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Reply to: Tax return & CLSO/Loan charge

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Previously on "Tax return & CLSO/Loan charge"

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  • Finalwhistle
    replied
    Originally posted by Kayen View Post
    I reluctantly registered interest in settlement under CLSO and provided details of 3 years' loans. HMRC has requested self assessment for a year when I received loans. Tax calculation has been completed but the return is not yet submitted.

    Q. As I've already "declared" the loans via CLSO is it essential to also include details in the tax return? I am thinking to leave out the loan details from the return and wait for the total accumulated tax bill under CLSO for the affected tax years so that TPP would apply for the total amount, assuming I continue with CLSO rather than opt for the loan charge option.
    Would appreciate any thoughts/ pitfalls etc thanks
    I would also assume that keeping the two (self assessment and CLSO) separate makes more sense. This is how I’m playing it. I am not a tax advisor however sooo

    Leave a comment:

  • Kayen
    started a topic Tax return & CLSO/Loan charge

    Tax return & CLSO/Loan charge

    I reluctantly registered interest in settlement under CLSO and provided details of 3 years' loans. HMRC has requested self assessment for a year when I received loans. Tax calculation has been completed but the return is not yet submitted.

    Q. As I've already "declared" the loans via CLSO is it essential to also include details in the tax return? I am thinking to leave out the loan details from the return and wait for the total accumulated tax bill under CLSO for the affected tax years so that TPP would apply for the total amount, assuming I continue with CLSO rather than opt for the loan charge option.
    Would appreciate any thoughts/ pitfalls etc thanks
    Tags: None

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      1. Brexit
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      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
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