its probably the interest that accumulated before the APNs were paid.
re: if I read correctly, pulling out of settlement with HMRC.... one thing to consider is that the settlement you have agreed is probably under the Nov 2017 settlement offer package. If you decline it - any future settlement will be under the Aug 2020 package where a.) IHT (if any) will be higher as its 3 years later b.) if your APNs dont fully cover all the 'tax' owed, your interest bill will get higher c.) You will have to pay NICs.
So if you hang your hat on a hoey outcome, which by the time all the appeals are done might be still years (?) down the track.... and we ultimately loose hoey.... you will end up having to settle on worse terms.
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Reply to: Settlement Versus Hoey
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Previously on "Settlement Versus Hoey"
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Originally posted by lorry View PostHi
I also paid my APN's but then I was charged interest of approx£4500. I have had my settlement accepted and thus needs to be paid by 29th December, not sure if I should just wait a little longer .. I have had this hanging over me for 8 years ! What's another few monthsLast edited by eek; 13 December 2020, 20:47.
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Interest
Originally posted by Wimbledon View PostI have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)
It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?
Or do I sit it out, not settle and wait to see the outcome?
I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?
Thanks
I also paid my APN's but then I was charged interest of approx£4500. I have had my settlement accepted and thus needs to be paid by 29th December, not sure if I should just wait a little longer .. I have had this hanging over me for 8 years ! What's another few months
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Originally posted by eek View PostIf you settle - that's it, HMRC won't refund you the money.Originally posted by DealorNoDeal View PostUnprotected pre-2010 are in the clear.
There isn't much incentive to settle, especially as you've paid APNs so no further interest is racking up.Originally posted by luxCon View PostLets not forget protected non DOTAS pre 2011 years. For those hmrc can't currently issue APN, nor collect tax.
But if Hoey loses HMRC will have the grounds to demand backdated taxes plus interest and penalties.
Hoey win or lose means tens of thousands of pounds for 10s of thousands of people.
Get real people, support Hoey's Gofundme fighting funds, or pay the taxes HMRC demand now and save yourself future interests
Donate to save yourself, not Hoey
Couldn't have said it better myself; totally agree with this. This is the best (and probably only) chance to defeat HMRC for pre-2010 open years. APNs refunded. Imagine that ? Don't leave it to others. Many are ending up in TTP arrangements where 1 month of their agreement paid to Hoey could have them escape a life of penury. It's a no-brainer to back this
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Originally posted by DealorNoDeal View PostUnprotected pre-2010 are in the clear.
There isn't much incentive to settle, especially as you've paid APNs so no further interest is racking up.
But if Hoey loses HMRC will have the grounds to demand backdated taxes plus interest and penalties.
Hoey win or lose means tens of thousands of pounds for 10s of thousands of people.
Get real people, support Hoey's Gofundme fighting funds, or pay the taxes HMRC demand now and save yourself future interests
Donate to save yourself, not HoeyLast edited by luxCon; 29 November 2020, 12:13.
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Originally posted by Wimbledon View PostThanks for the perspective.
So why settle then? If it is pre 2010, even protected loans? (I am assuming unprotected pre 2010 is now safe)
There isn't much incentive to settle, especially as you've paid APNs so no further interest is racking up.
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Originally posted by Darkpaw View PostIf Hoey wins, HMRC will have to refund the APNs.
If Hoey wins, it's likely HMRC will appeal, which is why they need funds (minimum contribution is £300) to cover the appeal.
If Hoey loses, they will appeal IF they can raise the funds to do so.
If Hoey loses and they don't have enough money to appeal, then HMRC will keep your APN money, and will go after everyone else with pre-DR loans. You'll be fine though, as you've paid your APNs so have nothing further to pay (I guess).
So why settle then? If it is pre 2010, even protected loans? (I am assuming unprotected pre 2010 is now safe)
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Originally posted by Wimbledon View PostI have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)
It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?
Or do I sit it out, not settle and wait to see the outcome?
I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?
If Hoey wins, it's likely HMRC will appeal, which is why they need funds (minimum contribution is £300) to cover the appeal.
If Hoey loses, they will appeal IF they can raise the funds to do so.
If Hoey loses and they don't have enough money to appeal, then HMRC will keep your APN money, and will go after everyone else with pre-DR loans. You'll be fine though, as you've paid your APNs so have nothing further to pay (I guess).
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Fight it
Originally posted by Wimbledon View PostI have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)
It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?
Or do I sit it out, not settle and wait to see the outcome?
I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?
Thanks
Thousands of victims been paying monthly subs to tax professionals with nothing to show for it. Hoey's case will save the day for pre 20111 EBT victims for a sake of a few hundred pounds contribution towards his fight
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Originally posted by Wimbledon View PostEven if you part of the litigation association?
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Originally posted by Wimbledon View PostI have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)
It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?
Or do I sit it out, not settle and wait to see the outcome?
I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?
Thanks
Leave a comment:
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Settlement Versus Hoey
I have a simple question on settlement. All my open/protected years are pre 2010. (Penfold and Hamilton)
It seems the Hoey case is doing well. If I settle, would HMRC refund me if Hoey wins in the UTT? And the expected appeal?
Or do I sit it out, not settle and wait to see the outcome?
I have paid my APNs, so no pressure to settle. The LC does not apply to me, being pre 2010?
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