P11d -self assessment - loan

Socialsarah73

Need some advice

Was employed via umbrella company and as part of that employment I received an interest free loan of 14265.14 which is obviously over 10k allowance. ( I left the employer mid tax year) despite asking from July have not received my P11D trying to fill out self assessment and really want to declare this loan to avoid any future issues
Can anyone advise as my continuous asking for a copy is not successful

TrickyDicky101

Have you fully repaid the loan? Over what period was the loan made and was it all in one go? You could estimate any BiK due and enter those figures on your tax return.

Socialsarah73

Loan remains outstanding and was made over a period of 99 days. How to I estimate the Bik figure thanks

Pennywise

Socialsarah73 wrote: »

Loan remains outstanding and was made over a period of 99 days. How to I estimate the Bik figure thanks

It's 3% p.a. of the loan value. You just need to do the sums - creating a simple spreadsheet showing the date and amount of each advance will be the starting point.

TheCyclingProgrammer

A loan from an umbrella is setting off alarm bells. You're no longer employed by the umbrella but the loan remains outstanding. When is the loan expected to be repaid? Are you using some kind of loan-based disguised remuneration scheme? If so, I would think that any BIK on the loan is the least of your worries.

Socialsarah73

Thanks

Have worked out increasing total of loan

Month 1 - 1723.59 - 3%. 51.70
Month 2 - 5948.54 - 3% 178.46
Month 3 - 10396.15 - 3% 311.88
Month 4 - 14211.19 - 3% 426.34

So total amount is 968.38 is this right

Socialsarah73

Stupid and naive I know was recommended the umbrella company who now appear to be cease trading 😳 I have always been employed via a company paye until last year for 4 month period and then went back to paye. I want to declare on my self assessment the accurate figures for the loan to avoid any future issues any advice greatly appreciated thanks in advance

Socialsarah73

Have always done a self assessment due to property

TrickyDicky101

Do you intend to repay the loan?

Pennywise

If you don't repay the loan, you'll have a tax/NIC charge on the balance outstanding in April 2019 under proposed new laws, on top of the benefit in kind tax on the deemed interest.

Socialsarah73

00ec25 wrote: »

none of that answers the key questions

is the loan repayable ? No they are no longer active
will you repay it? No
is it actually disguised income, not a loan? Probably based in iom which is why I want to ensure I get it right now and not wait for a brown envelope
#
if you are certain it is not disguised income then you should use the "normal averaging method of calculation" if you want to use the 3% rate.