AML Loan Charge Calculator AML Loan Charge Calculator - Page 4
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  1. #31

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    Default Advice Please

    I registered for the settlement scheme last year and expected something through the post but to date I have received nothing from HMRC. I have years 2013-14 and 2014-2015 under enquiry whereby I completed SA's for both years. It now seems that I entered the wrong figure for 2014-15 so I need to somehow amend this if possible and pay additional tax. I have been told different views on whether or not expenses such as mileage are allowed to be offset against each year. I did not include an expenses on the original SA's so I would like some clarity on this subject asap given the time restrictions.

    I also had loans for 2015-2016 and 2016-2017 but HMRC have mentioned nothing about these years and I have letters saying I do not need to complete SA's for them strangely so again whats my stance on these?

    I have no idea when the protected thing means either so can someone explain this please?

    Thanks for any advice

  2. #32

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    Quote Originally Posted by AVFC View Post
    I registered for the settlement scheme last year and expected something through the post but to date I have received nothing from HMRC. I have years 2013-14 and 2014-2015 under enquiry whereby I completed SA's for both years. It now seems that I entered the wrong figure for 2014-15 so I need to somehow amend this if possible and pay additional tax. I have been told different views on whether or not expenses such as mileage are allowed to be offset against each year. I did not include an expenses on the original SA's so I would like some clarity on this subject asap given the time restrictions.

    I also had loans for 2015-2016 and 2016-2017 but HMRC have mentioned nothing about these years and I have letters saying I do not need to complete SA's for them strangely so again whats my stance on these?

    I have no idea when the protected thing means either so can someone explain this please?

    Thanks for any advice
    Legally, any loan you have had you are required to disclose. Just because they haven't mentioned it doesn't mean that it didn't happen. Legally, for the Loan Charge, opinion seems to be that you are entering evasion territory and the massive fines associated with it if you don't.

    Some people claim success with mileage but you need to be able to prove it.

    Whether or not you have been asked to complete an SA is irrelevant.

    PS Join LCAG and help fight it if you haven't already.

  3. #33

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    Quote Originally Posted by dammit chloe View Post
    Legally, any loan you have had you are required to disclose. Just because they haven't mentioned it doesn't mean that it didn't happen. Legally, for the Loan Charge, opinion seems to be that you are entering evasion territory and the massive fines associated with it if you don't.

    Some people claim success with mileage but you need to be able to prove it.

    Whether or not you have been asked to complete an SA is irrelevant.

    PS Join LCAG and help fight it if you haven't already.
    But HMRC have all of the details on P11D so I fail to see how they wouldn't know about the latter two years. I have also been told that if I pay the two years that are not under investigation before 5th April then HMRC can't charge interest even if I register them because they do not have an open an investigation. This was the opinion of two tax advisors.

    My account also told me that I can claim mileage even though my so called employer under the scheme said I could not so you can see that it's all a big minefield for everyone involved.

    How can you settle something when nobody can give clear accurate answers.

    What is LCAG are you referring to Big Group and what is the LCAG actively given we are 14 days away from end of financial year?

  4. #34

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    Quote Originally Posted by AVFC View Post
    But HMRC have all of the details on P11D so I fail to see how they wouldn't know about the latter two years. I have also been told that if I pay the two years that are not under investigation before 5th April then HMRC can't charge interest even if I register them because they do not have an open an investigation. This was the opinion of two tax advisors.

    My account also told me that I can claim mileage even though my so called employer under the scheme said I could not so you can see that it's all a big minefield for everyone involved.

    How can you settle something when nobody can give clear accurate answers.

    What is LCAG are you referring to Big Group and what is the LCAG actively given we are 14 days away from end of financial year?
    LCAG. Please see my latest post. It is not Big Group.

    I think you need to slow down a little. There is still time to find out a bit more and I can't tell you much from what you have said. What I can tell you is that the game is weighted in HMRC's favour. Just because they have not told you do do something doesn't mean you don't have to do it. By law, in the end, all loans need to be settled or declared.

    "I have also been told that if I pay the two years that are not under investigation before 5th April then HMRC can't charge interest even if I register them because they do not have an open an investigation"

    This bit is true but you still need to settle or pay the Loan Charge on them.

  5. #35

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    Quote Originally Posted by dammit chloe View Post
    LCAG. Please see my latest post. It is not Big Group.

    I think you need to slow down a little. There is still time to find out a bit more and I can't tell you much from what you have said. What I can tell you is that the game is weighted in HMRC's favour. Just because they have not told you do do something doesn't mean you don't have to do it. By law, in the end, all loans need to be settled or declared.

