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Can you still accept settlement offer after the 30days notice period?

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    #11
    Originally posted by webberg View Post
    Yes.
    Thanks webberg, if just open years, would certainly make it cheaper for me.

    I've not read anywhere or heard from anyone until know that you can settle on just open years.

    What will the clowns do with the closed years then?

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      #12
      Originally posted by EBTContractor View Post
      Thanks webberg, if just open years, would certainly make it cheaper for me.

      I've not read anywhere or heard from anyone until know that you can settle on just open years.

      What will the clowns do with the closed years then?
      The clowns will hit you with the loan charge for the closed years.

      Comment


        #13
        Originally posted by Delendog View Post
        The clowns will hit you with the loan charge for the closed years.
        Let's hope this loan charge and its retrospective b0ll0cks go away. If not they can go swivel.

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          #14
          Agree with all of the above.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            #15
            Originally posted by webberg View Post
            The phrase "open" is one we use. HMRC refer to "protected" and "unprotected" years.

            A protected year is open.

            AN unprotected year is closed.

            A year is open/protected if:

            A valid enquiry notice has been issued, i.e. made within time - usually 12 months from submission of a tax return.

            A discovery assessment has been made. Usually within 4 years of the year end. HMRC may argue that this could be 6 years although we have seen only one of those.

            HMRC claim that sending a COP8 pamphlet is opening an enquiry. We disagree. Until this morning I would have said that this matter remains undecided. This morning however we had a settlement calculation in which we argued that COP8 was not sufficient notice. The settlement regards the years as closed.

            Now that is either an error on HMRC's part, an admission that we are right or a practical means of getting a settlement over the line. Anything other than an error is a win (and �20k less for the client).
            Having just received my calculation from HMRC for 2009 and 2010, they refer to both protected and unprotected years

            Should I have been notified previously if one of my years was protected as I was expecting both years to be closed?

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              #16
              Quick sanity check on this one. I didn't end up accepting the settlement offer, yet. But i'm now thinking there's no rush in my case.

              - All loans in one tax year, 2008/2009.
              - Is a closed year. No open enquiries.

              It seems to me that a Settlement taxes it as if the income arose in 2008/09 and the Loan Charge taxes it as if the income arose in 2018/19. So ignoring any difference in my other earnings in 2008/09 vs 2018/19, then my Loan Charge should be the same value as my Settlement figure? Is that right?

              Is there anything else I'm missing?

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                #17
                Pension Offset

                For the LC , you can make a pension contribution to offset some or all of the tax due, you cannot do this for settlement.

                Comment


                  #18
                  You can't get the loan written off when paying the loan charge. If it's the same cost to you, you would be better to do it in a manner that allows the loan to be written when you wish.

                  With a DR loan, you'll become a cash cow for any Government that needs a cash boost. Imagine a Loan Charge in 2020 because you still haven't paid the loan off...

                  Sounds ridiculous but so does paying retro tax without legal precedence, paying IHT on salary, settling in full and then getting asked for more tax in the form of increased Corp Tax... the list of ridiculous actualities is ever growing.

                  NOTHING IS BEYOND THIS CORRUPT ORGANISATION.

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                    #19
                    Originally posted by blueswiry View Post
                    Having just received my calculation from HMRC for 2009 and 2010, they refer to both protected and unprotected years

                    Should I have been notified previously if one of my years was protected as I was expecting both years to be closed?
                    Yes, you should have had an enquiry notice.

                    If you have not, then it is closed.

                    If you doubt you have, ask HMRC to prove they sent it to the right place at the right time.
                    Best Forum Adviser & Forum Personality of the Year 2018.

                    (No, me neither).

                    Comment


                      #20
                      Originally posted by Whysoserious View Post
                      You can't get the loan written off when paying the loan charge. If it's the same cost to you, you would be better to do it in a manner that allows the loan to be written when you wish.
                      Ah, bummer. Def want to get loans written off and have closure. I was hoping I could take my time and see what the Lord's review said, but that doesn't really give any time to accept settlement afterwards.

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