used please.
              If it's a long TTP you're after, your MP might be able to get that for you.

              HMRC seem to become very reasonable, all of a sudden, when they're contacted by a Member of Parliament!
              Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

              Comment


                #8
                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% .

                Comment


                  #9
                  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

                  Comment


                    #10
                    Originally posted by Delendog View Post
                    6) 20 years
                    Impressive. Can anyone beat that?
                    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                    Comment

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