    "I have also been told that if I pay the two years that are not under investigation before 5th April then HMRC can't charge interest even if I register them because they do not have an open an investigation"

    This bit is true but you still need to settle or pay the Loan Charge on them.
    But your missing the point on the two years that are not currently under investigation. The tax and interest is the "The Loan Charge" so if there is no interest to pay which is a big factor then there is nothing else they can charge on those two years except the tax, rather like originally declaring the loan as additional income in the tax year it was received. As for the two years under investigation one year was only £8k which i declared and paid three years ago and the second one £25K and paid all the tax that the SA requested. I would have thought that HMRC would have come after me by now for more on the two open years if needed.

    My other point around expenses was that I had £2500 for the first year which I didn't offset against the £8k and £9000+ for the second year again which I didn't offset against the £25k I want to reopen these years in inject the expenses if possible.

    I have also read the LCAG website and tonight contacted my local MP for Swindon to plead with him to sign the EDM and get his colleagues to do the same. My advice for the LCAG is to focus the campaign towards maybe getting a BBC Panorama program done or a slot on Breakfast TV maybe with Eamonn Holmes because he hates HMRC and so does Lizz Kelly. Frankly any of the presenters would be only to keen to help shaft HMRC as they are all under the spotlight for tax reasons. Your fight against the big mask of brexit so getting airtime will be hard but something has to change before more people jump or step in front of trains.

    Absolutely gobsmacked about the Evening Standard running that piece given their editor "Trustfund George" was the architect of the Loan Charge.

    I wish LCAG all the best and will join but I intend to pay as it seems a fruitless task given Rangers had loads more cash and still lost. If people read their judgement the supreme court only needed to add one line to the end of it like " If a person is an employee only then explicit responsibility of tax on all monies received within that employment falls due on the employer and not the employee" They didn't because the bet was £1.2bn hence they do the bidding of the HMRC and the government which tells you all how this case will end. Rangers won at round one and got stuffed at rounds two and three.

  6. #36

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    Quote Originally Posted by AVFC View Post
    But your missing the point on the two years that are not currently under investigation. The tax and interest is the "The Loan Charge" so if there is no interest to pay which is a big factor then there is nothing else they can charge on those two years except the tax, rather like originally declaring the loan as additional income in the tax year it was received. As for the two years under investigation one year was only £8k which i declared and paid three years ago and the second one £25K and paid all the tax that the SA requested. I would have thought that HMRC would have come after me by now for more on the two open years if needed.

    My other point around expenses was that I had £2500 for the first year which I didn't offset against the £8k and £9000+ for the second year again which I didn't offset against the £25k I want to reopen these years in inject the expenses if possible.

    I have also read the LCAG website and tonight contacted my local MP for Swindon to plead with him to sign the EDM and get his colleagues to do the same. My advice for the LCAG is to focus the campaign towards maybe getting a BBC Panorama program done or a slot on Breakfast TV maybe with Eamonn Holmes because he hates HMRC and so does Lizz Kelly. Frankly any of the presenters would be only to keen to help shaft HMRC as they are all under the spotlight for tax reasons. Your fight against the big mask of brexit so getting airtime will be hard but something has to change before more people jump or step in front of trains.

    Absolutely gobsmacked about the Evening Standard running that piece given their editor "Trustfund George" was the architect of the Loan Charge.

    I wish LCAG all the best and will join but I intend to pay as it seems a fruitless task given Rangers had loads more cash and still lost. If people read their judgement the supreme court only needed to add one line to the end of it like " If a person is an employee only then explicit responsibility of tax on all monies received within that employment falls due on the employer and not the employee" They didn't because the bet was £1.2bn hence they do the bidding of the HMRC and the government which tells you all how this case will end. Rangers won at round one and got stuffed at rounds two and three.
    You already seem to know a lot about your situation and I am not a tax advisor but I am a bit confused, maybe because there is a lot of info. AFAIK interest is only applicable to open years settled under the CLSO2 settlement opportunity. Closed years and years you pay the Loan Charge on do not attract interest. Of course Loan Charge doesn't settle those open years so there's that.

    Each person has to make their own best decisions according to their circumstances.

    Most of the things you suggest have or are being done. Someone from LCAG tweeted Eamonn Homes and he picked up on it and did a slot on Talk Radio about it. We are trying to get a documentary done but that is more difficult.

    Virtually all the press coverage has been achieved through the LCAG efforts.

    Political pressure is a big factor here. We have a lot of cross party support, and in some people's view, the only people standing in the way of a change being made are Hammond and Stride. If that pair get removed, there is a decent possibility the Loan Charge could be withdrawn.

    The APPG report is due out in a week or so, I doubt it will be kind to HMRC or Treasury.

    It's also worth checking out the contract you are made to sign when settling. You have confessed to everything and you no longer have any rights or any recourse should things change. It is something that you would have thought only existed in cold war East Germany.

    If you are contracting and wish to keep contracting it is worth fighting anyway to stop even further aggressive moves by HMRC or the government.
    Last edited by dammit chloe; 24th March 2019 at 10:17.

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