Paul Crichton
HMRC require you to register with them by 30 September 2018 to settle taxes due under the new rules for loan charges, on preferential terms, before the outstanding loan charge arises on 5 April 2019.
This new tax charge applies to any outstanding employment loans that exist as a result of a disguised remuneration tax avoidance scheme used by your employer such as those involving Employee Benefit Trusts (EBTs).
HMRC have now announced a spreading provision that will allow individual taxpayers with total income of no more than £50,000 in 2018/19 to spread the charge over 5 years.
If you would like to discuss these new rules please get in touch with one of our team.