21 years time to pay

[webberg]

A question please.

When TTP is agreed does that fix the interest rate OR do HMRC re-calculate when a interest rate increase/reduces?

Thanks

The interest charged on overdue tax is fixed in statute and is usually tied to base rate.

This is calculated at the time you agree to pay and actually pay the tax and once done, should not be adjusted.

[Delendog]

A question please.

When TTP is agreed does that fix the interest rate OR do HMRC re-calculate when a interest rate increase/reduces?

Thanks

[ChimpMaster]

That's quite a jump from 1-2 years to 30+. They've set a precedent that they should be honouring for all those who will be affected by this bogus legislation.

10 years TTP should be the absolute minimum.

To clarify, I understand 1 or 2 years TTP is not too difficult to negotiate but if you're looking for longer term then you need to prove genuine hardship. You will have to lay out your life and all your assets for HMRC to investigate.

SummerHillLass had a quite unusual situation - not of her own making - so that is why she was able to achieve a very good TTP.

I would love having 5+ years to pay. It would make this all so much more bearable.

[CanPayButWouldRatherNot]

a victory of sorts for phil and SummerhillLass

this is very encouraging

@SummerhillLass


https://forums.contractoruk.com/hmrc...ml#post2550777

[MyxALot]

As I understand it, to get any more than 1 or 2 years TTP would necessitate some really invasive reporting of your assets/financials to HMRC. So unless it's genuine hardship, you would be best placed to pay up within a reasonable timeframe.

That's quite a jump from 1-2 years to 30+. They've set a precedent that they should be honouring for all those who will be affected by this bogus legislation.

10 years TTP should be the absolute minimum.

[ChimpMaster]

God you're right. Normally my maths is good but obviously my brain was having a hard time even believing 21 years.

As I understand it, to get any more than 1 or 2 years TTP would necessitate some really invasive reporting of your assets/financials to HMRC. So unless it's genuine hardship, you would be best placed to pay up within a reasonable timeframe.

[Loan Ranger]

*31 years

God you're right. Normally my maths is good but obviously my brain was having a hard time even believing 21 years.

[MyxALot]

*31 years

Given that HMRC must treat everyone equally we can look forward to getting similarly favourable terms for all 100,000 of those caught in Hector's retrospective changes.

[phil@pmtc]

Well guys and girls.
If you read the comments after the article I am afraid it will show you what we are up against.
Basically we are shafted, and the public seem to like it.

I agree but bare in mind that people who bother to comment are normally a/affected in some way or b/the sort of person who likes to jump on a moral platform at any given opportunity. On the whole I wouldn’t lose sleep over what some keyboard warrior has to say. The vast majority of intelligent people, if faced with the facts, would recognise the unfairness of retrospective taxation.

[me206et]

Well guys and girls.
If you read the comments after the article I am afraid it will show you what we are up against.
Basically we are shafted, and the public seem to like it.

[LOL17]

21 years time to pay

I like how the article reports,

"The contractors, most of whom work in IT or healthcare, claim they were duped into believing that the schemes — which typically involve an employer making payments to a trust that then makes an interest-free “loan” to the contractor — were within the law."

They were within the law....at the time.

[Loan Ranger]

I know this case, it’s real.

Meanwhile HMRC refuses to give most people more than 2 years with crippling payments of £thousands/month.

[phil@pmtc]

https://www.thetimes.co.uk/article/t...ands-s3ghxr0q7

Person claims HMRC have given them until 2049 to pay @ £500/month.

I know this case, it’s real.

[Loan Ranger]

https://www.thetimes.co.uk/article/t...ands-s3ghxr0q7

Person claims HMRC have given them until 2049 to pay @ £500/month.