HMRC Loan charge discovery assessments

Disguised remuneration loan schemes were used to avoid paying Income Tax and National Insurance contributions.

Those classed as having a disguised remuneration loan, when they receive payments for work or services in the form of a loan or other form of credit in a way that they were unlikely to be repaid.

The Low Income Tax Reform Group (LITRG) have shared information on HMRC issuing discovery assessments to people who they believe should have submitted a 2018/19 tax return containing the loan charge and who either did not include it, or did not include it fully.

In their article they answer some of the questions those impacted may have if they have recently received such a letter.

PAYadvice.UK 19/11/2022

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