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Recent content by Hitchphil
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Tax rebates withheld becuse of DR Settlement
I stopped contracting in 2010, closed the Ltd Co & took up perm PAYE employment completing all SA's & paying all taxes due & only claiming the usual pension contributions, mileage & gift aid etc. For the last 4 years I have transferred £10k pa from ISA to SIPP & gained the 25% in SIPP tax...- Hitchphil
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- Replies: 2
- Forum: HMRC Scheme Enquiries
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120/B7008
does anybody know what tax code for PAYE employment "120/B7008" means? cant find it anywhere on web HMRC? thanks- Hitchphil
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- Replies: 2
- Forum: Accounting / Legal
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Loan charge review - Government response is here
confused again. confused again. So my last loan was in the 2010-11 tax year & is c£4k, the rest are from before then, i have a settlement figure from HMRC that includes all of my loans but haven't paid it. My Ltd co & umbrella have been closed for years & the loans haven't been written off...- Hitchphil
- Post #22
- Forum: HMRC Scheme Enquiries
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Phone Scam
I got a recorded message today purporting to be from HMRC DR team, it made legal threats & gave a call back number & ref & officers name threatening legal action if I didn't call back with my solicitors present within 48hrs. The Ref didn't = any HMRC ref. The number wasn't listed on 'Who...- Hitchphil
- Thread
- Replies: 3
- Forum: HMRC Scheme Enquiries
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Settlement whist in review
LD Resolution said: No interest applied & wont be till the outcome of the CL loan thing. I have nowt to lose by waiting to Nov-Dec & its an extra 2-3m interest at bank or investment growth time on the funds sat there waiting to settle with. I asked what if the CL loan is rejected by...- Hitchphil
- Post #7
- Forum: HMRC Scheme Enquiries
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Settlement whist in review
Update discussed with DR team HMRC: Interest was suspended form the date I submitted the settlement & no forward interest was applied. Settlement is on ice pending the outcome of the LC review - expected by end Nov they say? The question there is if that review says its wrong to go back x...- Hitchphil
- Post #3
- Forum: HMRC Scheme Enquiries
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Settlement whist in review
Sooooo I declared all loans by April this year & sent in the completed settlement some month back - recorded delivery & evidence of posting & - no reply? HMRC have withheld ~£1k paye rebates from the last 2 tax years (not connected with my loans in anyway) & said my account is under review...- Hitchphil
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- Replies: 12
- Forum: HMRC Scheme Enquiries
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Query-sorry if answered elsewhere but don't know where to look
Mine says "I undertake not to take any action with a view to obtaining repayment form HMRC of any part of the settlement amount including but not limited to making a claim under Schedule 1AB of the taxes management act 1970 or common law". Does that mean if the LCAG / Gov review etc are...- Hitchphil
- Post #4
- Forum: HMRC Scheme Enquiries
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HMRC settlement Deadlines/delays and the LC
My point was - is the original loan unsecured? (Not the resulting HMRC tax or charge) if it was only released to the beneficiary on receipt of a review / statement of sufficient Net Present Wealth (NPW)? Does that not suggest the trustees only issued a loan to someone who had (yes at that time)...- Hitchphil
- Post #407
- Forum: HMRC Scheme Enquiries
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HMRC settlement Deadlines/delays and the LC
Is it unsecured? ............ mine were issued on receipt of signed off personal net wealth statements from me to show coverage & excess.- Hitchphil
- Post #404
- Forum: HMRC Scheme Enquiries
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Trustees for repaying loan (satisfy loancharge)
Quite Agree - but what was advised was HMRC cannot back date the tax due, only tax it in accordance with the tax rates due at the time the funds are released / granted by the trustees & the step kicks in. The thought was if you took it out when retired even if that was only £12k ~ i.e. the...- Hitchphil
- Post #6
- Forum: HMRC Scheme Enquiries
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Trustees for repaying loan (satisfy loancharge)
From my research on this; my trustees were willing to receive the loaned sums back & then reinvest them (with a broker of my choice) & then 'act in the best interests of 'me' the beneficiary' ........... later. In effect avoid any tax or loan charge now & move the issue to later in time. Later...- Hitchphil
- Post #3
- Forum: HMRC Scheme Enquiries
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Any settlement figures yet?
Legal Sec at work - In the bit that says by virtue of their deeds and behaviour, i here by exclude the following from any benefit etc etc ........... Trustees will get no more fees. They can go swivel. :moon:- Hitchphil
- Post #85
- Forum: HMRC Scheme Enquiries
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Any settlement figures yet?
Settlement figures Settlement figures Got mine this morning ~25% of the 2007-09 loans ish. They provided previous tax return calcs & revised for all years included. So Tax paid was deducted from revised due & the final sum arrived that way. No NIC calcs. Says they didn't charge interest on...- Hitchphil
- Post #83
- Forum: HMRC Scheme Enquiries
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Is Employee NI due on LC
My advice said as an X employee of a now defunct Ltd Co, settlement will include employees NI at the rate due at that time (12%) & not employers NI. So the effective rate for my tax years is 32% + HMRC interest = ouch! My arrangement was Umbrella Co contracted my services to a 2nd party Ltd Co...- Hitchphil
- Post #20
- Forum: HMRC Scheme Enquiries
