HMRC settlement Deadlines/delays and the LC

[rshome]

What if it is not possible to get the loan details

If my old EBT company are now closed, how are we supposed to provide the information when we register to settle? I was using this scheme until 2010 and my bank account statements only go back 7 years.

Also why do we have to provide this information? Surely HMRC have this information already, that's why they are hounding us?

Any help/advice would be appreciated. I have not slept properly at all since I got the loan charge letter last week.

[rshome]

Company doesn't exist anymore

Hi

New to this forum, I hope I am posting in the right place, apologies if not.

I got the loan charge letter but the company I was with for the EBT no longer exists. If I wanted to settle with HMRC, how do I do this, as it was a long time ago. I have no records going back that far as to how much my loans were.

Any advice would be appreciated. Have not slept properly since last week.

Regards
R

[Albert49]

Company doesn't exist

rshome, which company were you with, if you put it in a post someone else on the board may well have been with the same company and may be able to tell you the name of the trustees (they are more likely to still exist). If you cannot obtain the correct loan amounts (with some evidence), I believe HMRC will estimate them as some multiple of your paye income from the company eg 5 X.
Also if this is causing you stress suggest you visit the Loan Charge Action Group website, they have some good advice on there : https://www.hmrcloancharge.info/

[webberg]

Hi

New to this forum, I hope I am posting in the right place, apologies if not.

I got the loan charge letter but the company I was with for the EBT no longer exists. If I wanted to settle with HMRC, how do I do this, as it was a long time ago. I have no records going back that far as to how much my loans were.

Any advice would be appreciated. Have not slept properly since last week.

Regards
R

Google "HMRC Contractor loan settlement" and follow the links to register an interest in settling.

Search your records for information, especially bank statements for values.

Supply HMRC the data

If you need help your choice is:

HMRC - biased
Promoter - biased
Posters here - anonymous and of unknown experience/motivation

All the above are perhaps free.

Professional advisers - not biased but not free

Two are active here. WTT (that's me) and Phil at DSW.

I'm sure others can be found via any reasonable internet search.

[RickG]

If you've registered your interest to settle, and heard nothing further except the auto response, will the LC19 still kick in next April. If so - is the onus on the individual to chase things now or can it then be argued you did your part and HMRC did not respond to you?

[ChimpMaster]

Hi

New to this forum, I hope I am posting in the right place, apologies if not.

I got the loan charge letter but the company I was with for the EBT no longer exists. If I wanted to settle with HMRC, how do I do this, as it was a long time ago. I have no records going back that far as to how much my loans were.

Any advice would be appreciated. Have not slept properly since last week.

Regards
R

I believe if you register for settlement, and have in past years provided loan or BIK information on Self assessment and P11D documents, then HMRC are able to estimate the tax due for settlement.

[Delendog]

If you've registered your interest to settle, and heard nothing further except the auto response, will the LC19 still kick in next April. If so - is the onus on the individual to chase things now or can it then be argued you did your part and HMRC did not respond to you?

It is up to you to provide all loan information by 30th September - read the HMRC document. LC does not apply if you have agreed settlement by April 2019 - unknown if this will change - I'd expect it will slip much as the end of May to show interest in settlement did. But it may not.

[regron]

If you've registered your interest to settle, and heard nothing further except the auto response, will the LC19 still kick in next April. If so - is the onus on the individual to chase things now or can it then be argued you did your part and HMRC did not respond to you?

Yes it will kick in and no, you won't be able to use that as an excuse. The LC is law and as part of the legislation, it will be up to you to provide your loan figures when the time comes, regardless of what other communication or non-communication you have had with HMRC. Unless you settle under CLSO2 of course.

[rshome]

Google "HMRC Contractor loan settlement" and follow the links to register an interest in settling.

Search your records for information, especially bank statements for values.

Thanks.

My bank statements only go back 7 years. So I guess HMRC will estimate based on previous tax returns. How would I explain this to HMRC?

[rshome]

I received £160,000 over 3.5 years 2008-2011.

Can I please ask,

What would be the loan charge for this?
And if I settled with HMRC what would be the total tax and how long would I have to pay it back?

My brother said he would pay my loan charge if I was desperate as he has £100,000 in savings, so I am wondering if I should take a risk and not settle and hope I don't get anything from HMRC? If I do, I have my brother to fall back on to pay the charge?

Regards