AML 2019 Loan Charge

[Iliketax]

I just spoke to them - they said they had to change the way the pay me so that I am a nominee now and this puts us back in compliance and is no longer disguised remuneration.

Is "nominee" a typo? If not, who are you a nominee of? Paying money to someone who is a nominee is something that is easily within the scope of disguised remuneration.

[Worried 72]

I've requested a loan statement from PTS - say it will take about 24 hrs. Once I know that figure and the rough settlement figure, I will do it then.

Did you phone or email PTS to request a loan statement? My head is honestly in bits, i've tried to read through everybody's comments and i feel like i'm staring into a black hole!!

Can't believe i was so stupid as to fall for AML's sales pitch...

[Runster]

Is "nominee" a typo? If not, who are you a nominee of? Paying money to someone who is a nominee is something that is easily within the scope of disguised remuneration.

No, that's what he said. I don't believe anything they say, now. I should, I think, retrieve all they money they owe me (via the timesheets I have submitted to them and they've raised invoices on) and stop submitting timesheets to them any more. I operate under a Ltd company - I wonder if I raise invoices on that company's behalf from now on and just get myself an accountant again.

[MLeggsy]

How far along in this process are you, and what have your steps been (timelines appreciated)?

Also, can you clarify the bold text? What do you mean here? I was with them July 2011 to Dec 2014.

Hi ozzyo99,

Settlement = Applying tax+ni to the loans, based on the year you received them. Basically HMRC recalculate the tax+ni as though you received the loan amount as income.

So if you had a loan of £50K in 2014, they would recalculate your Assessment for 2014 as though you received an additional 50K in salary. This is a very basic interpretation but gives you the gist. They'll then charge interest on it.

Whereas the loan charge takes all your loans and assumes they are part of your salary this year. Again... laymans terms here.

If you get both values you can compare what's best for you.

MLeggsy




MLeggsy

[webberg]

No, that's what he said. I don't believe anything they say, now. I should, I think, retrieve all they money they owe me (via the timesheets I have submitted to them and they've raised invoices on) and stop submitting timesheets to them any more. I operate under a Ltd company - I wonder if I raise invoices on that company's behalf from now on and just get myself an accountant again.

If I might say so, I think you need to take a deep breath and a pause.

Nothing needs to be done today.

Take some time and do some research.

Think about what YOU want and not what other people want you to do.

If you want to, PM me and we can have a chat.

[Genesis]

I still have loans outstanding with SP Management via Carnegie Knox. I need to get myself an accountant and start invoicing via a Ltd Company. Anyone else in the same boat?

No, that's what he said. I don't believe anything they say, now. I should, I think, retrieve all they money they owe me (via the timesheets I have submitted to them and they've raised invoices on) and stop submitting timesheets to them any more. I operate under a Ltd company - I wonder if I raise invoices on that company's behalf from now on and just get myself an accountant again.

I was very close to going down the Ltd Company/Carnegie Knox route, until I was provided with an alternative (ableit similar loan scheme based on IoM).

I'm currently enquiring about whether the current 'employed via an umbrella' manner is legit and is not open to similar HMRC legislation come time. I fear I already know the answer to that question.

[Runster]

If I might say so, I think you need to take a deep breath and a pause.

Nothing needs to be done today.

Take some time and do some research.

Think about what YOU want and not what other people want you to do.

If you want to, PM me and we can have a chat.

Webberg, yes, you're right, thanks - I'm getting myself into a panic here, such that I can't focus on doing my job. Luckily, I'm in a well paid contract, so that's something at least. I'll try to work out how to PM! Thank you.

[Runster]

I was very close to going down the Ltd Company/Carnegie Knox route, until I was provided with an alternative (ableit similar loan scheme based on IoM).

I'm currently enquiring about whether the current 'employed via an umbrella' manner is legit and is not open to similar HMRC legislation come time. I fear I already know the answer to that question.

I suspect they want us all employed as PAYE employee.

[ozzyo99]

Webberg, yes, you're right, thanks - I'm getting myself into a panic here, such that I can't focus on doing my job. Luckily, I'm in a well paid contract, so that's something at least. I'll try to work out how to PM! Thank you.

I just had a chat with webberg on the phone and I can tell you I feel somewhat better given the perspective you offered me. Thanks for the time @webberg.

[cojak]

Anyone care to recommend - Umbrella v Lyd Company, and a good umbrella?

Speak to Lucy at Contractor Umbrella

https://forums.contractoruk.com/memb...rumbrella.html