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Extended to four months for contractors who have used disguised remuneration loan schemes.
HMRC has extended the deadline to take advantage of a settlement opportunity by four months for contractors and others who have used disguised remuneration loan schemes. They must provide information to HMRC by 30 September.
A loan charge will apply to such schemes from April 2019. HMRC’s settlement facility opened in November 2017 with a registration and information deadline of 31 May for taxpayers wishing to settle these liabilities. However, in an update on 1 June, HMRC stated: ‘To start settling your tax affairs, you should register your interest with HMRC as soon as possible and provide all of the required information by 30 September 2018.’
If all the information is not received by that date, HMRC warns it may be unable to reach a settlement before the loan charge arises. The liability should be agreed and paid by 5 April 2019.
For details see here.
