Yep another one - Target Umbrella / Redstone Services - HMRC letter

[NeedTheSunshine]

I've actually got a copy but probably more worrying is HMRC could or would happily say we got that wrong. Therefore I dont think it helps but then maybe a professional will say it does. Anyway onwards and upwards.

I thought that you have until September to declare the Loans on the SATR. It's all a confusing mess.

I'm surprised that you have seen a letter saying that the Loan Charge doesn't apply. Good that you have a copy.

Send a request for the same for you in writing via recorded delivery. Although I do agree with your worries about HMRC saying that they got it wrong.

[ladymuck]

I thought that you have until September to declare the Loans on the SATR. It's all a confusing mess.

I'm surprised that you have seen a letter saying that the Loan Charge doesn't apply. Good that you have a copy.

September? There is an earlier deadline after the financial year end for paper returns but that's 31 October. I think that used to be September but can't remember.

You wouldn't get more than a year to do your SATR, 10 months ought to be sufficient for most people.

[DealorNoDeal]

I've actually got a copy but probably more worrying is HMRC could or would happily say we got that wrong. Therefore I dont think it helps but then maybe a professional will say it does. Anyway onwards and upwards.

Sure, HMRC could later change their mind but it comes down to whether it was reasonable, at the time you filed your SATR, for you not to declare the loans.

Of course, your defence would be much more solid if you had a letter addressed to you.

[NeedTheSunshine]

September? There is an earlier deadline after the financial year end for paper returns but that's 31 October. I think that used to be September but can't remember.

You wouldn't get more than a year to do your SATR, 10 months ought to be sufficient for most people.

Regarding the loan charge the latest from HMRC is that you can file in Sept 2020 and not suffer penalties if you are subject to the loan charge. Or file by end Jan (now gone) and then amend with the loan amounts by end Sept. I think most people have taken the latter option as the late filing penalty is automated and it would be a hassle to get HMRC to sort it out. Not worth it. Plus you do have to pay owed tax on all non Loan Charge related income by the usual deadline.

Disguised remuneration: guidance following the outcome of the independent loan charge review - GOV.UK

Scroll down to the bit about the Self Assessment