Show hosts and ITV bosses have been in talks to resolve the matter which involves tax status.
Sources revealed to The Mirror that big names from the popular show have told bosses that they will walk away unless the situation is fixed.
This comes as Commerical broadcaster ITV was hit by changes HMRC made to tax legislation.
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It is now up to ITV to decide if roles at its company are employed or self-employed for tax reasons.
It is understood that some contributors work freelance and declare themselves self-employed.
However, because of changes, the panellists have been told to go on PAYE contracts meaning that they will pay more than the standard 19% tax on income for freelance work.
Instead, they will have to pay 40% on earnings between £50,271 and £150,000 as well as National Insurance contributions.
The ITV source said: “They’re so strict about it and we’re talking about the big players.”
This comes as ITV host, Eamonn Holmes challenges a tribunal ruling that found he should have been classed as an ITV employee for tax reasons when he hosted This Morning.
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In 2018, he said that HMRC “wanted 10 years of backdated National Insurance” as they claimed his former jobs “were staff jobs rather than self-employed”.
He said: “In 2018, they came knocking at my door, claiming my former jobs at Sky News, GMTV, Channel 5 and This Morning were staff jobs rather than self-employed. They wanted 10 years’ backdated National Insurance.
“To go back a decade to try and get the money that you’ve already spent? I don’t care how much you earn, you spend it. It was gone.”
A spokesperson at ITV said of the situation: “ITV complies with HMRC legislation when assessing the tax status of individuals. ITV will not comment on or disclose any individual’s specific circumstances.”
Loose Women includes panellists Kaye Adams, Linda Robson, Judi Love, Denise Welch, Janet Street-Porter and Coleen Nolan.