AML/Smartpay/PTS etc
Hi
Seen posts here and realise how deep this is and how many people caught out
I worked with AML from 2011 to couple of years ago when swapped to Smartpay until April this year so liable for about 7 years HMRC loan settlement issues
I have been in constant contact with AML during and since the HMRC ruling and they have been helpful and were confidant that the "letter of the law" would be upheld in court and therefore the prior loan agreement would be legal even if not moral.
It appears that this is not the case and as previously discussed, PTS rose from the ashes and has quoted me £2700 to deal with 2011-2017 (assume all this means is they will send a total of the loan payments and tell me what HMRC want - not a good deal!! = PTS did inform me as well that for any reduction in liability they arranged, they would receive 20%+VAT of that saving as well!!!!) plus the £400 that AML tax have requested for 2017/18 tax return - even though surely they will only send the loan details so HRMC will just add this to the list of settlements so AML et al continue to cause issues post ruling so I guess £400 to be wasted again?
PTS did tell me that anyone earning under £50k/year would be given 5 years to settle with HMRC
I don't know if anyone can tell me that as the loan agreement is now seen as invalid and I am due tax on these payments, can I then apply expenses to offset the taxable amount as I would have normally had I not used the loan agreement or have I now lost that option?
if HMRC are capable of going back 5-7 years, surely the contractors are allowed the same grace for expenses?
My problem Is that I am a financial cretin so depend on a financial institution from a respected financial state such as Jersey being legal which, although I understood the moral complications, I was led to believe that the loan system was a legal loophole that would probably be closed in the future but that AML had a large team of legal advisors and financial experts that were constantly modifying the contracts so they fulfilled the legal obligations - the ruling either proves this wasn't the case or HMRC found a way around the "letter of the Law"
My only hope now is to contact HMRC directly, request the total amount they believe I am liable for, ask if I can offset expenses against this figure, determine what HMRC want or are prepared to compromise and deal with it from there but if I don't have/can't get this amount, is bankruptcy an option?
Like all of you, this hanging over your head is not something I want and I need to find out the total of my liability so I can make plans for whatever outcome but looking more and more like direct contact with HMRC s the best option as everyone else seems to be using us for their own ends
Any responses appreciated, please don't hammer me if I have got facts wrong - I am supplying to you all the knowledge I received this week from PTS in the hope it may help with your own dealings and hoping that someone may be able to do the same for me
Best of luck to you all
JimP
Hi
Seen posts here and realise how deep this is and how many people caught out
I worked with AML from 2011 to couple of years ago when swapped to Smartpay until April this year so liable for about 7 years HMRC loan settlement issues
I have been in constant contact with AML during and since the HMRC ruling and they have been helpful and were confidant that the "letter of the law" would be upheld in court and therefore the prior loan agreement would be legal even if not moral.
It appears that this is not the case and as previously discussed, PTS rose from the ashes and has quoted me £2700 to deal with 2011-2017 (assume all this means is they will send a total of the loan payments and tell me what HMRC want - not a good deal!! = PTS did inform me as well that for any reduction in liability they arranged, they would receive 20%+VAT of that saving as well!!!!) plus the £400 that AML tax have requested for 2017/18 tax return - even though surely they will only send the loan details so HRMC will just add this to the list of settlements so AML et al continue to cause issues post ruling so I guess £400 to be wasted again?
PTS did tell me that anyone earning under £50k/year would be given 5 years to settle with HMRC
I don't know if anyone can tell me that as the loan agreement is now seen as invalid and I am due tax on these payments, can I then apply expenses to offset the taxable amount as I would have normally had I not used the loan agreement or have I now lost that option?
if HMRC are capable of going back 5-7 years, surely the contractors are allowed the same grace for expenses?
My problem Is that I am a financial cretin so depend on a financial institution from a respected financial state such as Jersey being legal which, although I understood the moral complications, I was led to believe that the loan system was a legal loophole that would probably be closed in the future but that AML had a large team of legal advisors and financial experts that were constantly modifying the contracts so they fulfilled the legal obligations - the ruling either proves this wasn't the case or HMRC found a way around the "letter of the Law"
My only hope now is to contact HMRC directly, request the total amount they believe I am liable for, ask if I can offset expenses against this figure, determine what HMRC want or are prepared to compromise and deal with it from there but if I don't have/can't get this amount, is bankruptcy an option?
Like all of you, this hanging over your head is not something I want and I need to find out the total of my liability so I can make plans for whatever outcome but looking more and more like direct contact with HMRC s the best option as everyone else seems to be using us for their own ends
Any responses appreciated, please don't hammer me if I have got facts wrong - I am supplying to you all the knowledge I received this week from PTS in the hope it may help with your own dealings and hoping that someone may be able to do the same for me
Best of luck to you all
JimP
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