Loan Charge 30 Sept - Online Form

[SteveJo]

Guys

Just wanted to get help from people who have already filled the form for LC declaration before 30 sept 19.

Can you please provide the details of question being asked in the form.

I am little confusing whether to submit the declaration as what if the in the review LC gets scrapped or situation remain confusing as it is now and leave us all in limbo.

Filling the form means HMRC will have more than sufficient information to pursue at later stage regardless of LC position.
Chances are even after the review they will try to leave in confused state so many people submit their LC.

If LC get scraped will HMRC have sufficient time to rollback all the changes in SA?

If not then wouldn't that all who provided information on 30Sept will get enquiry for filing wrong tax return if they don't put LC details in SA.

[Dmac]

Guys

Just wanted to get help from people who have already filled the form for LC declaration before 30 sept 19.

Can you please provide the details of question being asked in the form.

I am little confusing whether to submit the declaration as what if the in the review LC gets scrapped or situation remain confusing as it is now and leave us all in limbo.

Filling the form means HMRC will have more than sufficient information to pursue at later stage regardless of LC position.
Chances are even after the review they will try to leave in confused state so many people submit their LC.

If LC get scraped will HMRC have sufficient time to rollback all the changes in SA?

If not then wouldn't that all who provided information on 30Sept will get enquiry for filing wrong tax return if they don't put LC details in SA.

No-one can advise you what to do in your scenario. I'd get some professional advice from a tax specialist (there are some on this forum). Why would you trust a bunch of people you don't know on a public forum to give you advice? You'll need to be quick though - you have about 5 days.

[Iter]

And if you don’t make the disclosure you could end up with penalties? Advisers have already said regardless of review the submission deadline should be adhered too. Tbh I don’t think the online form really is worth anything anyway certainly if LC was scrapped. In order for them to Perdue any tax charge they still require a SA.

[SteveJo]

And if you don’t make the disclosure you could end up with penalties? Advisers have already said regardless of review the submission deadline should be adhered too. Tbh I don’t think the online form really is worth anything anyway certainly if LC was scrapped. In order for them to Perdue any tax charge they still require a SA.

I have already shown my interest to settle on 28th Sept 2018 and have't heard anything from the busy HMRC.
?
I don't think I have to submit details right as per their guidelines published after review was announced. Isn't that correct?

[SteveJo]

No-one can advise you what to do in your scenario. I'd get some professional advice from a tax specialist (there are some on this forum). Why would you trust a bunch of people you don't know on a public forum to give you advice? You'll need to be quick though - you have about 5 days.

All I was after the details in the form to check how convoluted that online form is as we shouldn't be disclosing too much information than necessary.

[BrilloPad]

I have already shown my interest to settle on 28th Sept 2018 and have't heard anything from the busy HMRC.
?
I don't think I have to submit details right as per their guidelines published after review was announced. Isn't that correct?

My understanding is you do still need to submit.

[ChimpMaster]

My understanding is you do still need to submit.

My understanding is that you don't have to submit if you have already sent Settlement details. This is clearly mentioned in HMRC's guidance. However, some advisors are recommending to submit.

I am in CLSO2 negotiations and so am not reporting for Sept 30th. I have emailed HMRC and sent them a recorded letter to tell them this.

[SteveJo]

My understanding is you do still need to submit.

Thank BrilloPad,

However I kind of disagree with this.

HMRC has clearly stated that if the information was provided before april 19 then there is no need to submit if you are interested in settlement.
however if you are not keen to settle and want to take loan charge route then yes its medatory to report on 30 sept as that is what they will use to telly loan charge info in SA18-19. Thats my understanding

30 sept is for people who have not submitted any details and want to take loan charge route..
Correct if I am wrong

[Iter]

Loan Charge 30 Sept - Online Form

It is not 100% clear, I too originally registered an interest in settling back in may18 and sent details for 2 schemes. Since then though I settled one scheme and not proceeded with the other.... so they have the information but strictly speaking I guess I’m not actively engaged in settlement communications. I suppose I could just change my mind though but would that be good enough reason not to declare on the online disclosure!?

[WEBVAT]

Loan disclosure

It is not 100% clear, I too originally registered an interest in settling back in may18 and sent details for 2 schemes. Since then though I settled one scheme and not proceeded with the other.... so they have the information but strictly speaking I guess I’m not actively engaged in settlement communications. I suppose I could just change my mind though but would that be good enough reason not to declare on the online disclosure!?

I am also with the view, that if we disclose to much information to HMRC in the loan charge require, it will lead to enquiry from HMRC. I feel it is better to submit loans details only for the tax years they have opened a enquiry(like APN or discovery assessment) and leave the other years. Not sure this is right.
I am aware they have penalties.

Anyone in the same situation?