HM Revenue & Customs (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. Information must be provided to HMRC by 30 September.
It is worth noting that from April 2019 a loan charge will apply to such schemes. HMRC has warned that if the information has not been received by 30 September 2018 it may not be possible to reach a settlement before the loan charge arises. The liability should be agreed and paid by 5 April 2019.
If you would like to discuss this settlement opportunity, please contact our corporate tax team on 01788 539000.