Time to Pay Time to Pay - Page 3
Page 3 of 4 FirstFirst 1234 LastLast
Posts 21 to 30 of 33

Thread: Time to Pay

  1. #21

    Nervous Newbie


    Join Date
    Aug 2018
    Posts
    10

    Default I am feeling the pain too

    Bankruptcy is high on my list, i have just received my letter (2nd August 2018) from HMRC, worked through Talent Resources some 15 yrs ago as an IT contractor. It was sold to me as a Tax efficient scheme, how naive we must have all been.

    Since then i have been through a divorce ( 13 years ago ) cost me a fortune, was remarried 6 years ago to a different woman and its killing me how i am going to break this to her. My work these days is far from the IT guru i was back then so going bankrupt will have no effect on my work.

    What i need to know is by declaring myself bankrupt does this go away ??

    Any help and advice is more than welcome.

    Thanks.

    Quote Originally Posted by SCR View Post
    I don’t post often however this forum has given myself and my family a tower of strength the past three years and attempt there’s rarely a day I don’t quickly click on to quickly read that days posts...

    This is consuming many many peoples lives and affecting families and individuals on so many levels.

    My family is now at a cross roads regarding the latest TTP and I was hoping to share to see if anyone is in similar and was willing to share.

    We are looking at just over £100k LC many slightly less if we settle before then. We would love to fight however ashamed to say we did decide that for us we would like to enter communication with the revenue and have supplied the details of our loans.

    Between remortgaging and emptying what little savings we have we could give a lump sum of some sort no where near half and then the rest over 60 months..... this is of course assuming my work continues for the next 5 years...

    I am now at the stage I am contemplating going bankrupt and clearing all this mess. The problem being my work is purely FSA and I would no long be able to continue in my role or gain work In my industry going forward. I’ve worked my ar$e off for 25 years to get to the level I’m at and pulling the plug would not come lightly. However it would be over. And I could hopefully sleep at night again.

    Has anyone else been thinking similar? I have also considered going offshore for the next few years... however I would be leaving my wife and two small children. It’s just a mess. And I have no idea what to do...

    Any advice appreciated

  2. #22

    Still gathering requirements...


    Join Date
    Mar 2018
    Posts
    35

    Default

    Quote Originally Posted by SCR View Post
    I don’t post often however this forum has given myself and my family a tower of strength the past three years and attempt there’s rarely a day I don’t quickly click on to quickly read that days posts...

    This is consuming many many peoples lives and affecting families and individuals on so many levels.

    My family is now at a cross roads regarding the latest TTP and I was hoping to share to see if anyone is in similar and was willing to share.

    We are looking at just over £100k LC many slightly less if we settle before then. We would love to fight however ashamed to say we did decide that for us we would like to enter communication with the revenue and have supplied the details of our loans.

    Between remortgaging and emptying what little savings we have we could give a lump sum of some sort no where near half and then the rest over 60 months..... this is of course assuming my work continues for the next 5 years...

    I am now at the stage I am contemplating going bankrupt and clearing all this mess. The problem being my work is purely FSA and I would no long be able to continue in my role or gain work In my industry going forward. I’ve worked my ar$e off for 25 years to get to the level I’m at and pulling the plug would not come lightly. However it would be over. And I could hopefully sleep at night again.

    Has anyone else been thinking similar? I have also considered going offshore for the next few years... however I would be leaving my wife and two small children. It’s just a mess. And I have no idea what to do...

    Any advice appreciated
    First of all you should not be ashamed about communicating with HMRC and giving them you loan figures, you need to do what you consider best for you and your family, secondly 5 years TTP may be available for the 2019 Loan charge, but has only actually been offered by HMRC on settlement (CLSO2).
    If your years when you received your loans are closed , then in the majority of cases I believe CLSO2 is likely to be the cheaper option (since you do not have the capital to let the LC take effect and offset it with pension contributions ), if they are open then since you will be liable for interest if you use CLSO2 , then the LC may be cheaper, however the LC does not settle those years and HMRC may chase you again in the future.
    Because you appear unsure of the options, I suggest paid for advice may be the best option, if you look through other posts, you will see posts from webberg and Phil , who both offer such a service (and possibly others who I am unaware of).
    If you do not know if your years are open (protected) or closed (unprotected) , ask HMRC.

