Loan Charge Causes "Widespread Anxiety and Distrust"

John Mann, Treasury sub-committee chair, speaking about the loan charge said:

“Setting aside the policy, HMRC’s administrative approach to the payment of large unexpected tax bills has been sensible. The delay, however, in clarifying payment terms for those wanting to settle their past use of such schemes has caused widespread anxiety and distrust.”

An HMRC spokesman said:

“We know that some people are facing large tax bills, often as a result of using tax-avoiding loan schemes over a number of years, so we have responded by providing affordable payment arrangements and enhanced practical support.”

In other words HMRC will not change their approach, until parliament steps in and eliminates the retrospective element of this issue.

Tax does have to be taxing.

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Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

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Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

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HMRC Fiasco Impacts Taxpayers

It seems that there has been a "glitch" within HMRC that has resulted in incorrect or missing self-assessment statements to taxpayers.

The problem has been flagged up by Moore Stephens and Blick Rothenberg. Both have a number of clients who have either not received their usual half-yearly statement, or who have received it but find it shows a zero balance even though payments were due. 

As a consequence, some taxpayers are likely not to make the outstanding payment they were expecting to in July, while others may be undercharged.  

This could lead to unexpectedly large tax bills and interest charges when they have to pay the full amount in January 2020. 

Nimesh Shah, a partner at Blick Rothenberg, is quoted by Money Observer: 

“Due to a system error, HMRC had not generated payments on account for 2018/19 for some taxpayers. A number of statements have been issued by HMRC that do not show anything actually due on 31 July 2019.”

HMRC has failed to correct the problem, even though it has known about the error for six months.

“If a person has received a statement which does not look correct and does not include second payment that they feel is due, they should contact HMRC immediately. Similarly, you may not receive a statement at all, so it’s worth double-checking.”

However, he adds, the safer approach is to make the payment you believe to be due and not necessarily rely on HMRC.

Read that piece of advice again, and learn it:

DO NOT RELY ON HMRC!

 
Moore Stephens warns that although HMRC has made clear that taxpayers who received incorrect statements or none in July will not face interest charges for underpayment or non-payment at that point, there is no leeway being offered when those taxpayers face a demand for the full tax payment in January, even though this may be the fault of HMRC. 

The official HMRC line is that it’s the individual’s responsibility to ensure that assessments are checked and correct.

To repeat:

DO NOT RELY ON HMRC!

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

HMRC Misses R&D Tax Relief Targets 95% of The Time

Research undertaken by Jumpstart, one of the UK’s leading R&D tax relief specialists, found there was a significant backlog of R&D tax claims which had resulted in delays processing tax rebate payments.


Jumpstart said currently SMEs claiming the relief are facing a wait of more than 90 days as HMRC is just beginning to administer applications made at the start of April 2019 – significantly later than the agency’s four week target.

The firm found that Research and Development Expenditure Credit (RDEC) claims for larger companies are experiencing even greater delays, with HMRC currently not processing any submitted after December 20 2018.

A spokesman for HMRC said it was “sorry” for the time taken and said it had hired additional staff to try to speed up the process.

HMRC’s practice notes for the R&D specialist units say an expected turnaround time should be around 28 days. According to the agency, these are not achieved in 95% of cases.

Outstanding!

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

Sajid Javid - The Expert on Tax Avoidance

I am glad to see that the new Chancellor of The Exchequer is an expert in tax avoidance.

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

HMRC's Move To India Delayed By Asbestos

In 2016 I wrote that HMRC had selected India Buildings as the preferred location for its new Liverpool home, leasing the majority of the office space within the 350,000 sq ft landmark property.

A loyal reader kindly pointed out that this move is now delayed, thanks to the discovery of asbestos.

I thought asbestos in buildings had long since been dealt with?

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

Taming The Tax Dictators - Australia Hates HMRC

#TamingTaxDictators @Jesse_Norman I suggest you watch this very carefully. #Australia are seeing @HMRCgovuk for the corrupt organisation that they are! Why are you so short sighted? How many more lives will it cost?@LCAG_2019 @keithmgordon @wealthagent @pmanley82 @AusTaxpayers pic.twitter.com/q6ASdWDnSL

— #STOPtheLoanCharge (@absmal1948) July 22, 2019

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"