HMRC has issued a reminder to agents that where clients have not settled their disguised remuneration scheme, they are required to complete and submit an additional information return by 30 September 2019.
This requirement still applies despite the independent review of the loan charge.
Each scheme should be reported separately (note that monthly loans made under the same arrangement should be added together and reported as one for each tax year). The information to be reported includes:• the scheme name• the start and end dates of the schemes used• any HMRC case reference number• the Disclosure of Tax Avoidance Scheme number if there is one• the total loan amount in each tax year, including any amounts repaid or written off• any amounts of tax or National Insurance contributions already settled Penalties apply for late filing of returns and inaccurate returns.
Further details concerning the information return can be found in the Tax Faculty webinar Disguised remuneration, contractor loans and the 2019 charge. This is exclusive content for Tax Faculty members. To find out more about the other benefits of joining the Tax Faculty including the current offers available, see Join the Tax Faculty.