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The Federation of Small Businesses (FSB) has come out in support of a review on the ‘unfair’ application of the 2019 Loan Charge.
Earlier this month, Sir Ed Davey successfully tabled and passed an amendment calling on the government to review the retrospective contractor charge before March 31st.
Announced at Budget 2016, the Loan Charge applies to any disguised remuneration loans that are still outstanding on 5 April 2019.
Higher and additional rate contractors could be missing out on a significant tax refund because they aren’t claiming back the full tax relief on their pension contributions.
Richard Perch, who heads up the social work and healthcare division at Umbrella.co.uk said: “We think that this is the biggest tax relief that goes unclaimed by higher and additional rate contractors."
