Let Property Campaign - Interest

HMRC keep changing my figures

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For anyone who deals with HMRC on the let property campaign.

I have always used the HMRC 20-year calculator to calculate the interest to include on the settlement.  This has always been fine.

However, the last three I have submitted have been rejected as the interest figure is incorrect.  The interest figure that comes from their calculator!

Has anyone else encountered this?   Or even better does anyone know what I can use, outwith the HMRC calculator?

Thanks,

JC

Replies (14)

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By darren.austin
15th Nov 2023 16:04

I have had the same, despite using HMRC's calculator as well. The differences have been minimal and I have therefore gone with their amended numbers.

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Replying to darren.austin:
By JCresswellTax
15th Nov 2023 16:11

Yes and I will too. However, the procedure of having to re-file the disclosure on paper and have the client sign the form is time consuming and could be avoided if their calculator produced the correct figures!

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Replying to JCresswellTax:
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By rmillaree
15th Nov 2023 18:39

i was havinga right barny with hmrc officer this week who insisted it wasnt a stupid system to scrap calcs and start again when there is "differences of opinion" i said surely anything but this system would be much more effiicnet - practicably spekaing itys nonsenscial hmrc doent just ring up discuss issues they amend internaly and send out final stuff to sign off on. Current system is beyond maddening - i have never had to redo one - but latest one i sent has all then info but soem of thats in the notes box - so they will likely send out blank paper from to do it all over again with minor tweek - while we wait 2 months in the meantime.

crazy system

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Replying to JCresswellTax:
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By rmillaree
15th Nov 2023 18:43

how did you deal with the final accrued interest period when i did one recently the calculator seemed to stop short of todays date - could change in interesr rates very recently make a difference if you had to project to get up to date?

HMRC officer i was having a barny with (he was very polite i must admit - albeit stupid for depending such an inefficienmt system) did say that with minor differences on interest that should necessarily start the whoel thig from scratch - hmmmm whats minor here ?

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By ireallyshouldknowthisbut
15th Nov 2023 16:24

it does my head in too.

The *only* thing they care about is the interest comps. Rest of it, pfft.

Sometimes the 20 year calc is wrong anyhow as it assumes POA ..... when it does not always apply.

The worst bit is they often refuse to tell you what their numbers are and you have to drag it out of them. The concept of materiality seems not to apply.

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Replying to ireallyshouldknowthisbut:
By JCresswellTax
15th Nov 2023 16:34

It used to be such a smooth process, now it is a PITA!

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Replying to JCresswellTax:
By ireallyshouldknowthisbut
15th Nov 2023 16:45

JCresswellTax wrote:

It used to be such a smooth process, now it is a PITA!

They must waste so much time on this stuff. its not just our time being burned.

if they spent the same time having a once over of the underling figures as sanity check I would have no issue with it, but nope muck about with petty stuff instead.

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Replying to ireallyshouldknowthisbut:
By JCresswellTax
15th Nov 2023 16:51

Agreed. Do they ever do anything practical or efficient!

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Replying to ireallyshouldknowthisbut:
Tornado
By Tornado
16th Nov 2023 13:37

They must waste so much time on this stuff. its not just our time being burned.

The difference is that they have a bottomless money pit and can spend as long as they like on any matter ....... and we do not have a bottomless money pit.

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By Refs1
15th Nov 2023 21:17

Yes had similar issues.
Having a barny with HMRC re vat registration number at moment nothing gets better these days

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Ivor Windybottom
By Ivor Windybottom
20th Nov 2023 10:07

The point of the disclosure facility is to save HMRC time and to reach a quick settlement, yet HMRC seem to have no commerciality around the settlement position.

We've just had one rejected as we took into account about £100 of student loan repayment, which affected the interest charge by a tiny amount. If only they had some common sense we could have saved everyone more cost than the difference in tax.

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By Phil.Colver
24th Feb 2024 14:22

You have done well to get the calculator to actually work. I was receiving messages advising me to update Adobe and even then I wasn't able to enter the details of tax years and amounts due. Interest rates have changed quite frequently lately, so it took me quite some time to work out the interest for several years involved. Is anyone else having 'technical issues' with the calculator? A few years ago it used to work fine.

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Replying to Phil.Colver:
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By PepeTheBeanCounter
26th Feb 2024 16:25

Have you tried downloading the document to your computer, and then right-clicking on the file and opening with Adobe Reader?
It should work like an interactive form then.

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Replying to PepeTheBeanCounter:
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By rmillaree
26th Feb 2024 21:01

my go to fix is to open adobe first - then click on open file in adobe and then paste the address link into there on adobe and it opens up - probably same end result but thats another way that might work if anyone is still having issues.

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