Originally posted by Tweedle
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Calculation for 2010-2011 tax year
I'm looking at the 'Other Income' figure for the 2010-2011 tax year and it is astronomical!
It looks like its the total loan amount for all the previous years combined.
So in 2008-2009, I have a small(ish) figure.
2009-2010 I have a large figure (as it looks like this is the loan amount for 2 years)
2010-2011 I have a ridiculous figure (as it looks like its the total for all 3 tax years).
Is anyone else seeing similar?
Not sure whether I should ask for clarification on these figures in my appeal response.
Any ideas?Last edited by K12AN; 3 December 2013, 13:48.Comment
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Originally posted by K12AN View PostI'm looking at the 'Other Income' figure for the 2010-2011 tax year and it is astronomical!
It looks like its the total loan amount for all the previous years combined.
So in 2008-2009, I have a small(ish) figure.
2009-2010 I have a large figure (as it looks like this is the loan amount for 2 years)
2010-2011 I have a ridiculous figure (as it looks like its the total for all 3 tax years).
Is anyone else seeing similar?
Not sure whether I should ask for clarification on these figures in my appeal response.
Any ideas?
Lets just hope the Tribunals go in our favour.Comment
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Originally posted by K12AN View PostI'm looking at the 'Other Income' figure for the 2010-2011 tax year and it is astronomical!
It looks like its the total loan amount for all the previous years combined.
So in 2008-2009, I have a small(ish) figure.
2009-2010 I have a large figure (as it looks like this is the loan amount for 2 years)
2010-2011 I have a ridiculous figure (as it looks like its the total for all 3 tax years).
Is anyone else seeing similar?
Not sure whether I should ask for clarification on these figures in my appeal response.
Any ideas?
Hopefully.Comment
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However, they are charging interest on these Guestimates...
I am still confused how they can accept my BIK interest payments on the loans, but now they want the Income tax on the loans as well!Comment
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Originally posted by K12AN View PostHowever, they are charging interest on these Guestimates...
I am still confused how they can accept my BIK interest payments on the loans, but now they want the Income tax on the loans as well!Comment
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Originally posted by Living life on the Edge View PostYou could consider lodging a Certificate of Tax Deposit (CTD):
The money lodged as a CTD with HMRC Cumbernauld will prevent interest accruing on the equivalent amount of the liability from the date that the CTD is created by HMRC...you would still be potentially liable for any interest accrued up to that point from the due date of the assessment and for any interest on liability amounts above the amount lodged as a CTD.
Note the following -
1) interest is currently accruing - last time I looked - at 3% per annum (simple interest, not compound, i.e. not interest on interest)
2) Unless you lodge an amount of £100,000 or more in a single deposit, your CTD does not earn interest whilst it is with HMRC so if you were to subsequently redeem your CTD (e.g. if you were no longer liable for the tax for some reason), it would not have earned interest in the meantime.
This option is not for everyone (i.e. you obviously need readily available funds to do it), but could be considered as a way of preventing the interest from spiralling.
Is there any disdavantage of lodging a CTD - does it imply guilt, does it reduce the likelihood of a 'good' negotiated settlement downstream, are you likely to get earmarked or targetted by HMRC as the people to go for first, etc.
Cany you lodge a CTD for a partial maount and not the full amount?
Can you simply simply dissolve/terminate the CTD at any point?Comment
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Originally posted by K12AN View PostHowever, they are charging interest on these Guestimates...Comment
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Originally posted by kincaide View PostAgreed - it does seem a bit of a mess to say the least.
I'm sure it's not that simple, but this is HMRC we're talking about.Blog? What blog...?Comment
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Originally posted by Ron Swanson View PostA few questions relating to CTDs:
Is there any disdavantage of lodging a CTD - does it imply guilt, does it reduce the likelihood of a 'good' negotiated settlement downstream, are you likely to get earmarked or targetted by HMRC as the people to go for first, etc.
Cany you lodge a CTD for a partial maount and not the full amount?
Can you simply simply dissolve/terminate the CTD at any point?Comment
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