Originally posted by keeno65
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Originally posted by starstruck View PostYou make no mention of the Loan Charge in your posts. Are you aware of this? .
It mentions changes to the loan charge in the letter, but I don't know exactly what the Loan Charge is?
It is charged on outstanding loans, but what is charged? a percentage? interest?
A clear to understand explanation would help, thank you.Comment
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Originally posted by keeno65 View PostHonestly, hopefully without somebody telling me I am stupid again, not exactly no.
It mentions changes to the loan charge in the letter, but I don't know exactly what the Loan Charge is?
It is charged on outstanding loans, but what is charged? a percentage? interest?
A clear to understand explanation would help, thank you.Last edited by starstruck; 5 August 2020, 20:02.Comment
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Originally posted by keeno65 View PostHonestly, hopefully without somebody telling me I am stupid again, not exactly no.
It mentions changes to the loan charge in the letter, but I don't know exactly what the Loan Charge is?
It is charged on outstanding loans, but what is charged? a percentage? interest?
A clear to understand explanation would help, thank you.
To complicate things a bit HMRC have offered to spread the outstanding loan balance over 3 tax years. So using the above this would mean for 2018/19 your earnings would be re-stated at 100k. (50k earnings plus 50k loan). Then for the next two tax years they add 50k to whatever you earnt and send you a tax bill.
Its worth reading through the link above mind you to get your own understanding as I am no tax advisor but just in the same messy boat.Comment
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