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Recent content by Ozcontractor
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Pay Loan Charge over 3 years
Hi apologies if this has been asked elsewhere. I am a contractor living in Australia since 2013 and have not had any UK income since then. As at Sept 30 last year, I elected to pay the loan charge and split the amount over 3 years. To that end, I have filed a 18/19 return and a 19/20 return...- Ozcontractor
- Thread
- Replies: 1
- Forum: HMRC Scheme Enquiries
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The loan charge is NOT a settlement "option"
Thanks - and if there is no enquiry into a tax year and I voluntary declare the loan amounts and pay the loan charge, is that the end of that issue?- Ozcontractor
- Post #28
- Forum: HMRC Scheme Enquiries
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The loan charge is NOT a settlement "option"
Thanks for the above. Can you then clarify the below extract from the HMRC website then? Does the second sentence imply that as long as you've declared the correct loan balances on your SATR, HMRC will not be able to tax you again on the same loan balance which you've declared on your SATR -...- Ozcontractor
- Post #26
- Forum: HMRC Scheme Enquiries
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The loan charge is NOT a settlement "option"
I also previously have had similar confirmation from HMRC including date and time of call - the gentleman said as long as the loan balance is declared correctly on the SATR, they will eventually close the case once they do their checks that the loan balance was correctly declared. I did get an...- Ozcontractor
- Post #22
- Forum: HMRC Scheme Enquiries
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The loan charge is NOT a settlement "option"
Assuming the settlement offer from HMRC for an open year was 20k, however via the loan charge (which works out significantly cheaper) ends up being 10k. Per your note above, where you say "you may have to pay the shortfall at some point in the future" - would that payment of the shortfall just...- Ozcontractor
- Post #16
- Forum: HMRC Scheme Enquiries
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Forced into Loan Charge
Thanks - that is if there is an open enquiry only correct? Paying the loan charge for a year where there is no enquiry is what I have to do to close off matters I may have? Also is the PA applicable per above? Thanks in advance.- Ozcontractor
- Post #11
- Forum: HMRC Scheme Enquiries
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Forced into Loan Charge
So just to confirm, is it correct to assume that PA is available for 3 years if spreading the loan charge over 3 years worth of self assessment returns?- Ozcontractor
- Post #9
- Forum: HMRC Scheme Enquiries
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Latest Settlement Offer
Thank you for your help. Can I ask how I can confirm whether I have an open enquiry or not? I received a settlement offer from HMRC but that was more because I emailed them a couple of years back to express interest in settling (when they offered this perhaps in 2018). So I now have a...- Ozcontractor
- Post #39
- Forum: HMRC Scheme Enquiries
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Latest Settlement Offer
Settle vs paying LC Settle vs paying LC Hi everyone - I am new to this forum so apologies if its been posted elsewhere. I'm trying to understand what are the benefits of settling before 30 Sept vs paying the LC over 3 years? If I have no other UK income in my 18/19 year onwards, and a...- Ozcontractor
- Post #37
- Forum: HMRC Scheme Enquiries
