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Where do I stand?
Key points
- If an individual has not settled with HMRC in respect of their participation in disguised remuneration arrangements they face the reporting deadline on 30 September 2019.
- Individuals subject to the loan charge must file a 2018-19 self-assessment tax return by 31 January 2020 and include any outstanding loans as at 5 April 2019. The standard time limit for notifying chargeability to HMRC is 5 October 2019.
- Time to pay arrangements are available for those unable to settle their full liability.
- Clients may face an unwelcome surprise if they believe making the company that set up a disguised remuneration arrangement insolvent will discourage HMRC from investigating the arrangements further.
Clients and their advisers may have heard the terms ‘disguised remuneration’ and ‘loan charge’ a lot in recent years. Disguised remuneration tax avoidance arrangements are those that HMRC believes seek to avoid income tax and National Insurance contributions by paying the users...
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