Financial advisor required for Hmrc loan charge demand. Financial advisor required for Hmrc loan charge demand. - Page 2
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  1. #11

    Contractor Among Contractors

    DealorNoDeal's Avatar
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    Quote Originally Posted by landsendsolo View Post
    I had no earnings for 2018/19 so never put in a return but I was told by vanquish options to add a note to returns if I had any stating that the loans in questions had been settled.

    Funnily enough I have received a request from Hmrc in the last couple of weeks to submit a return for 2018/19.

    I've contacted Gilbert Tax for advice, waiting for one of their tax advisers to get back to me.
    I believe the deadline for submitting the return is 1 October 2020.

    You'll have to make a decision fairly soon. Your 3 choices are:

    (1) Press ahead with the Vanquish arrangement, and state on your return that the loans were repaid before 5 Apr 2019
    (2) Pay the loan charge. You can spread this across 3 tax years, and you can pay by installments over several years (time to pay)
    (3) Settle. You may be too late to do this but, if you would prefer to settle, it's worth asking. This would mean paying tax (+ interest) on the loans as though they were income in the years you received them. Like the loan charge, you can pay by installments over several years.

    If you decide to do (1), prepare yourself for a legal dispute because I can guarantee HMRC won't accept that the loans have been legitimately repaid. I don't know whether Vanquish are still around to defend the arrangement. You'd need to contact them about this.
    Last edited by DealorNoDeal; 17th July 2020 at 19:07.
    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

  2. #12

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    Quote Originally Posted by DealorNoDeal View Post
    I believe the deadline for submitting the return is 1 October 2020.

    You'll have to make a decision fairly soon. Your 3 choices are:

    (1) Press ahead with the Vanquish arrangement, and state on your return that the loans were repaid before 5 Apr 2019
    (2) Pay the loan charge. You can spread this across 3 tax years, and you can pay by installments over several years (time to pay)
    (3) Settle. You may be too late to do this but, if you would prefer to settle, it's worth asking. This would mean paying tax (+ interest) on the loans as though they were income in the years you received them. Like the loan charge, you can pay by installments over several years.

    If you decide to do (1), prepare yourself for a legal dispute because I can guarantee HMRC won't accept that the loans have been legitimately repaid. I don't know whether Vanquish are still around to defend the arrangement. You'd need to contact them about this.
    Thanks for the advice.

    Vanquish Options are liquidated according to companies House.

  3. #13

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    Quote Originally Posted by landsendsolo View Post
    Vanquish Options are liquidated according to companies House.
    This is standard modus operandi for tax schemes. Sell it and then exit the scene before the chickens come home to roost.
    Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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