Certax looks at ‘loan charge review’

Certax franchise
Certax The National Accounting Franchise that embodies Quality & Professionalism

Certax Accounting is an Accountancy Franchise that will enable you to operate your own Accountancy Practice with our technical support, training course and marketing department.

Request information
Read more
Published on

Certax has reported that there is pressure on the PM to review the controversial ‘Loan Charge’ that HMRC launched earlier this year.

Money matters can be complicated for many of us, particularly when it comes to confusing subjects such as loan repayments and interest. Certax has explained what the controversial ‘Loan Charge’ introduced by HMRC earlier this year could mean for many of us and why there’s pressure on PM Boris Johnson to launch an independent review of it.

The Loan Charge legislation introduced a steep 45 percent non-refundable charge on all loans taken out through what were deemed to be ‘disguised remuneration’ schemes (or methods of minimising tax payments). The charge has mainly affected agency workers and freelancers and was introduced to ensure that everyone is paying the amount of tax they’re supposed to.

However, many feel that this is unfair, as a large proportion of the 50,000 people affected are low-paid and were persuaded by their employers to get involved with the schemes. A group that feel there should be a review of this steep charge (the Loan Charge Action Group) reported that the typical sum owed is a huge £120,000, more than many low-income individuals can afford to pay back.

MPs, including former cabinet minister Iain Duncan Smith and Ross Thompson, Vice-Chair of the Loan Charge All-Party Parliamentary Group, are now putting pressure on PM Boris Johnson to launch an independent review of this charge. They want to make sure that it is the fairest way of ensuring individuals are paying the right amount of tax before the charge is implemented on October 31st.

If you’re worried about anything tax-related, from making sure you’re paying the right amount to setting yourself up as self-employed, make sure you speak to bookkeeping and accounting franchise Certax. Its nationwide network of franchisees offers sage advice to ensure you never get into trouble with HMRC.

Other recent news
Did you enjoy this article? Please rate this article
Average rating 5.0/5 based on 1 vote
These articles may interest you

Franchisor Tips: 6 Mistakes to Avoid When Running a Franchise Network

Running a franchise network is a great way to expand a business quickly, [...]


ARTICLES FOR FRANCHISORS

10 Tips for Franchise Networking in a Virtual World

  Taking the time to make new contacts is something we should all [...]


EVENTS AND MEETINGS

Customer Success: How Point Franchise’s Targeted Franchisee Recruitment Solution Helps Business Partnership Grow

We caught up with Alex and Paul Dodgshon, veteran franchisees and now [...]


DEVELOPING YOUR OWN BUSINESS IN FRANCHISING

How to Overcome the Most Common Franchising Hurdles

The franchise model provides a way to expand your business efficiently, [...]


FOCUS ON BUSINESS SECTORS

10 Tips for Building a Positive Business Culture for Your Franchise

When you’re in the process of franchising your business, your main [...]


FOCUS ON BUSINESS SECTORS

0 Comments

Post a comment

The comment will be public. If your are interested by this Franchise, please fill out your personnal details on the request information form.

Characters remaining: 250