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HMRC recently updated their guidance on settling Loan Charge liabilities.
There is a new section 4 which provides guidance for those that didn’t complete a tax return by the deadline.
Self Assessment customers who did not file their 2018 to 2019 return by 30 September 2020 will be liable for late filing and payment penalties and interest on any amount owed, charged from 1 February 2020.
HMRC will write to customers before issuing formal penalty notices. If customers still have not filed their 2018 to 2019 return HMRC will contact them and ask them to file their return.
If customers do not file their return HMRC may issue a formal determination, which enables HMRC to pursue an estimated amount of tax as encouragement to customers to file their outstanding return and pay what is due, or contact HMRC for help.
HMRC’s focus is firmly on supporting people and working through affordable payment options to stop their liabilities increasing. They can also refer customer for debt advice if this is required.
How can we help?
At Simmons Gainsford, we have a considerable amount of experience dealing with both the tax compliance aspects as well as in settling liabilities in respect of the Loan Charge and Disguised Remuneration schemes.
Anthony Rose – Tax Partner
Anthony has spent over 25 years in professional practice and heads up our Dispute Resolution team, specialising in dealing with complex HMRC tax disputes.