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Loan charge and Covid-19

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HMRC has updated its loan charge reporting guidance for taxpayers intending to declare or settle disguised remuneration scheme liabilities with HMRC by 30 September 2020, who also intend to claim a grant through the coronavirus self-employment income support scheme. In these circumstances, a 2018/19 self-assessment tax return does not have to be submitted by 23 April 2020 but should be filed by 30 September 2020.

The grant under the self-employment income support scheme will be based on either:

  • the average of the tax years 2016/17 and 2017/18; or
  • the tax year 2017/18 for taxpayers who were not self-employed in the tax year 2016/17.
Issue: 1483
Categories: News