HMRC settlement Deadlines/delays and the LC

[TroyT]

Here's his words:

" Nobody works for nothing. Everybody works for payment.
Here, you worked = money arrived in your account.
If you can think of any reason why a third party would send you a gift of money or make you a loan which is not in any way connected with your work - and you can prove that to a Judge - you will not be taxed on it".

I think this just about covers it.

Yes, you are absolutely correct; I asked the question on the three most relevant threads in the hope that I would get an answer on one of them.

As luck would have it I did on this one, and it’s very much appreciated. We are all in here for help on a common problem.

So, getting back to the question and answer - if you receive money it’s either some form of a loan or straight up income???

What about the Inheritance Tax exposure on settling the loans?

[webberg]

Yes, you are absolutely correct; I asked the question on the three most relevant threads in the hope that I would get an answer on one of them.

As luck would have it I did on this one, and it’s very much appreciated. We are all in here for help on a common problem.

So, getting back to the question and answer - if you receive money it’s either some form of a loan or straight up income???

What about the Inheritance Tax exposure on settling the loans?

You need to read the threads appropriate to the scheme.

Glen May did not use a trust and in theory even HMRC would struggle to find an IHT charge.

[TroyT]

You need to read the threads appropriate to the scheme.

Glen May did not use a trust and in theory even HMRC would struggle to find an IHT charge.

thanks webberg, it’s much appreciated.
I’ll reply to your message on the Glen May thread.

[lowpaidworker]

Hi

Just got a settlement pack through. Well its just XLS that I have to completely fill in !!.

However the whole thing is a protected xls which means even saving to a local drive does not allow me to reformat and see all the sections.

Half of them don't even show the wording for each section.

Did anyone else have this.. how did you get round it ?

[Vincenth1]

HMRC settlement deadlines/delays & LC

Get independent professional advice before you complete this so you are fully aware of all the implications regarding the information you provide e.g. IHT and join LCAG if you haven't already.

[lowpaidworker]

Get independent professional advice before you complete this so you are fully aware of all the implications regarding the information you provide e.g. IHT and join LCAG if you haven't already.

Yes am part of LCAG. I've only registered to protect my options. No intention of settling.

Anyone else have the protected XLS issue. I just wanted to read all the sections see what type of info they are after ?

[patel]

Settlement - Fund Options

I am in process of settlement and need input from you if settlement amount can be paid from my limited company funds. I am aware that some of amount like employee NI may have to be paid from my personal account but can rest be paid from company account.

Assumption is that it may save me some dividend tax….though, not sure if it is right approach. Please provide your views as my accountant is more in favour of paying through my LTD company account and I am not 100% convinced with his advice….

[Boodog]

I am in process of settlement and need input from you if settlement amount can be paid from my limited company funds. I am aware that some of amount like employee NI may have to be paid from my personal account but can rest be paid from company account.

Assumption is that it may save me some dividend tax….though, not sure if it is right approach. Please provide your views as my accountant is more in favour of paying through my LTD company account and I am not 100% convinced with his advice….

It would be best to ask your accountant how the settlement amount would be treated in your company accounts - if it’s as a director’s loan, there are rules regarding repayment. A LTD company is a separate legal entity and not a vehicle to be used to pay for personal financial obligations.

It would be interesting to hear your accountants response...

[lowpaidworker]

It would be best to ask your accountant how the settlement amount would be treated in your company accounts - if it’s as a director’s loan, there are rules regarding repayment. A LTD company is a separate legal entity and not a vehicle to be used to pay for personal financial obligations.

It would be interesting to hear your accountants response...

I would have thought any payment made direct to HMRC from a business account would be treated as personal extraction and thus tax would be required to be paid by the individual, especially if the individual in question was the subject of the HMRC enquiry/tax bill.

[dmuk]

How does the recent HMRC review play into individual engagements with HMRC? Can you now delay settling or responding to settlement with referencing parliament report?

Amend and review loan charge - Contractor Weekly