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Where Taxpayers and Advisers Meet

P11d - help loan

Socialsarahs
Posts:3
Joined:Tue Nov 28, 2017 5:08 pm
P11d - help loan

Postby Socialsarahs » Tue Nov 28, 2017 5:29 pm

Need some urgent advice to complete tax return I was stupidly signed up to a umbrella company who provided a loan. This was for a period of 99 days. During this time I received loans amounting to around 14k.

I asked for my P11d to ensure my annual self assessment (done every year due to property) but they didn’t provide this and now appear to have ceased trading. I do not have my P11d But i want to ensure I pay all what I am due. I have calculated the BIK to be around 968.38 based on 3% but obviously want to ensure there are no future surprises. Any advice would be appreciated

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: P11d - help loan

Postby bd6759 » Tue Nov 28, 2017 8:46 pm

3% of £14000 is £420. 99/365 would bring that down to £113,

Socialsarahs
Posts:3
Joined:Tue Nov 28, 2017 5:08 pm

Re: P11d - help loan

Postby Socialsarahs » Tue Nov 28, 2017 10:10 pm

I have not paid this loan back when I left and worried about 2019 implications any advice

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: P11d - help loan

Postby robbob » Wed Nov 29, 2017 10:56 am

Is this a loan or a complete sham of a transaction - ie were you expected to repay the money? If you still have the cash and not expecting to repay it - it deffo sounds more like taxable income that should be declared on your tax return than a loan.

Socialsarahs
Posts:3
Joined:Tue Nov 28, 2017 5:08 pm

Re: P11d - help loan

Postby Socialsarahs » Wed Nov 29, 2017 12:40 pm

Is this a loan or a complete sham of a transaction - ie were you expected to repay the money? If you still have the cash and not expecting to repay it - it deffo sounds more like taxable income that should be declared on your tax return than a loan.
I have now contacted HMRC and sorting out my tax thankfully no penalty or interest - declaring it all on my tax return as really want to avoid any future issues.


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