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HMRC have extended the registration deadline of their contractor loan settlement opportunity.
Taxpayers now have until 30 June to notify the department that they wish to take part in the tax disclosure facility that was originally scheduled to close on 9 January.
A contractor loan scheme settlement is an arrangement in which a non-UK employer pays a worker untaxed income or a loan, instead of all or part of a salary. Individuals who take part in such a scheme may still have to pay income tax.
HMRC have extended the registration deadline of their contractor loan settlement opportunity.
Taxpayers now have until 30 June to notify the department that they wish to take part in the tax disclosure facility that was originally scheduled to close on 9 January.
A contractor loan scheme settlement is an arrangement in which a non-UK employer pays a worker untaxed income or a loan, instead of all or part of a salary. Individuals who take part in such a scheme may still have to pay income tax.
The Revenue launched its settlement opportunity last May, covering the tax years to 5 April 2011 and allowing affected taxpayers the chance to bring their affairs up to date without risk of serious reprisal.
Participants will be expected to make an agreement to settle their arrears no later than 30 September.
HMRC have published advice on areas that have been queried by taxpayers since the opportunity was introduced. Topics include inheritance tax rules and the possibility of making settlements in instalments.
