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Reply to: Loan charge settlement process
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Previously on "Loan charge settlement process"
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Originally posted by scooby12 View PostDo they routinely ask for supporting evidence, and if so what do they ask for? Have they allowed anyone recently to settle the individual years instead of the loan charge? Or by 'settlement' do they mean the loan charge being paid in full? Do they completely close the enquiry once a settlement is agreed?
Sorry for lots of questions!
You may also be asked why you didn’t declare the loan charge - any questions like this will need careful consideration as HMRC may also consider applying penalties
With regards settlement, refer to the 2020 settlement terms online - there is no “a la carte” settlement process. The loan charge has to be paid in full - then the question of settlement of any prior tax years can be considered.
You haven’t mentioned whether you have any other years that are open (ie valid discoveries or enquiries opened) - if not, then the loan charge should be the end of it (fingers crossed)
I wish you luck with this, but be prepared for a few bumps in the road ahead - dealing with HMRC can be stressful…. And (as ever) consider getting professional help with this
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Loan charge settlement process
I've recently received a loan charge discovery assessment, which I am appealing for several reasons, one of those being disputing the value of outstanding loans. Which will give me a bit of time to prepare for the next steps.
I'm wondering if anyone who has recently been through this can share their experience of the settlement process? I'm guessing I will be asked to complete the online settlement form next. How do they confirm accuracy of the information you have provided on this form? Do they routinely ask for supporting evidence, and if so what do they ask for? Have they allowed anyone recently to settle the individual years instead of the loan charge? Or by 'settlement' do they mean the loan charge being paid in full? Do they completely close the enquiry once a settlement is agreed?
Sorry for lots of questions!Tags: None
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