The Low Incomes Tax Reform Group (LITRG) is concerned to learn of several issues, including some originating from HMRC, that meant people who were trying to agree loan charge settlements were unable to meet the recent deadline. It has led the tax campaign group to urge HMRC to use their powers to help people who tried to agree settlements but fell at the final hurdle.
As a consequence of the Morse review, taxpayers with pre 9 December 2010 loans will not have been affected by the recent 30 September 2020 loan charge deadline. This is because the review said that the loan charge should not apply to loans entered into before 9 December 2010. However, there may ...
LITRG is urging those affected by the loan charge not to leave it until the last minute to try and arrange a payment plan. Any loan amounts subject to the loan charge must be reported by 30 September – in addition, the loan charge and any other tax due, must also be paid by that date (or a payment ...
The Low Incomes Tax Reform Group (LITRG) is warning people that they have until next Wednesday (30) to meet their loan charge reporting and payment obligations. The tax campaign group is particularly urging anyone who has worked through 'umbrella' companies to double-check whether they are liable to the loan charge.
The loan charge is a tax charge that needs to be reported and paid by the 30 September 2020. If you worked through an umbrella company in the past, you may have been paid through arrangements that are caught by the loan charge – although you may not have realised this was the case. In this article ...
Given the current unprecedented jobs and income situation, it is likely that some people could now pay less loan charge by way of the three-year spreading provisions, because one of those three years will be 2020/21.