BN66 - your liability including interest

[TykeMerc]

It would be interesting to know what exactly HMRC can do to extract payment.

Can they put a charge on one's house? Can they force a sale?

Or could one argue one could only afford X per week and force HMRC to accept?

Yes to all plus other bankruptcy proceedings.

I know from bitter experience that HMRC are more than willing to start bankruptcy action on a non debt of only £200 that wasn't even owing, clearing up that mess took a while and I suspect that it still shows up on some credit checks.

[phileds]

It would be interesting to know what exactly HMRC can do to extract payment.

Can they put a charge on one's house? Can they force a sale?

Or could one argue one could only afford X per week and force HMRC to accept?

[DonkeyRhubarb]

I suspect there are quite a few people in my boat. I was very good, kept the money for several years and then, after so long with so little action, invested it in a house 18 months ago. Nice and safe eh?

Sadly since then my house has lost over 100k (guess) and I no longer have enough equity to pay them even if I wanted to. So, basically, tough titty.

My big worry is that HMRC are vindictive enough to force me to sell and then bankrupt me, leaving my family with no house and nothing to put into a new life. In which case I may as well just spend the rest of my life on benefits as I'll have quite literally nothing to show for a Cambridge degree and 12 years hard work. Way to go HMRC!

HMRC's timing is impecable as usual. They introduced IR35 just after the dotcom crash. Doh!

Then they land us with this going into a major recession when asset values have plummetted. Double Doh!!

[deckster]

Most people haven't still got the money they earned up to 8 years go. They've spent it. It's gone. They've got nothing, nada

I suspect there are quite a few people in my boat. I was very good, kept the money for several years and then, after so long with so little action, invested it in a house 18 months ago. Nice and safe eh?

Sadly since then my house has lost over 100k (guess) and I no longer have enough equity to pay them even if I wanted to. So, basically, tough titty.

My big worry is that HMRC are vindictive enough to force me to sell and then bankrupt me, leaving my family with no house and nothing to put into a new life. In which case I may as well just spend the rest of my life on benefits as I'll have quite literally nothing to show for a Cambridge degree and 12 years hard work. Way to go HMRC!

[DonkeyRhubarb]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

There is no employers NIC to pay, although this is almost matched by Montpelier's 10% fee. Additional self-employed NICs are fairly insignificant.

The tax liability would be the same as if you'd been on PAYE.

So, the only real difference is the interest accrued up to 5 years. If you had invested the money or taken out a CTD then that would have covered that off.

However, there is one BIG problem.

Most people haven't still got the money they earned up to 8 years go. They've spent it. It's gone. They've got nothing, nadar. To quote John Cleese in the parrot sketch:

This money is no more! It has ceased to be! THIS IS EX-MONEY!!

[nevergoingtopay]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

I will be no worse off at all as I am not going to pay it, can’t take what I don’t have (the X took it and me house).

Intend to take as many of the UK banks with me if I go (if any are left by then)!

Are MontP going to refund their charges if they loose this with HMRC?

[ChimpMaster]

So what percentage of your gross annual income will you keep if (IF) HMRC win? (after MP fees, any PAYE and other taxation, penalties etc.)

I'm just wondering how much worse off you actually are than you might have been under, say, PAYE.

My guess is 40%, so about 15% worse off than full PAYE.

[DonkeyRhubarb]

It looks like the majority are facing a liability of between £75k and £150k.

I always suspected that the average would be around the £100k mark.

Of course, it would have been a lot less than this if it wasn't for the interest.

[nevergoingtopay]

can't vote ....can I get upgraded

Hi,

Weak lurker with no power to vote .....pick me pick me
Cheers

CPBWRN

I can't vote too, how do I get some rights......to vote please?

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[DonkeyRhubarb]

Nice graph. Starting to form a bell curve, with the majority around the £75k to £200k mark.

[Emigre]

Well done on the andyw option

Presumably one should not include liability under the new montp scheme? Or is that a silly question given the title of the thread?

I guess we should also include an estimate of the effect of 2007/08 up to 12 March for anyone still on the scheme during that year (SAs just submitted so AB and his henchmen have not had time to open any investigations - yet)

[CanPayButWouldRatherNot]

can't vote ....can I get upgraded

Hi,

Weak lurker with no power to vote .....pick me pick me
Cheers

CPBWRN

[BrilloPad]

Well done on the andyw option

Presumably one should not include liability under the new montp scheme? Or is that a silly question given the title of the thread?

[DonkeyRhubarb]

How much would you owe if this goes against us?