SmartPay Loan Payments

[malvolio]

No one seems to have picked up on the fact that HMRC is seemingly trying to "nudge" the OP into misclassyfing loans as income on his SATR (which would result in the OP paying tax NOT due), without backing this by statute.
Sounds like a good old con to us, in line with the "maximizing the amout of tax collected" business plan. Quite amazing.

HMRC's view is that it may be a loan but you get the benefit of it, in that you can spend the loan to pay your bills, so it should be treated as gross income as far as your SAR is concerned. To be fair, it doesn't need any statute support, the law is already quite clear on what constitutes taxable income: the argument is if a loan such as these falls under that heading. There are many opinions on that...

[andyc2000]

Oh dear

I got a loan to pay off some of my APN (essentially a bill), so is hector now going to treat that as income and expect it to be taxed accordingly?

[DotasScandal]

I got a loan to pay off some of my APN (essentially a bill), so is hector now going to treat that as income and expect it to be taxed accordingly?

No. Apples and oranges.

[malvolio]

No. Apples and oranges.

Agreed. That's why I was careful to say "loans such as these".

[jbryce]

Just join Big Group

You're not going to find an answer on these forums. Join the Big Group.