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Self Assessment Tax Return 2018/19 and Loan Charge

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    #11
    Agreed and as indicated, there are boxes designed to take the loan data.

    These do not ask for "employer" because it's not relevant to HMRC's analysis.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

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      #12
      What are the obligations in relation to individuals that stopped using EBT / disguised remuneration schemes in the past and have since left contracting and been on PAYE?

      I stopped contracting in 2015 and have been on PAYE since then.

      Do I need to submit a SATR by jan 31st 2020 even though I've been on PAYE since 2015?

      My historical loans have already been declared as part of the July 2019 HMRC deadline with a view to seek settlement calculations. Therefore in my view HMRC already have the historical outstanding loans figures.

      Any advise welcone

      Comment


        #13
        Also, newbie caught in the Loan Charge mess.

        I have declared my loans as taxable income for the 2015/16 and 2016/2017 tax years and promptly received the tax calculation i owe including penalties and interest (absolute sickener).

        My question is do i pay and that is the end of it... or do i still need to declare these loans using report and accounting for your disguised remuneration loan charge document?

        Comment


          #14
          Originally posted by Red1 View Post
          Also, newbie caught in the Loan Charge mess.

          I have declared my loans as taxable income for the 2015/16 and 2016/2017 tax years and promptly received the tax calculation i owe including penalties and interest (absolute sickener).

          My question is do i pay and that is the end of it... or do i still need to declare these loans using report and accounting for your disguised remuneration loan charge document?
          Give us a rough figure ?


          Sent from my iPhone using Contractor UK Forum

          Comment


            #15
            Originally posted by Red1 View Post
            Also, newbie caught in the Loan Charge mess.

            I have declared my loans as taxable income for the 2015/16 and 2016/2017 tax years and promptly received the tax calculation i owe including penalties and interest (absolute sickener).

            My question is do i pay and that is the end of it... or do i still need to declare these loans using report and accounting for your disguised remuneration loan charge document?
            Have you joined LCAG or the LCAG judicial review? Might be worth it for you.

            Comment


              #16
              Originally posted by GhostofTarbera View Post
              Give us a rough figure ?


              Sent from my iPhone using Contractor UK Forum
              It's payable in a lump sum. But should it matter on the figure? My question is after I have settled the tax, do I still need to declare using the online form? Or do the HMRC see my admission that I collected income that was untaxed and want to settle with interest as enough and those years will be closed?

              Anyone had experience with anything like this?

              Comment


                #17
                Originally posted by dammit chloe View Post
                Have you joined LCAG or the LCAG judicial review? Might be worth it for you.
                Yes I Joined the LCAG, but my guest forum privaledges have been taken off me. Before I got the dreaded two brown envolopes

                Comment


                  #18
                  Originally posted by Red1 View Post
                  It's payable in a lump sum. But should it matter on the figure? My question is after I have settled the tax, do I still need to declare using the online form? Or do the HMRC see my admission that I collected income that was untaxed and want to settle with interest as enough and those years will be closed?

                  Anyone had experience with anything like this?
                  Yes we have seen this.

                  If you have settled the tax via a formal contract (you will know if you have signed one) or by withdrawing appeals against assessments (essentially agreeing HMRC's argument), then you are exempt from disclosing the loans in the 2018/19 SATR.

                  If you have yet to reach the stage of a formal, signed, agreement, then you should make a declaration on the 2018/19 SATR.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    #19
                    Originally posted by jrock View Post
                    What are the obligations in relation to individuals that stopped using EBT / disguised remuneration schemes in the past and have since left contracting and been on PAYE?

                    I stopped contracting in 2015 and have been on PAYE since then.

                    Do I need to submit a SATR by jan 31st 2020 even though I've been on PAYE since 2015?

                    My historical loans have already been declared as part of the July 2019 HMRC deadline with a view to seek settlement calculations. Therefore in my view HMRC already have the historical outstanding loans figures.

                    Any advise welcone
                    You still need to disclose.
                    Best Forum Adviser & Forum Personality of the Year 2018.

                    (No, me neither).

                    Comment


                      #20
                      Originally posted by Red1 View Post
                      Yes I Joined the LCAG, but my guest forum privaledges have been taken off me. Before I got the dreaded two brown envolopes
                      Guest access to the forum is only free for 2 weeks, so you must have chosen not to pay up to full membership. You can still do this if you want.
                      STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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