Ostrich Ostrich
Posts 1 to 3 of 3

Thread: Ostrich

  1. #1

    Nervous Newbie


    Join Date
    Mar 2017
    Posts
    5

    Default Ostrich

    Hi all

    I probably qualify as the most ostrich like person here. I was a member of Montpelier’s scheme for 2008/9, HMRC told me it was being looked into in 2012 and I’ve only just got around doing anything about it. I’ve missed the boat on registering for settlement in April 2018. I have the July letter from HMRC about telling them about my outstanding loans and paying the loan charge.

    I’m thinking of doing what they are asking for, i.e. filling in the online form to report my disguised remuneration. (I haven’t got all the information I need, I’ll have to cobble it together somehow but I think making a report before 1 Oct and then making any corrections later after getting information from Montpelier is better than missing the deadline.)

    I’m wondering about joining LCAG and their JR. Any views? And I presume I should still report to HMRC?

    Also wondering about approximate liability. Is it right that HMRC will calculate tax and NICs on the loan plus any other income for this year (and add interest and penalties if appropriate) and that is all? (Asking because I’ve read here about some IHT charge).

    Thanks for your thoughts.

  2. #2

    I Am Legend


    Join Date
    Aug 2006
    Posts
    104,230

    Default

    I doubt you are the last. I think there are still a few with mental health issues who are still not facing up to reality.

    I think you need an adviser.

    I have PMed you.

  3. #3

    Still gathering requirements...


    Join Date
    Dec 2010
    Posts
    70

    Default

    Quote Originally Posted by Ark View Post
    Hi all

    I probably qualify as the most ostrich like person here. I was a member of Montpelier’s scheme for 2008/9, HMRC told me it was being looked into in 2012 and I’ve only just got around doing anything about it. I’ve missed the boat on registering for settlement in April 2018. I have the July letter from HMRC about telling them about my outstanding loans and paying the loan charge.

    I’m thinking of doing what they are asking for, i.e. filling in the online form to report my disguised remuneration. (I haven’t got all the information I need, I’ll have to cobble it together somehow but I think making a report before 1 Oct and then making any corrections later after getting information from Montpelier is better than missing the deadline.)

    I’m wondering about joining LCAG and their JR. Any views? And I presume I should still report to HMRC?

    Also wondering about approximate liability. Is it right that HMRC will calculate tax and NICs on the loan plus any other income for this year (and add interest and penalties if appropriate) and that is all? (Asking because I’ve read here about some IHT charge).

    Thanks for your thoughts.
    Yes join LCAG 100%

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •