UMBRELLAS- Anyone heard of AML ?

**Svalbaard** · 13 February 2009, 15:02

I wouldn't believe a word of it if I were you. Or... believe it all, but get a good lawyer.

**Chugnut** · 13 February 2009, 15:09

"HMRC approved TRUST based on the Ilse of Man"

Seriously, don't bother. HMRC are all over tax avoidance schemes and I would expect their attention to increase year on year to help replenish the coffers that Gordon keeps raiding.

**the_duderama** · 13 February 2009, 15:26

Originally posted by Chugnut View Post

"HMRC approved TRUST based on the Ilse of Man"

Seriously, don't bother. HMRC are all over tax avoidance schemes and I would expect their attention to increase year on year to help replenish the coffers that Gordon keeps raiding.

Yeah - you need to think why would the HRMC activley encourage people to pay less tax? It's the same as the HRMC "dispensation" schemes the umbrellas often punt.

Mine was recently trying to convince me that i could claim £5 per day, without receipts, for lunch, even though i live 10 miles from the client. I had to ask why all permie (which you basically are when using a brolly) staff can't or don't do the same?

**Lewis** · 13 February 2009, 15:29

I found the AML site ... www.amlimited.com. Looks like the same scheme offered by a number of companies around at the moment. They are paid for your services and they loan you the money from a offshore trust which you pay a Benefit in Kind on. Then somehow when you leave you never have to pay the loan back. I don't know if you are expected to take these loans to your grave or if they are written off but they have been debated on here a lot in the past.

With all the talk of clamping down on tax avoidance nowadays I would stay well clear. Just read all the threads on SuoMotu, Montpellier, Consulting Overseas, Steed etc.. etc.. and you'll soon realise it is better to have a little less money than a decade of stress and sleepless nights fighting HMRC.

Almost all the schemes I hear off a few years later get challenged and none are HMRC "approved". The scheme number just means HMRC are aware of the scheme and will get round to attacking it in due course! You could find yourself bankrupt a few years down the line.

**Money Money Money** · 13 February 2009, 16:03

Yeah ******* wicked mate! Not so good when they shut up shop and pass all the loans onto a debt collection co.!!! Good Luck.

**Chico_sm** · 13 February 2009, 16:14

Thought as much.. ATHANKYOUVERYMUCH!! one and all

BTW - Does anyone know of a good UMBRELLA company I could use then.. looking at one which offers childcare voucher incentive? ta very much

Also, in the meantime .. I wondered if anyone has used specialist lawers to assess if their employment contract is IR35 compliant/ friendly? If so, any recommendation on who I could use would be brill?- Question:: If they (lawers) state fully compliant contract, will this mean HMRC will not contest? <<If compliant contract- I may choose to go LTD- Background is that I have been with the same agency and end client for 4yrs via GIANT umbrella company>>

**Jet Setter** · 13 February 2009, 16:26

Having done plenty of research on these types of setups and used one for a period of time, there is no such thing as HMRC approved. Even PAYE umbrellas aren't approved. The only way that is approved to be paid through HMRC is PAYE. Exercise caution with anyone that says they are approved by HMRC, they're full of it.

**Beefy198** · 13 February 2009, 16:46

My best advice?

RUN AWAY! QUICK!

**LittlestHobbo** · 13 February 2009, 17:20

I heard about this scheme from an accounting tractor, Its something to do with an old WWII trust or something really bizare like that, he was signed up for it.

I left it well alone, just plan effeciently and pay what you owe I reckon. At least that gives you the right to moan and use the facilities.

UMBRELLAS- Anyone heard of AML ?