User Profile

[Chevalier]

A final thought - when trying to settle do be cautious about how you answer HMRCs questions.

Some information the investigation officer will have a definite need for (eg value of the loans etc) , but other questions will be an invitation to self incriminate - which may lead to higher penalties....

[Chevalier]

The loan charge - where to start?

Effectively it takes all loan balances outstanding since 2010 and brought them back into taxation (again) as though you earned all those loans as income in the 18/19 tax year. So even if HMRC had missed the boat earlier, it gave them a second bite of the...

[Chevalier]

Re HMRC discovery time limits, these are normally 4 years from the end of each tax year (ie 17/18 year by 5th Apr 2022) though can be longer 6 (carelessness) or 20 (fraud)

Unfortunately the loan charge may complicate matters for you, as any loans (or similar) outstanding on 5th Apr 2019...

[Chevalier]

if you request a review, then if they confirm their opinion you then have to either pay up or appeal to tribunal.

There’s no need to request a review unless HMRC offer one

https://www.gov.uk/hmrc-internal-man...dance/artg2010...