Self Assessment Tax Return 2018/19 and Loan Charge

[jrock]

That advice seems a bit suss to me.

The fact that you've been an employee (PAYE) for several years makes no odds. There are people who left the country several years ago who are still required to report the loans on a SATR.

If you received loans* after Dec 2010, and you haven't already settled, then those loans are treated as additional income in 2018/19 under the LC. The loans have to be declared through SA.

Just because you haven't submitted a SATR for several years doesn't mean you don't need to if you receive other income besides your employment. (The loans are no different, in this respect, than income from BTL or interest on savings.)

* there may be an exception to this if the loans were made directly by your employer and not through a 3rd party like a Trust

Thankyou for your response.

It seems clear that a SATR is required (due to the loan charge) even though I've been PAYE for many years.

But havent HMRC stated that this can be done by 30th Sept rather than 30th Jan?

Obviously many things will be going on between now and 30th Sept and it's my hope that the whole thing will be scrapped before 30th Sept (fingers crossed)j

[NeedTheSunshine]

Thankyou for your response.

It seems clear that a SATR is required (due to the loan charge) even though I've been PAYE for many years.

But havent HMRC stated that this can be done by 30th Sept rather than 30th Jan?

Obviously many things will be going on between now and 30th Sept and it's my hope that the whole thing will be scrapped before 30th Sept (fingers crossed)j

We all hope that the whole thing will be scrapped. Realistically, I can't see it being scrapped before 30th September. Look how much effort and time it has taken to get this far. It's an impressive achievement and LC campaigners will carry on and achieve more. But realistically I can't see it being finished in 9 months.

[jrock]

We all hope that the whole thing will be scrapped. Realistically, I can't see it being scrapped before 30th September. Look how much effort and time it has taken to get this far. It's an impressive achievement and LC campaigners will carry on and achieve more. But realistically I can't see it being finished in 9 months.

I'm hopeful the retrospective element (pre 2017) will be removed by then. With the reestablisment of APPG in the new parliament and that MPs have a 2nd chance to amend Finance legislation via Bill's

[Lance]

I've been PAYE for many years and submit a SATR. I get an annual reminder to do so. I've never been self employed. Unless HMRC tell me to not submit a SATR in writing, I shall continue to do so. If you don't have any income that HMRC should know about that you haven't been correctly taxed on, and you are 100% sure about it, then no problem. Will HMRC agree with you?

I once had a letter from HMRC saying I don't need to submit a SATR. It was not correct as I was still obliged to do so (for reasons HMRC weren't aware of due to a change in circumstances). That letter is not necessarily the 'get out of jail card' that some think it is.

[philinlondon]

I submit a SATR every yr (as I run my own limited company) and I have declared my loans last yr. The question is, now we have an extended deadline for Sept, do I need to inform HMRC I am not submitting by the end of Jan as there are so many things to iron out?

[Iter]

I submit a SATR every yr (as I run my own limited company) and I have declared my loans last yr. The question is, now we have an extended deadline for Sept, do I need to inform HMRC I am not submitting by the end of Jan as there are so many things to iron out?

Loan disclosure deadline is now Sep so there’s no reason you can’t submit your normal SA without loan details by jan 31. The obligation to declare any other normal income and pay by 31/1 is still required. I’ve been told to do SA now and then allow for legalisation to be confirmed, then disclose if required by Sep.

[philinlondon]

Loan disclosure deadline is now Sep so there’s no reason you can’t submit your normal SA without loan details by jan 31. The obligation to declare any other normal income and pay by 31/1 is still required. I’ve been told to do SA now and then allow for legalisation to be confirmed, then disclose if required by Sep.

Amazing thank you for your answer, just for clarity if I do require to disclose in Sept (after I have submitted my SA), how do I do that? Submit a revised SA? Or is it another form of declaration?

[Delendog]

Amazing thank you for your answer, just for clarity if I do require to disclose in Sept (after I have submitted my SA), how do I do that? Submit a revised SA? Or is it another form of declaration?

revise the submitted one

[regron]

There is an option online to amend your SA

Amazing thank you for your answer, just for clarity if I do require to disclose in Sept (after I have submitted my SA), how do I do that? Submit a revised SA? Or is it another form of declaration?

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[TSMRTZ]

I may have missed it in the thread....my loans straddle the December 2010 cut off point (with no known open HMRC enquiries for the preceding years). Do I declare only the post December 2010 loans on my SATR?