Poll: settling or paying the LC/fighting? Poll: settling or paying the LC/fighting? - Page 5

View Poll Results: What have you decided to do?

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

    21 51.22%
  • Pay the LC, then sit back and see what HMRC does

    3 7.32%
  • Pay the LC and fight

    3 7.32%
  • Can't afford to settle or pay the LC, no choice but to fight it

    12 29.27%
  • Bankruptcy probably

    2 4.88%
Page 5 of 5 FirstFirst ... 345
Posts 41 to 43 of 43
  1. #41

    Nervous Newbie


    Join Date
    Jun 2018
    Posts
    5

    Default Reporting Loans

    Quote Originally Posted by webberg View Post
    Did you read the above?

    You will NOT pay double.
    Sorry Webberg, I did read your response. What I meant is that by not settling (as I hadn't got all the info I needed at the time), I am going to have to pay the LC and from what I gather it's going to work out as nearly double the amount I would have paid under settlement (rough guess).

  2. #42

    More time posting than coding


    Join Date
    May 2014
    Posts
    394

    Default

    No reason why you can't ask to apply for settlement now. Don't just concede to the loan charge.

    Sent from my SM-N976B using Contractor UK Forum mobile app
    STRENGTH - "A river cuts through rock not because of its power, but its persistence"

  3. #43

    More time posting than coding


    Join Date
    Dec 2009
    Posts
    285

    Default

    Quote Originally Posted by Cookie123 View Post
    Sorry Webberg, I did read your response. What I meant is that by not settling (as I hadn't got all the info I needed at the time), I am going to have to pay the LC and from what I gather it's going to work out as nearly double the amount I would have paid under settlement (rough guess).
    I don't want to add to your woes but strictly speaking, as you've missed the LC deadline (30 Sept) for reporting loans, you could be liable to penalties. HMRC may be prepared to be lenient given that you are not living in the UK and the fact that you did approach them before the deadline.

    Disguised Remuneration | Tax Adviser

    "Individuals who have received a loan and have an outstanding amount subject to the charge will need to report the loan to HMRC before 1 October 2019 – if they do not, they will receive a £300 fixed penalty and further daily penalties (of up to £60 per day, for up to 90 days)."
    Last edited by DealorNoDeal; 10th October 2019 at 06:55.

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