Click below to download our latest newsletter.
In this issue…
CONTRACTORS URGED TO SEEK ADVICE ON LOAN SCHEMES
Contractors whose employers paid them through loans from offshore trusts are being urged to speak to HMRC as soon as possible or risk receiving huge tax bills.
Up to 50,000 contractors in the UK are believed to have benefited from the lower income tax rates applied under loan advances, instead of being paid salaries.
Those yet to have settled outstanding loans dating back to when the schemes irst arose in 1999 could be facing a hefty tax bill. Anyone who is affected by these loan arrangements will need to pay a loan charge to the Revenue on the outstanding balance by 5 April 2019.
