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  1. Replies
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    Settlement

    So I can understand there is no negotiation.

    But exactly how is settlement calculated. Fully understand how open/closed years are treated to get to a tax figure.

    What I then don't fully...
  2. Can you tell how they worked out the forward...

    Can you tell how they worked out the forward interest - for open years was it based on the tax due or the tax plus the late payment due?

    If you had closed year was forward interest applied on the...
  3. Replies
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    TTP and forward interest

    Can anyone please answer the following questions. I am after someone who has had direct experience of agreeing a TTP with HMRC recently who have open and closed years recently.

    1) Did HMRC apply...
  4. They will just apply the loan charge

    They will just apply the loan charge
  5. Replies
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    EM6250 - Enquiry Manual - HMRC internal manual -...

    EM6250 - Enquiry Manual - HMRC internal manual - GOV.UK
  6. Replies
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    TTP interest is the current 3.25% late payment...

    TTP interest is the current 3.25% late payment interest + the 1% forward interest = 4.25% total.
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    Graham I am surprised you have not heard of...

    Graham I am surprised you have not heard of forward tax, suggest you ask Tom to tell you. It is in HMRC manual and is an additional 1% applied to settlement TTP to cover as HMRC say "additional...
  8. Replies
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    the late payment interest is applied for...

    the late payment interest is applied for settlement to open years from the tax year until the settlement date. Then if you need TTP it is applied for the future period of the TTP (+1% forward...
  9. Replies
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    1,602

    Forward tax should only apply to the tax on TTP...

    Forward tax should only apply to the tax on TTP arrangements. Late payment tax is currently 3.25% - TTP adds 1% to this for the period of the TTP.
  10. Thread: BIG GROUP

    by Delendog
    Replies
    1,593
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    394,423

    Sticky: But HMRC have stated that the LC does not close...

    But HMRC have stated that the LC does not close open enquiries and they will look at the open years and if the tax due is greater than that paid on the LC they will come after you. If it is the...
  11. Replies
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    Action - Loan Charge Action Group...

    Action - Loan Charge Action Group

    I was prompted to join because HMRC are after £150K+ from me so I saw £150 as money well spent and is has and is being.
  12. Replies
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    LCAG have driven the LC being challenged in...

    LCAG have driven the LC being challenged in Parliament all the press articles the setting up of the APPG against the LC the EDM - the list goes on. Surprised to be honest that you need to ask the...
  13. Thread: BIG GROUP

    by Delendog
    Replies
    1,593
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    394,423

    Sticky: It is 100% run by volunteers - I don't believe...

    It is 100% run by volunteers - I don't believe they have a contact number . You can contact via the website

    Contact LCAG - Loan Charge Action Group
  14. Replies
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    If you don't organise TTP with a settlement you...

    If you don't organise TTP with a settlement you have to pay it all .
  15. Replies
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    TTP is taxed at 3.25% + 1% forward interest (HMRC...

    TTP is taxed at 3.25% + 1% forward interest (HMRC add for their increased risk!). So you can't get 3.25% under a TTP agreement.
  16. Replies
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    I receive settlement figures dated 28/1/19 and...

    I receive settlement figures dated 28/1/19 and yes interest was applied to 30/9/18.
  17. Replies
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    It suited the "elite" for this whole area of...

    It suited the "elite" for this whole area of "wealth management" to be largely unregulated. What they (Gov/HMRC) don't like is that some of these schemes became mainstream and the "ordinary" person...
  18. Replies
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    I think all that was said before the below was...

    I think all that was said before the below was published - not sure if this changes anything.
    The Social Security (Contributions) (Amendment) Regulations 2019
  19. Sticky: Ouch :happy

    Ouch :happy
  20. Sticky: Hey Kojak does Contractor1996 IP address come...

    Hey Kojak does Contractor1996 IP address come from a HMRC office anywhere - highly suspicious postings......
  21. I believe he said those that declared loans on...

    I believe he said those that declared loans on their returns.
  22. The clowns will hit you with the loan charge for...

    The clowns will hit you with the loan charge for the closed years.
  23. If you are paying interest on this loan to the...

    If you are paying interest on this loan to the loan provider, what rate of interest are you paying can you prove you made interest payments from your own bank etc - if you can show that and show that...
  24. Replies
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    The letter was just that a letter. If I was you...

    The letter was just that a letter. If I was you i'd not respond at all. The LC loans do not have to be declared until Sept 2019 -so wait until then and hope the rule my get changed. You could join...
  25. I thought subsistence could be claimed normally...

    I thought subsistence could be claimed normally based on hours away 1, meal £5 two meals £10?
  26. Can anyone answer this, do HMRC try and get the...

    Can anyone answer this, do HMRC try and get the money from the employer that it has stopped completing liquidation OR do they come straight for the employee?
  27. what happens if the employer filed for voluntary...

    what happens if the employer filed for voluntary liquidation but has been stopped completing it by claims from HMRC?
  28. Replies
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    Sticky: Sounds like the same one i used. I am requesting...

