HMRC have today released guidance on Tax on Contractor Loans, the HMRC webpage covers information for contractors on settlement opportunities, how to take this up, find out what you owe and how to pay.
A contractor loan scheme is a tax avoidance arrangement where non-UK employers have paid you untaxed income or given you a loan instead of part of your salary. If you’ve taken part in a contractor loan scheme you may still have to pay Income Tax on the loan.
You can use the contractor loans settlement opportunity to bring your tax affairs up to date on the best possible terms. This opportunity is for the tax years up to 5 April 2011 and is now open until 30 June 2015.
For more information, please visit https://www.gov.uk/government/publications/tax-on-contractor-loans/tax-on-contractor-loans