1st october deadline

[Pigeon45]

Hi, I have not yet settled with HMRC, in fact so far they've only asked me to complete a tax return for one of the years (out of 4) I was paid with loans. However as it is the 1st tomorrow I am starting to panic a bit and wondering if I should submit my details to them online.

Can anyone offer any advice as to whether, at this stage there's any point in holding off informing HMRC about the loans?

[DealorNoDeal]

There are £penalties if you don't report all of the loans you received by the end of today.

[Willo76]

Hi, I have not yet settled with HMRC, in fact so far they've only asked me to complete a tax return for one of the years (out of 4) I was paid with loans. However as it is the 1st tomorrow I am starting to panic a bit and wondering if I should submit my details to them online.

Can anyone offer any advice as to whether, at this stage there's any point in holding off informing HMRC about the loans?

Hi Pigeon45,

I've had absolutely no contact from HMRC. Am I off their radar completely or just towards then end of the very long queue ? Do I keep my head down or face late disclosure penalties and/or the LC ??
However, I've been advised by my tax adviser to whom I pay for advice that I should declare by tonight. As sure as a bear sh*ts in the woods, HMRC will find you eventually and take you for what you've got. 7 suicides to-date won't put them off.

It's each individual's decision and not all of them are clear cut. Maybe flip a coin....

[lowpaidworker]

Hi Pigeon45,

I've had absolutely no contact from HMRC. Am I off their radar completely or just towards then end of the very long queue ? Do I keep my head down or face late disclosure penalties and/or the LC ??
However, I've been advised by my tax adviser to whom I pay for advice that I should declare by tonight. As sure as a bear sh*ts in the woods, HMRC will find you eventually and take you for what you've got. 7 suicides to-date won't put them off.

It's each individual's decision and not all of them are clear cut. Maybe flip a coin....

I've just submitted. I read on another thread a trusted advisor G Webber said you need to do this. I suggest everyone does or attempts it. I have sent them a letter advising that some of the numbers for the older years are pure estimates. I have statements for the ones I havent guessed at. I have been as honest and truthful as I can be I would happily swear to that in any court of law.

[Concernedlc]

There are £penalties if you don't report all of the loans you received by the end of today.

Penalties are for where Loans should have been reported but have not been.

[Pigeon45]

I've been told this (by my old umbrella...eeek)

"With regards to the deadline of 30th September, there is nothing for your to report as you have not received any loans that fall under disguised remuneration.

The 2019 loan charge relates to disguised remuneration loans issued to contractors. In other words, those that have come about due to an employed / self-employed relationship.
Any loans that you received were due to the fact that you were a beneficiary of the trust by virtue of a totally separate relationship, there was no employed or self-employed relationship with the Trust. Further to this, the Trust Deed actually excludes employees from becoming a beneficiary. The loans were not linked to disguised remuneration."

I've been paid little tax, that's undeniable, but is there any truth to the above statement?

[Iliketax]

I've been told this (by my old umbrella...eeek)

"With regards to the deadline of 30th September, there is nothing for your to report as you have not received any loans that fall under disguised remuneration.

The 2019 loan charge relates to disguised remuneration loans issued to contractors. In other words, those that have come about due to an employed / self-employed relationship.
Any loans that you received were due to the fact that you were a beneficiary of the trust by virtue of a totally separate relationship, there was no employed or self-employed relationship with the Trust. Further to this, the Trust Deed actually excludes employees from becoming a beneficiary. The loans were not linked to disguised remuneration."

I've been paid little tax, that's undeniable, but is there any truth to the above statement?

I have no idea what your facts are. But if your mum set up the trust it might be true.

I would be interested to know why the trust lent you the amount it did lend you? Why, for example, did you not borrow 1,000x what you actually borrowed?

[hudson]

If you are in the process of settlement, then does this count as disclosure?

Would I need to enter anything in the portal by tonight if I had already informed HMRC about ALL my loans and am in the process of settlement?

[Iter]

I've been told this (by my old umbrella...eeek)

"With regards to the deadline of 30th September, there is nothing for your to report as you have not received any loans that fall under disguised remuneration.

The 2019 loan charge relates to disguised remuneration loans issued to contractors. In other words, those that have come about due to an employed / self-employed relationship.
Any loans that you received were due to the fact that you were a beneficiary of the trust by virtue of a totally separate relationship, there was no employed or self-employed relationship with the Trust. Further to this, the Trust Deed actually excludes employees from becoming a beneficiary. The loans were not linked to disguised remuneration."

I've been paid little tax, that's undeniable, but is there any truth to the above statement?

I bet they would say that! This wouldn’t happen to be related to the scheme originally dreamed up by an ex porn star.

[Pigeon45]

I bet they would say that! This wouldn’t happen to be related to the scheme originally dreamed up by an ex porn star.

Well this has taken an interesting turn, not something i'm aware of.