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Poll: settling or paying the LC/fighting?

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    #41
    Reporting Loans

    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).

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      #42
      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"

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        #43
        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; 10 October 2019, 06:55.
        Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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