HMRC Enquiry into contractor loans

Trying to unravel this puzzle. Is it too late for my client

Didn't find your answer?

Around 18 months back my client had a letter from HMRC that the 2014-15 and 2015-16 tax figures were being revised and owed a lot more tax mainly due to contractor loan which were not taxed.   He is adamant there is no contractor loan and tried to resolve it with HMRC but got nowhere.

HMRC have now inquired into his 2019-20 tax return about contractor loans which is fine as that year he was on PAYE and only had rental income which was declared correctly.  

Now my client wants me to investigate the 2014-15 and 2015-16 tax years and unfortunately doesn't have much information regarding those tax years apart from bank statements.   I think he it too late.

On some premilinary research -  back in 2014-15 he received a redundancy 40k.  10K was taxed at 40%. I cannot see HMRC have taken into account the 4K that was paid in their tax calculation.  I thought RTI would have picked this up.   Is it too late to request that HMRC consider the additional tax on redundancy payment.  Does the four year time limit still apply ?

 

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.