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Last month we posted a blog about the deadline HMRC set for disguised remuneration schemes. Individuals are expected to provide all the relevant information to HMRC by 30 September 2018, and settle of preferential terms become the loan charge arises on 5 April 2019.
This tax charge applies to any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme such as those involving Employee Benefit Trusts (EBTs).
HMRC have announced that the charge can be spread allowing individuals with an income of under £50,000 to spread the cost of the charge over 5 years.
By contacting HMRC to settle your tax affairs now, you can obtain certainty of what you owe and if required, arrange a payment plan. If you require tax advice on the above matter please contact us on 01295 477 250 alternatively you can email [email protected]