If you have used disguised remuneration schemes is this you?
Settle your tax affairs before loan charges come into effect in April 2019!
If you have used disguised remuneration tax avoidance schemes involving the use of loans, you will need to be aware that from 6 April 2019 new legislation comes into effect meaning that all loans outstanding at 5 April are swept up and taxed in the year 2018/19 as one payment. This may result in more tax being paid than if they had been taxed in the years of receipt and HMRC will also continue with their enquiries.
HMRC currently have a Settlement Opportunity for those affected and are encouraging people to come forward to settle their tax affairs before the charge comes into effect.
The time limit for registering an interest to settle and providing information to HMRC expired on 30 September, this doesn’t mean that you cannot now settle, HMRC will still talk to you but they can’t guarantee having all the paperwork completed before the loan charge comes into effect. So if you haven’t yet contacted them time is of the essence; the quicker you start talking to them the more likely it is that they will be able to deal with your settlement in time.
Click here to find out more information on the HMRC website.
Our tax team are currently dealing with the Settlement Opportunity and can help guide you through the process, so please contact us now to discuss how we can help you.