HMRC settlement Deadlines/delays and the LC HMRC settlement Deadlines/delays and the LC
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  1. #1

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    Default HMRC settlement Deadlines/delays and the LC

    There'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.

  2. #2

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    Quote Originally Posted by phil@dswtres View Post
    There'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.
    Thanks Phil so....

    APN's weren't final
    CLSO1 wasn't 100% final
    CLSO2 isn't 100%
    LC won't be 100% final

    What an absolute joke HMRC and HMG are !!

    Well looking more like BR will be the best option for me. At least that WILL be final !!
    Last edited by regron; 17th May 2018 at 13:10.
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

  3. #3

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    From a HMRC point of view, see my edits

    Quote Originally Posted by regron View Post
    Thanks Phil so....

    APN's weren't final
    CLSO1 wasn't 100% final - WRONG
    CLSO2 isn't 100% - WRONG
    LC won't be 100% final

    What an absolute joke !!

    Well looking more like BR will be the best option for me. At least that WILL be final !!

  4. #4

    Some things in Moderation

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    I'll sticky this until the 1st June.

  5. #5

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    Quote Originally Posted by regron View Post
    Thanks Phil so....

    APN's weren't final
    CLSO1 wasn't 100% final
    CLSO2 isn't 100%
    LC won't be 100% final

    What an absolute joke HMRC and HMG are !!

    Well looking more like BR will be the best option for me. At least that WILL be final !!
    Are you sure? This may be in the next Finance Act which could be law before 5 April 2019. https://assets.publishing.service.go...n_Document.pdf

  6. #6

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    Quote Originally Posted by Iliketax View Post
    Are you sure? This may be in the next Finance Act which could be law before 5 April 2019. https://assets.publishing.service.go...n_Document.pdf
    Subject of this
    discussion:
    This document seeks views on how to tackle the small minority of
    taxpayers who abuse the insolvency regime in trying to avoid or evade
    their tax liabilities through the use of companies or similar structures,
    including through the use of phoenixism.
    This document is only targeted at companies and similar structures
    who are non-compliant in this way. It does not target companies of any
    particular size, and companies who are compliant will not be impacted
    by this measure.


    Well I won't fall into that category, or is this consultation all smoke and mirrors too ?
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

  7. #7

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    Quote Originally Posted by regron View Post
    Well I won't fall into that category, or is this consultation all smoke and mirrors too ?
    Not my area but when I read it I couldn't work out what HMRC actually wanted. It will probably muddy the waters a bit until the government decides what, if anything, it will do.

  8. #8

    Should post faster


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    Quote Originally Posted by regron View Post
    Thanks Phil so....

    APN's weren't final
    CLSO1 wasn't 100% final
    CLSO2 isn't 100%
    LC won't be 100% final

    What an absolute joke HMRC and HMG are !!

    Well looking more like BR will be the best option for me. At least that WILL be final !!
    Just to be clear on this. Everyone needs advice. CLSO1 is not final if you did not declare all your providers, for example - if you settled for provider A, but you also had provider B then LC will capture provider B.
    Pay for some advice, hoping that CLSO1 covers you for all your misdeeds is not safe.
    In the case above, if you had closed years for A then just make sure that they are included in your CLSO1.

  9. #9

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    Quote Originally Posted by catanonia View Post
    From a HMRC point of view, see my edits
    CLSO1 wasn't 100% final - WRONG ----- incorrect, CLSO1 only dealt with pre-2010 loans, so not final if you had post 2010 loans
    CLSO2 isn't 100% - WRONG ----- incorrect, still have the issue of IHT to deal with AFTER you sign the CLSO deal so still not final
    and that isn't even mentioning the lack of 100% clarity in their contractual offer.
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

  10. #10

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    1.You only need to register interest by 31 May. No loan details are required to be given.

    1.a. HMRC to contact the taxpayer with settlement pack/details in good time.

    2.Loan details to be provided by end Sep deadline.

    ----------------------------------------------------------------------------------------------

    Hi Phil

    I've added a line. Given the huge volume of "offenders", the challenge is for HMRC to get 1.a done and to get it done so that the taxpayer has sufficient time to complete step 2.

    I don't think HMRC have any SLA or mandatory date to meet on step 1.a.

    If HMRC they don't get 1.a done in good time then the taxpayer will miss step 2 and by no fault of their own will have to submit to the 2019LC.


    Is that correct?

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