Reply to post: Re: Loan Charge?

Contractors slam UK taxman's 'aggressive' IR35 tax reforms

Velv Silver badge
Headmaster

Re: Loan Charge?

There is a 2 year period where HMRC can challenge your tax return if it believes there are inaccuracies and go after any money it thinks you owe it.

It is also written in law that HMRC can go back up to 20 years if they believe you have been committing tax evasion, so the legality of a loan you are not expected to pay back is brought into question. And let’s be honest and moral here, any loan you receive that you are never expected to pay back is not really a loan, its a payment.

Or perhaps your out with HMRC is to repay the loan (which I suspect will be a larger sum you don’t have than the tax HMRC expect on it)

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