Hi all, this is my first post, although I am a common reader of these threads as of recently.
I need some help regarding the loan charge...
Firstly, a bit of background... I used to contract between 09/15 - 09/18 and was being paid through an umbrella company who I thought sorted all my taxes out.
in 11/19 I received a letter from HMRC regarding the loan charge, I called them and said I don't think this applies to me as I had a company sort out taxes etc. and the matter was closed. I then received another call around 02/20 regarding the same thing, I informed them I had this conversation with a colleague of theirs a few months back and nothing else was required.
2 weeks ago I then received another letter, again I called, however this time the agent on the other end of the line said it did apply to me and I had until 30th Sept to get it sorted. This involved completing a loan charge form online and a tax return for 18/19 with the loan charge amounts received since 09/15. I've been unable to complete these forms due to technical difficulties, however, that is now all resolved (or will be in 72 hours according to the agent I called earlier today). He informed me it may be worth getting professional help on this matter.
The way I got paid when I was contracting, was I got paid minimum wage, and then at the end of the year received a dividend voucher (this was given to me throughout the year in my weekly pay).
Reading all the information online, I assume it is this dividend voucher which is the loan charge which I need to notify HMRC about? Is that the case, or do I need to try and recalculate everything received by looking at payslips, bank statements, etc? The problem I have is that I only have around 70% of payslips, and I have changed banks a couple of times since then. It is getting a bit too close to deadline and I am stressing out. I just want to get this out the way but I'm unsure exactly what I need to do.
I have read so many articles online, but honestly, I am not tax-savvy and a lot of the jargon just goes over my head.
Any help will be much appreciated.
I need some help regarding the loan charge...
Firstly, a bit of background... I used to contract between 09/15 - 09/18 and was being paid through an umbrella company who I thought sorted all my taxes out.
in 11/19 I received a letter from HMRC regarding the loan charge, I called them and said I don't think this applies to me as I had a company sort out taxes etc. and the matter was closed. I then received another call around 02/20 regarding the same thing, I informed them I had this conversation with a colleague of theirs a few months back and nothing else was required.
2 weeks ago I then received another letter, again I called, however this time the agent on the other end of the line said it did apply to me and I had until 30th Sept to get it sorted. This involved completing a loan charge form online and a tax return for 18/19 with the loan charge amounts received since 09/15. I've been unable to complete these forms due to technical difficulties, however, that is now all resolved (or will be in 72 hours according to the agent I called earlier today). He informed me it may be worth getting professional help on this matter.
The way I got paid when I was contracting, was I got paid minimum wage, and then at the end of the year received a dividend voucher (this was given to me throughout the year in my weekly pay).
Reading all the information online, I assume it is this dividend voucher which is the loan charge which I need to notify HMRC about? Is that the case, or do I need to try and recalculate everything received by looking at payslips, bank statements, etc? The problem I have is that I only have around 70% of payslips, and I have changed banks a couple of times since then. It is getting a bit too close to deadline and I am stressing out. I just want to get this out the way but I'm unsure exactly what I need to do.
I have read so many articles online, but honestly, I am not tax-savvy and a lot of the jargon just goes over my head.
Any help will be much appreciated.
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