Hello,
I have been send a tax return inquiry by HMRC (Section 9a). I was working with IQ contracts as my umbrella company from Jun 2014 to Mar 2015 (9 months). IQ contracts used the loan scheme to pay me. And HMRC now wants to inquire because they state that, i owe tax on loans received.
The total amount of loan incurred during the time was £27,500.
I have gone through many posts in this forum regarding same issue with no solution.
I would like to know -
1) How much tax i would have to pay on the £27,500 amount of loan? also how much penalty HMRC could issue on me?
2) If i could get a back dated letter from IQ stating that - I have left their company in march and the loan has been waived off. Then the loan becomes taxable for 2015-2016 year. So i still have time to pay tax on this amount and avoid any penalty by HMRC. Could this be a possible solution? Also if i have to pay tax then how much tax would i owe on £27,500 as a taxable loan?
Please advise.
Anwesha.
I have been send a tax return inquiry by HMRC (Section 9a). I was working with IQ contracts as my umbrella company from Jun 2014 to Mar 2015 (9 months). IQ contracts used the loan scheme to pay me. And HMRC now wants to inquire because they state that, i owe tax on loans received.
The total amount of loan incurred during the time was £27,500.
I have gone through many posts in this forum regarding same issue with no solution.
I would like to know -
1) How much tax i would have to pay on the £27,500 amount of loan? also how much penalty HMRC could issue on me?
2) If i could get a back dated letter from IQ stating that - I have left their company in march and the loan has been waived off. Then the loan becomes taxable for 2015-2016 year. So i still have time to pay tax on this amount and avoid any penalty by HMRC. Could this be a possible solution? Also if i have to pay tax then how much tax would i owe on £27,500 as a taxable loan?
Please advise.
Anwesha.
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