Originally posted by ChimpMaster
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HMRC settlement Deadlines/delays and the LC
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Doesn't 2 come before 1a?
Ie. you supply loan details by end of Sept, and then HMRC provide settlement pack.Comment
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Originally posted by Loan Ranger View PostDoesn't 2 come before 1a?
Ie. you supply loan details by end of Sept, and then HMRC provide settlement pack.
1. Send email to register by May 31st. Receive auto response from HMRC
2. Wait for HMRC to contact you with request for information.
3. Send information by Sept 30th.
Hence why there is a risk that step 2 might not occur in time, seeing how inundated and inept HMRC are.Comment
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What do I quote to HMRC
So do I just have to quote AML and that I am interested in settleing, they have only opened upan enquirey for 1 year but i want to make sure all years are included. What do I quote to HMRC. Is it just my UTR at this point and AML and then get all the loan info to them before the end of Sep.
Originally posted by phil@dswtres View PostThere's a lot of understandable worry and panic as deadline number 1 approaches. So I'm posting this to calm fears on the same queries I keep hearing
These are 100% correct. HMRC will tell you themselves and i've got it in writing from them also.
1.You only need to register interest by 31 May. No loan details are required to be given.
2.Loan details to be provided by end Sep deadline.
Now, if those 2 things are done, then your obligations are 100% complete at that stage,
The loan charge will NOT kick in due to HMRC delays. As long as you/your advisor meets the deadlines you are 100% ok to settle.
When you receive the settlement deeds, there will be a deadline on them to sign. As long as that deadline is met, you are fine. You will settle and not be affected by the LC.
Also, whilst on the subject, if you're unaware, they have confirmed that the loan charge isn't final and they could come back for more, such as interest. (which realistically means they 100% will come back)
Finally - and I hope the mods don't mind me posting this part but its purely to help. All clients of mine will receive an email at least 24 hours before the deadline at end of this month confirming they are definitely registered with HMRC.Comment
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Originally posted by INeedHelp View PostSo do I just have to quote AML and that I am interested in settleing, they have only opened upan enquirey for 1 year but i want to make sure all years are included. What do I quote to HMRC. Is it just my UTR at this point and AML and then get all the loan info to them before the end of Sep.
Nothing more required and job done for the may deadlineComment
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Originally posted by ChimpMaster View PostI would have thought the steps are :
1. Send email to register by May 31st. Receive auto response from HMRC
2. Wait for HMRC to contact you with request for information.
3. Send information by Sept 30th.
Hence why there is a risk that step 2 might not occur in time, seeing how inundated and inept HMRC are.Last edited by Loan Ranger; 17 May 2018, 19:30.Comment
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Originally posted by phil@dswtres View PostAlso, whilst on the subject, if you're unaware, they have confirmed that the loan charge isn't final and they could come back for more, such as interest. (which realistically means they 100% will come back)
ThanksComment
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Originally posted by phil@dswtres View Post
Also, whilst on the subject, if you're unaware, they have confirmed that the loan charge isn't final and they could come back for more, such as interest. (which realistically means they 100% will come back)Comment
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Originally posted by starstruck View PostGulp - interest on what? Is this for open years, what if all years are closed?
I am still of the view that HMRC won't put in much of an effort to recover any shortfall (interest etc) for open years after the charge has been paid.
If most people settle and HMRC rake in £billions then it will be pretty much job done. Pats on the back and champagne all round.Comment
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Is there a chance (likelihood) that the whole LC debacle is to get people to settle? If so, is it possible to drag out the settlement into 2019, or is it necessary to have settled before Apr 2019 to prevent the LC being applied?Comment
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