Being paid for work in the form of a loan that was never intended to be repaid. It’s a tax of 45% on all employee payments disguise as loans.
Loan renumeration is considered as a form of tax avoidance, they avoid income tax and national insurance contributions.
If your employer set up the scheme, tax liabilities fall on them, but if the employer is offshore or no longer exists, you’re liable to pay. You have to either, pay the loan charge, repay the loan or agree to settle with HMRC.
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Here’s how Earnr helps Etsy sellers organise their income and pay themselves a regular salary
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As part of our interest in supporting Etsy sellers, we’ve been doing some digging into the current state of the Etsy world as lockdown becomes more and more a thing of the past.
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