21 Jan
Loan charge 2019 – Are you prepared?
The Loan charge 2019 is a pain to many taxpayers who are affected by the Disguised Remuneration loan charge which takes effect on the 5th April 2019. The loan charge will apply to all disguised remuneration loans which are outstanding as at that date.
If you are affected by this charge and have not already settled with HMRC by reaching a settlement agreement, HMRC will be applying the loan charge on you.
HMRC has also flagged a few facts and figures about the taxpayers who will be impacted by this scheme, the facts are:
- Individuals who used loan schemes had double the income of an average taxpayer
- 70% of scheme users, used these for 2 years or more
- On average a scheme user avoided at least 20,000 pounds in tax and national insurance
If you have used a loan scheme at any point and have not settled with HMRC yet, there is still time to settle with HMRC, with added flexible payment options if you are unable to make the tax liability payments due to upfront.
Clear House are specialist London Accountants and Tax planners who can help you if the above applies. The loan charge scheme can be costly and time-intensive if not handled properly and can lead to many other issues and investigations from being initiated.
Contact us if you have any concerns about the Loan charge 2019 or if you are stuck with a tax investigation so that we can help you to come up with smart tax solutions to your problems.
Jibran Qureshi FCCA is the Managing Director of Clear House Accountants, and has over 10 years of experience in practice and across multiple industries. Jibran’s educational background includes a Master’s in Financial Strategy from Oxford University and an Executive MBA from Hult International Business School. His experience in Financial Strategy, Tax Planning, Operational Consultancy and Performance Reporting guide his cognizant approach to leading Clear House and its clients to the future. It was this dexterity that led him to be Enterprise Nation’s Top 50 Advisors.
Jibran is fueled by his passion for helping businesses. He unequivocally believes that as business advisors and accountants for our clients, it is our responsibility to work with them as business partners. As specialists, it is our duty to help our clients navigate through the complexities of constant change and the implications that come with it.
Over the past decade, innovative disruptions have changed the way businesses work, everything from cloud software, innovative business models, to AI and machine learning, have impacted how businesses operate, grow, and expand.
Jibran recognized the need to manage these disruptions sustainably, early on and shaped Clear House Accountants to not just be compliance specialists, but advisors who help build complex ecosystems around cloud accounting software, provide advice on funding support, help manage innovative tax schemes, set up and implement complex strategic plans, and much more. So, his clients can thrive, not just survive.
Jibran developed his prime role as the Managing Director to build Clear House’s capabilities so it can add value for their clients. He is of firm belief that this can be done through consistent high-level training, building the right tools, and creating roadmaps to help businesses cope with prospective disruptions. He envisages that every client that comes on board, is provided maximum value through onboarding, ongoing services and the right mix of tools to help them become the best in the world.
Jackliam
Thanks for sharing such an informative post!!!