Please help. Settlement  or Loan Charge not sure what I need to do Please help. Settlement or Loan Charge not sure what I need to do
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  1. #1

    Nervous Newbie


    Join Date
    Sep 2018
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    3

    Default Please help. Settlement or Loan Charge not sure what I need to do

    Hoping somepne can help please.

    seriously confused, have been unable to face it. Loan charge.. settlement I'm still not really sure what its all about. Have been trying to speak to HMRC & reading info on the gov.uk website but am none the wiser.


    I had ~£85k of loans between 2015/16 - 2018/19. Registered interest in settling via email to HMRC Sept 2018- gave loan amounts at the time.


    Have been waiting for calculations for settlement and when I've called in the past they just said "if you've provided the figures we'll get back to you". In my mind I had provided the figures via email so thought I was ok. Turns out I was meant to fill out a form that was emailed to me and the operative on the phone a few days ago basically said it's too late.


    Now she says I could submit my 2018/2019 return and put all the loan details in it and I can elect to pay the outstanding tax by spreading the loan balance over the 2018/19, 2019/20, 2020/21years and pay tax accordingly. Does this sound right? I couldn't make heads or tails of the gov.k website. Is this the loan charge or a modified settlement??


    seriously confused and I know I'm leaving it late but have been unable to face it.

    any advice appreciated.

  2. #2

    bored now

    eek's Avatar
    Join Date
    Jun 2010
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    Default

    It's the loan charge -as you haven't settled prior to today you now need to pay it.
    merely at clientco for the entertainment

  3. #3

    Nervous Newbie


    Join Date
    Sep 2020
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    3

    Default I thought my 'Tax Advisor' was looking after it for me...

    Seems i was wrong! Called up HMRC yesterday to find nothing has been done. I also did not receive the last 3 letters they sent to me which I am sure would have been related to the settlement since my account, along with everyone else's, was 're-animated' on 20 May. I am having to declare the loans and wait to see if i get the extension i requested to start the settlement process. Would like to know what the chances are of an extension being granted due to them sending mail to the wrong address?

  4. #4

    Default

    im in the same situation. im a non uk resident and the letter hmrc sent me, RE the re settlement that was previously on hold due to the loan charge review, had failed to send and was returned to hmrc. hmrc did not retry or email me which they have as an approved method. now i have to decalre my loans and can no longer settle. very angry, i have filed a complaint with hmrc, the rep i spoke with agreed there were failures on the hmrc side but not sure what good that will do.

    did you get an extension for your filing?

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