Could I end up paying HMRC the tax and being asked to pay my loan back? Could I end up paying HMRC the tax and being asked to pay my loan back? - Page 2
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  1. #11

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    Quote Originally Posted by Delendog View Post
    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 interest is at a rate that a person in the street could get on a loan I think you'd have an argument that the loan doesn't fall into the loan charge - did you talk this through with WTT or Phil.
    Thanks for your comment.
    I have a telephone consult booked with WTT next week and am waiting for a call back from Phil’s company. Apparently the rate of interest is higher than if it was a benefit in kind loan (not sure I’ve understood this correctly)
    I do have that evidence I made x3 payments of interest. Should I just send this evidence to HMRC, along with the loan agreement ? That way, they can decide if I owe them tax?
    Or is that a really naive thing to do?

  2. #12

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    Quote Originally Posted by ClareGunne View Post
    Thanks for your comment.
    I have a telephone consult booked with WTT next week and am waiting for a call back from Phil’s company. Apparently the rate of interest is higher than if it was a benefit in kind loan (not sure I’ve understood this correctly)
    I do have that evidence I made x3 payments of interest. Should I just send this evidence to HMRC, along with the loan agreement ? That way, they can decide if I owe them tax?
    Or is that a really naive thing to do?


    It’s 3.5 % plus official standard rate of interest ?

  3. #13

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    Quote Originally Posted by ClareGunne View Post
    It’s 3.5 % plus official standard rate of interest ?
    Do nothing until you have spoken to us.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

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