  3. #23

    Nervous Newbie


    Join Date
    Jul 2018
    Posts
    5

    Default

    Quote Originally Posted by Albert49 View Post
    If you do not know if your years are open (protected) or closed (unprotected) , ask HMRC.
    This may be a dumb question - but what exactly defines if a year is open (protected) or closed (unprotected) ?

  4. #24

    More time posting than coding


    Join Date
    Jan 2013
    Posts
    347

    Default

    Quote Originally Posted by User999 View Post
    This may be a dumb question - but what exactly defines if a year is open (protected) or closed (unprotected) ?
    Briefly...

    Open is that HMRC have sent you letter of discovery or query on your submitted tax return for a specific year, so they have protected their position.

    Closed is HMRC are time barred and too late to raise discovery, this is unprotected.

  5. #25

    Nervous Newbie


    Join Date
    Apr 2018
    Posts
    3

    Default time to pay

    I used AML/ smartpay intermittently since 2012 and I have a considerable loan amount (6 figures), however i don’t recall receiving HMRC letters / queries for all years,

    do I declare all loans for open years,
    if so how do i confirm which years are open?

    or do i declare all loans regardless, gulp

    I'd like to arrange settlement and get this off my back, but obviously I don’t want to overpay when its not necessary.

    any advice would be greatly received, thanks in advance

  6. #26

    More time posting than coding


    Join Date
    Jan 2018
    Posts
    255

    Default

    Quote Originally Posted by Swan1e View Post
    I used AML/ smartpay intermittently since 2012 and I have a considerable loan amount (6 figures), however i don’t recall receiving HMRC letters / queries for all years,

    do I declare all loans for open years,
    if so how do i confirm which years are open?

    or do i declare all loans regardless, gulp

    I'd like to arrange settlement and get this off my back, but obviously I don’t want to overpay when its not necessary.

    any advice would be greatly received, thanks in advance
    Feel free to give me a call - probably easiest to discuss. Ill PM you my number and free tomorrow if helps (Mondays tend to be hectic so if anything would be preferable tomorrow)

    EDIT - your account wont accept PMs. I cant give out my number on here but a quick google should be enough for you to find me if you wish to chat

  7. #27

    Still gathering requirements...


    Join Date
    Apr 2018
    Posts
    27

    Default

    Is it £50 K before or after tax?

    And also it says based on the tax year 2018 - 2019? But the settlement is due to be paid before April 2019 - so how can the TTP be determined in time to allow people who are eligible to use it?

  8. #28

    Should post faster


    Join Date
    Jul 2018
    Posts
    152

    Default

    Quote Originally Posted by DOT COM View Post
    Is it £50 K before or after tax?

    And also it says based on the tax year 2018 - 2019? But the settlement is due to be paid before April 2019 - so how can the TTP be determined in time to allow people who are eligible to use it?
    Only from what I have read

    I would expect 50K before tax that is how earnings are measured normally.

    I think it would be a case of expected earnings based on current job etc. So long as HRMC are getting their money I doubt it will be an issue. They are getting interest on it anyway. Heard this from a tax advisor.

  9. #29

    Old Greg is my bitch

    administrator's Avatar
    Join Date
    Jun 2005
    Posts
    4,140

    Default

    Quote Originally Posted by Swan1e View Post
    I used AML/ smartpay intermittently since 2012 and I have a considerable loan amount (6 figures), however i don’t recall receiving HMRC letters / queries for all years,

    do I declare all loans for open years,
    if so how do i confirm which years are open?

    or do i declare all loans regardless, gulp

    I'd like to arrange settlement and get this off my back, but obviously I don’t want to overpay when its not necessary.

    any advice would be greatly received, thanks in advance
    PM rights granted.

  10. #30

    Nervous Newbie


    Join Date
    Feb 2018
    Posts
    1

    Default PM please

    Admin, can I please have PM?
    thanks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •