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  1. Replies
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    2,085

    Ok thanks - so it is also a way for HMRC to issue...

    Ok thanks - so it is also a way for HMRC to issue an APN when a scheme isn't DOTAS, under GAAR can an APN be issued on a closed year?
  2. Replies
    17
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    2,085

    So does this mean that HMRC don't see these...

    So does this mean that HMRC don't see these schemes as being caught by the Loan Charge?
  3. Replies
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    2,620

    Or ten working months............

    Or ten working months............
  4. the commercial loan you have received what is the...

    the commercial loan you have received what is the interest rate can you prove you are making payments from your bank account and they are not just being returned to you etc etc
  5. Replies
    3
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    665

    If only this was the only thing that "was wrong".

    If only this was the only thing that "was wrong".
  6. Replies
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    665

    It is applied to the loan values in each year.

    It is applied to the loan values in each year.
  7. Replies
    45
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    6,141

    Employed

    Employed
  8. Replies
    45
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    6,141

    In my case they found a complaint in my favor...

    In my case they found a complaint in my favor promised to respond to all my queries within 10 working days and actually followed up and responded. They agreed with my calculation of tax which I'd...
  9. Replies
    45
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    6,141

    Put a complaint in to HMRC about their lack of...

    Put a complaint in to HMRC about their lack of response.
  10. Replies
    15
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    1,941

    Hi can you explain what they refer as a windfall?...

    Hi can you explain what they refer as a windfall? Thanks
  11. Replies
    9
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    1,031

    They probably want you to offer more!

    They probably want you to offer more!
  12. Replies
    26
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    4,023

    I agree with Phil here. At best a cash flow...

    I agree with Phil here. At best a cash flow advantage is being used to cover their position in my opinion hen HMRC come knocking. Looking at the HR website they are also charging 5% of loan value -...
  13. Replies
    95
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    18,676

    Yes this seriously needs to be done. We all know...

    Yes this seriously needs to be done. We all know that HMRC/MP's and the Courts appear to be judging "loans" using today's standards of avoidance perception so why would that also not apply against...
  14. Suggest you look here, this may give you what you...

    Suggest you look here, this may give you what you need at zero cost:-

    Letter from Gladstone's Solicitors regarding Felicitas and contractor loans - ETC Tax
  15. It means they will not charge interest on the tax...

    It means they will not charge interest on the tax due from 31/1/20 until the new September date.
  16. The above means run away............

    The above means run away............
  17. Replies
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    12,087

    Yes and the link it has if followed has no...

    Yes and the link it has if followed has no mention of forward interest that I could see:-

    Interest rates for late and early payments - GOV.UK
  18. Replies
    68
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    12,087

    100% agree but it looks as if forward interest is...

    100% agree but it looks as if forward interest is not charged for TTP on the LC.
  19. Replies
    68
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    12,087

    If you follow through from your link above and...

    If you follow through from your link above and get to the paying debt you find the below with a link - there is no mention anywhere of forward interest being applied (that I could see).

    Find out...
  20. Replies
    68
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    12,087

    also looks as if forward interest has been...

    also looks as if forward interest has been dropped.
  21. revise the submitted one

    revise the submitted one
  22. May I ask why you are completing your return...

    May I ask why you are completing your return ahead of the LC Review outcome being known?
  23. It would be wise to get insurance now. Remember...

    It would be wise to get insurance now. Remember when Treasury was talking about IR35 and 2020 Stride said that people would not be looked at retrospectively. So now it looks as if they are going...
  24. The 20 is the interest on the open years you have...

    The 20 is the interest on the open years you have said is due in your example. The 5/2 is the 5 years it is divided by 2 to create the correct interest over 5 years as the debt starts at the maximum...
  25. Your calculation is wrong TTP FI will be...

    Your calculation is wrong

    TTP FI will be (40+20)*4.25%*(5/2)=6.375K

    Monthly = (60+40+20+6.375)/60 = £2106.25

    HMRC have not communicated that FI is not payable on the TTP for closed years BUT...
  26. Replies
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    5,063

    When I called the official settlement help line...

    When I called the official settlement help line the agent didn't even know what Time to Pay was - help line really!
  27. Replies
    4
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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...
  28. 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...
  29. Replies
    4
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    3,427

    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...
  30. They will just apply the loan charge

    They will just apply the loan charge
  31. Replies
    10
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    2,213

    EM6250 - Enquiry Manual - HMRC internal manual -...

    EM6250 - Enquiry Manual - HMRC internal manual - GOV.UK
  32. Replies
    10
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    2,213

    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.
  33. Replies
    10
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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...
  34. 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...
  35. Replies
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    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.
  36. Thread: BIG GROUP

    by Delendog
    Replies
    1,611
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    453,724

    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...
  37. 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.
  38. Replies
    927
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    229,368

    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...
  39. Thread: BIG GROUP

    by Delendog
    Replies
    1,611
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    453,724

    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
  40. Replies
    142
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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 .
  41. 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.
  42. Replies
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    1,103

    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.
  43. Replies
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    4,833

    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...
  44. 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
  45. Ouch :happy

    Ouch :happy
  46. Hey Kojak does Contractor1996 IP address come...

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

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

    The clowns will hit you with the loan charge for the closed years.
  49. 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...
  50. 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...
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