Have you or your Employer set up or been involved with an Employee Benefit Trust?
Are you aware that the new Loan Charge comes into effect shortly?
This charge is due where the employment related Trust has made a loan to an individual at any time after April 1999. The individual is required to disclose the details of that loan to HM Revenue & Customs before 10 October 2019. This is true even if you are registered for self-assessment.
Significant penalties will be levied if the time limits are not adhered to and it is important to note that the responsibility of reporting lies with you, the individual, not the Employer or Trustees.
If you have been engaged with HM Revenue & Customs’ Settlement Regime, then you will have already settled the tax charge and so do not need to report again but this does not mean the loan has been paid off.
If you think that you may be caught by these rules, please get in touch.