30 September - the Loan Charge deadline approaches

10 September 2020

A message has been issued by the HMRC Counter Avoidance Team: There’s still time to file, pay or discuss a Time to Pay arrangement.

With the 30 September 2020 deadline approaching, customers with loans subject to the Loan Charge should be mindful of any actions they need to address well in advance of the 30 September deadline.

  • If any individuals have disguised remuneration loans that are subject to the Loan Charge, the deadline to report the details of their loans is 30 September 2020. These can be reported using the online form on GOV.UK.
  • Anyone who wants to elect to spread their disguised remuneration loan balances evenly across the 2018 -19, 2019-20 and 2020-21 tax years also needs to do so by 30 September 2020. They can do this using the same online form on GOV.UK.
  • By 30 September 2020 customers also need to have filed their 18/19 tax return and either to have paid their 2018 to 2019 liability in full or agreed a Time To Pay arrangement (TTP). They should call the Loan Charge helpline on 03000 599110 as soon as possible to make a TTP arrangement.

Missing the deadlines above can result in customers being charged late filing penalties and/or interest for the period 1 February 2020 to 30 September 2020.

On the 13 August 2020 HMRC set out how its debt management processes work, which includes detailed examples of how the department agrees time to pay arrangements.

HMRC will work with anyone worried about their ability to pay the Loan Charge to help them find solutions and access support.

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