How Soon Do HMRC Want The Money How Soon Do HMRC Want The Money
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    Default How Soon Do HMRC Want The Money

    Having agreed to settled and sent all the necessary stuff to them by the deadline, just wondering if anyone has any idea when HMRC are going to want the dosh?

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    Quote Originally Posted by InNZ View Post
    Having agreed to settled and sent all the necessary stuff to them by the deadline, just wondering if anyone has any idea when HMRC are going to want the dosh?

    My TA told me it'll take a couple of months after agreeing to settle, before I recieve HMRCs calcuations. Then my TA will check, and send them back. Then a couple of months after you'll get your bill. Then you have 30 days to pay (or I guess, sort TTP / Time To Pay).

    I believe interest is being added on while you sit and wait for them.

    Are you using a Tax Adviser?

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    I got my final "Settlement Deed" in the post last week. This is the contract that I need to sign, and have witness sign too, before sending to HMRC to sign. You get one month to sign and return the Deed, and there is a deadline date in the paperwork for this to happen. The paperwork says that if it is not signed by this date, then your opportunity to settle is withdrawn and the Loan Charge will be applied. Thereafter the Deed states I have 30 days from the date at which you sign, to pay the tax.

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    Quote Originally Posted by here4beer View Post

    Are you using a Tax Adviser?
    I am using a TA. When I asked them the same question I got the reply "I would expect several weeks/months before any payment would be made."

    Was hoping someone might have a more definitive answer.

    Heyho

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    By the time they had sent me the settlement deed the date stated only gave me about a week to sign, it also said the payment was due by certain date. There was a delay in the process and I had previous written conf from them that if late it would not affect settlement or the amount owed as the delay was caused by the revenue. This was all related to the settlement prior to 5th apr and loan charge legalisation starting, from what I gather the wording for settlement may be slightly different now... I believe you get 30 days to pay once they send acceptance letters as this is shown on the payslips that come through. I actually rec. these after I had paid!

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    Does anyone rec a confirmation that payment is received and processed, and prev enquires are closed? I expect that would be too much to ask from HMRC!

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    Quote Originally Posted by InNZ View Post
    I am using a TA. When I asked them the same question I got the reply "I would expect several weeks/months before any payment would be made."

    Was hoping someone might have a more definitive answer.

    Heyho
    There is no definitive answer for how long it takes them to process each stage, as it depends on backlog and case complexity etc. However, as I outlined above (and in here4beer's post), the final stage is quite definitive. As soon as they issue your Deed you're on the clock. 30 days to sign, and 30 days from signature to payment deadline. Note that the Deed is not the same thing as the earlier settlement agreement paperwork.

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    Quote Originally Posted by Iter View Post
    Does anyone rec a confirmation that payment is received and processed, and prev enquires are closed? I expect that would be too much to ask from HMRC!
    The signed deed is that confirmation, as the contract wording states that it is the full and final settlement of tax iro the loans in question, and confirms that LC won't apply.

    That said, did they send you back a countersigned copy?

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    Default How Soon Do HMRC Want The Money

    Not yet... the deed is in relation to the loan schemes mentioned and quite rightly loan charge would not apply, but technically the outstanding enquiries are still open until told otherwise. Guess the process of closing the enquiries is just a formality once they are happy tax is paid.

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    So you have 30 days to sort a Time To Pay option? Or this needs to be done before this point? thanks

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