    Sounds like the same one i used. I am requesting settlement figures from HMRC - don;t have to sign it but it leaves options open. Have you asked the provider if they will pay your tax if they are...
  29. Regarding making a large pension contribution -...

    Regarding making a large pension contribution - if you do then I'd expect HMRC will not give you a TTP for what remains. If years are open HMRC will come back for the difference.

    A question I...
  30. Replies
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    HMRC/Stride did not saying that repaying the loan...

    HMRC/Stride did not saying that repaying the loan cleared up the tax position. He said repaying the loan removes the 2019 LC,nothing else.
  31. and HMRC will ask for evidence of loan repayments...

    and HMRC will ask for evidence of loan repayments and you actually paying interest not just a document
  32. Replies
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    They will still apply BUT for those with closed...

    They will still apply BUT for those with closed years the LC is the only way HMRC can target those loans. Without the LC closed years remain closed.
  33. If I was you I'd declare the loan on your 2017/18...

    If I was you I'd declare the loan on your 2017/18 self assessment (amend it if done already) - you will be taxed on it at your nominal rate. As you have left the scheme now then either get the...
  34. Can you prove to HMRC you are repaying it with...

    Can you prove to HMRC you are repaying it with interest. Also note the £10K annual limit so if you are paid min wage +£10k loan - is your total annual earnings within that? I doubt it.
  35. Believe us we have heard all this before it will...

    Believe us we have heard all this before it will not work. Even if it did eventually HMRC will come and get you like they are now going back 20 years. The only way to accept something is legit to...
  36. 1) Get out of it ASAP - Go soletrader or set up...

    1) Get out of it ASAP - Go soletrader or set up your own ltd.
    2) HMRC will consider it is under the loan charge. Ask your provider for HMRC written specific confirmation that it is not hit by the...
  37. Replies
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    What would it take for HMRC to extend the APN...

    What would it take for HMRC to extend the APN rules to the LC?
  38. Or you have just received the mail shot because...

    Or you have just received the mail shot because you are on a big list of "bad" people!
  39. I don't believe this is true. I think HMRC asked...

    I don't believe this is true. I think HMRC asked to see someones will in the investigation of a scheme that said loans were repayable on death. Wills would not need to name HMRC as a beneficiary...
  40. Thread: Time to Pay

    by Delendog
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    Sticky: Thanks but that hasn't answered my specific...

    Thanks but that hasn't answered my specific question - anyone know the actual detail?

    Thanks
  41. Thread: Time to Pay

    by Delendog
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    13,162

    Sticky: A question regarding TTP. If you agree a 5...

    A question regarding TTP.

    If you agree a 5 year TTP then that also included a level of interest applied to the TTP.

    Is that fixed for the TTP duration OR does it get adjusted with the Bank base...
  42. Thread: Time to Pay

    by Delendog
    Replies
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    13,162

    Sticky: Calculation for TTP is:- 5,000.00 amount of...

    Calculation for TTP is:-
    5,000.00 amount of interest due on 50K for 5 years 50000*((3%+1%)*(60/12)/2)
    55,000.00 Total due TTP
    916.67 60 payments

    TTP interest is the standard 3% + a 1%...
  43. Replies
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    Sticky: I think the only option they can really look at...

    I think the only option they can really look at is looking at the totals for the LC and open years. If open years is more than the LC then they may apply a charge. In reality this means that anyone...
  44. Replies
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    Sticky: How will HMRC calculate it if you have a mixture...

    How will HMRC calculate it if you have a mixture of open and closed years, the LC could be taxed at 45% taking all loans into account - how will HMRC work out what LC taxed amount gets allocated to...
  45. Replies
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    Sticky: You should spend a bit of time reading and...

    You should spend a bit of time reading and researching for yourself.

    The LC is a charge in this tax year as if all the loans from 1999 were income in this single tax year. The income being the...
  46. Thread: Time to Pay

    by Delendog
    Replies
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    13,162

    Sticky: What about if you settled open years and left...

    What about if you settled open years and left closed for the loan charge, any views?
  47. Replies
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    Sticky: I believe you have crossed wires the poster is...

    I believe you have crossed wires the poster is saying there is no law saying you have to declare loans until the 2019 loan charge states.
  48. If you settle the LC does not apply so you would...

    If you settle the LC does not apply so you would get the 5 years - this is a clever nudge though as you would also need to settle any closed years.

    I think they will also have to apply the same...
  49. answer

    No one can answer this based on this information. For the settlement you need to add the value of the loans in each tax year to other income and then work out any interest due. For the LC it is...
  50. Replies
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    Sticky: It is up to you to provide all loan information...

    It is up to you to provide all loan information by 30th September - read the HMRC document. LC does not apply if you have agreed settlement by April 2019 - unknown if this will change - I'd expect it...
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