Poll: settling or paying the LC/fighting? Poll: settling or paying the LC/fighting? - Page 3

View Poll Results: What have you decided to do?

Voters
28. You may not vote on this poll
  • Settle

    16 57.14%
  • Pay the LC, then sit back and see what HMRC does

    3 10.71%
  • Pay the LC and fight

    0 0%
  • Can't afford to settle or pay the LC, no choice but to fight it

    8 28.57%
  • Bankruptcy probably

    1 3.57%
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Posts 21 to 28 of 28
  1. #21

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    Quote Originally Posted by headspin View Post
    I was only in 1 scheme for 9 months, that's it.
    Whether you were in one scheme for one day or 20 schemes a year for 15 years, makes no difference.

    Paying the loan charge DOES NOT agree your liability.

    If your year is under enquiry and the loan charge collapses under the weight of pressure tomorrow, you STILL have to settle that open year.
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  2. #22

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    Quote Originally Posted by webberg View Post

    If your year is under enquiry and the loan charge collapses under the weight of pressure tomorrow, you STILL have to settle that open year.
    Say the planets align and the Loan Charge is overturned, is it possible that HMRC will open closed years up to investigation which will still need to be settled?

    I sent my settlement pack in May 2018 and still haven't heard a squeak from HMRC. I rang them approx 2 weeks ago chasing them and they have no record of me (I have a confirmation email of receipt regarding the settlement pack from HMRC - May 2018). They said they would escalate it to a senior level and get back to me ASAP. I still haven't heard anything. (call was recorded as proof)

    What are your thoughts on me being able to settle post the deadline if it appears HMRC are at fault? I want to buy some time before settling to see the result of Political pressure (LCAG etc) as I do not currently have any open years under investigation.

    Thanks in advanced.

  3. #23

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    Quote Originally Posted by TheKinked View Post
    Say the planets align and the Loan Charge is overturned, is it possible that HMRC will open closed years up to investigation which will still need to be settled?

    What are your thoughts on me being able to settle post the deadline if it appears HMRC are at fault? I want to buy some time before settling to see the result of Political pressure (LCAG etc) as I do not currently have any open years under investigation.

    Thanks in advanced.
    If the loan charge disappears then closed years can be opened only in accordance with the present law, which has time limits dependent upon circumstance. The law can be changed of course.

    The settlement deadline is interesting. Before reading the next piece just remember that I have no special knowledge of HMRC's planned actions here and have not spoken to them about it.

    Our best guess is that an extension to 30 Sep is not going to cause any issues. Beyond that it does as in theory the loan charge bites and taxpayers could find themselves fighting on two fronts. Worse HMRC would have to untangle that if the settlement continues.

    Hands up who thinks HMRC is capable of that?

    Nonetheless we see HMRC actively encouraging applications to settle and we think that they may continue until the steps of the Tribunal.

    The possible block to that is the need HMRC sees to divert staff to other projects and therefore the variously reported, 300, 400, 500 people currently doing settlement may be moved. Given that they are at least 12 to 16 weeks behind right now, I can't imagine losing most of their staff will allow them to catch up.
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  4. #24

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    Quote Originally Posted by TheKinked View Post
    ...is it possible that HMRC will open closed years up to investigation which will still need to be settled?
    If they could open those years, they would almost certainly have already done so.

    Which tax years are they?

  5. #25

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    Quote Originally Posted by webberg View Post
    If the loan charge disappears then closed years can be opened only in accordance with the present law, which has time limits dependent upon circumstance. The law can be changed of course.
    As we are unfortunately all to familiar with.. am I correct in saying closed years are 4 years post submission of tax return / self assessment?

    Thanks for getting back to me Webberg. 👍

  6. #26

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    Quote Originally Posted by stonehenge View Post
    If they could open those years, they would almost certainly have already done so.

    Which tax years are they?

    Am I correct in saying these would now be closed if no investigation has been opened:
    April 2013-2014
    April 2014-2015

    And these are still at risk of being investigated until April 2020 to 2022?:
    April 2015-2016
    April 2016-2017
    April 2017-2018

    OR, do I need to add a year+ on for the possible investigation dates due to the fact the submissions were done a year+ after the tax year/s had finished?

  7. #27

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    Quote Originally Posted by TheKinked View Post
    Am I correct in saying these would now be closed if no investigation has been opened: Yes
    April 2013-2014
    April 2014-2015

    And these are still at risk of being investigated until April 2020 to 2022?: Yes
    April 2015-2016
    April 2016-2017
    April 2017-2018

    OR, do I need to add a year+ on for the possible investigation dates due to the fact the submissions were done a year+ after the tax year/s had finished?
    The filing deadline is 31 Jan after the end of the tax year eg. 31 Jan 2017 for 2015/16.

    If you file late then I believe the window does get extended.

    I would expect HMRC to protect (investigate) these 3 years before you settle, so they can charge late payment interest on them.

  8. #28

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    Quote Originally Posted by stonehenge View Post
    The filing deadline is 31 Jan after the end of the tax year eg. 31 Jan 2017 for 2015/16.
    I didn't word my question very clearly but you answered with the 'Yes' which clarifies all.

    They are absolute crooks aren't they! Thanks for the help

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