David Pett (Temple Tax Chambers) looks at the information requirements and how the disguised remuneration rules apply to the loan charge, and to later steps, if no settlement of earlier liabilities has been made with HMRC.
By the time you read this article the ‘outstanding loan charge’ will except in the case of certain HMRC-approved fixed term loans have taken effect. This is notwithstanding the efforts of lobbying groups variously representing relatively lower paid contractors as well as employees directors and private company proprietors to convince government that the charge is ‘iniquitous’ and should be scrapped or at least limited to loans made since the ‘disguised remuneration’ (DR) legislation had effect in 2011. HMRC has now indicated that those who came forward before 5 April with a genuine intention to settle could by concession avoid the loan charge if settlement...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
David Pett (Temple Tax Chambers) looks at the information requirements and how the disguised remuneration rules apply to the loan charge, and to later steps, if no settlement of earlier liabilities has been made with HMRC.
By the time you read this article the ‘outstanding loan charge’ will except in the case of certain HMRC-approved fixed term loans have taken effect. This is notwithstanding the efforts of lobbying groups variously representing relatively lower paid contractors as well as employees directors and private company proprietors to convince government that the charge is ‘iniquitous’ and should be scrapped or at least limited to loans made since the ‘disguised remuneration’ (DR) legislation had effect in 2011. HMRC has now indicated that those who came forward before 5 April with a genuine intention to settle could by concession avoid the loan charge if settlement...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
