I reluctantly registered interest in settlement under CLSO and provided details of 3 years' loans. HMRC has requested self assessment for a year when I received loans. Tax calculation has been completed but the return is not yet submitted.
Q. As I've already "declared" the loans via CLSO is it essential to also include details in the tax return? I am thinking to leave out the loan details from the return and wait for the total accumulated tax bill under CLSO for the affected tax years so that TPP would apply for the total amount, assuming I continue with CLSO rather than opt for the loan charge option.
Would appreciate any thoughts/ pitfalls etc thanks
Q. As I've already "declared" the loans via CLSO is it essential to also include details in the tax return? I am thinking to leave out the loan details from the return and wait for the total accumulated tax bill under CLSO for the affected tax years so that TPP would apply for the total amount, assuming I continue with CLSO rather than opt for the loan charge option.
Would appreciate any thoughts/ pitfalls etc thanks
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