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AML 2019 Loan Charge

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    Originally posted by Genesis View Post
    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.
    Yes it is legitimate, you just need a legitimate umbrella.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      Originally posted by ozzyo99 View Post
      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.
      Hi, so what have you decided to do? I'm in the same boat as the rest of you all.

      Comment


        I called AML today on 0845 624 0075 who were able to give me my loan amount for the 2-3 years i was on the scheme.
        So thats a step forward.
        Total = £125k approx for the 2-3 years.
        How is the settlement worked out ?

        Is it 35% of £125k ?
        And is it a known fact that you can pay up the settlement over some years ?

        I also discussed latest events with my misses.
        I told her previously about the HMRC enquiry when they came though back in 2015.

        Comment


          Originally posted by DOT COM View Post
          I called AML today on 0845 624 0075 who were able to give me my loan amount for the 2-3 years i was on the scheme.
          So thats a step forward.
          Total = £125k approx for the 2-3 years.
          How is the settlement worked out ?

          Is it 35% of £125k ?
          And is it a known fact that you can pay up the settlement over some years ?

          I also discussed latest events with my misses.
          I told her previously about the HMRC enquiry when they came though back in 2015.
          Divide the loans into tax years.
          Add them to your other income in those years.
          Apply personal allowances
          Tax the balance at basic (20%), higher (40%) or additional (45%) rate according to the bands.
          Deduct any tax already paid.
          balance is amount due.

          Calculate interest for all years where there is an HMRC enquiry.

          Due date of tax is usually 31st January in year following tax year end.

          Payment date is [insert date here]

          Interest is around 3% pa, simple, from early 2009. It varied before then.

          Time to pay depends on personal circumstances.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

          Comment


            Originally posted by ozzyo99 View Post
            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.
            Great, me too. He just PM'd me and laid it all out clearly. Feel much better too. Thanks webberg - I have PM'd you back.

            Comment


              WTT CLSO2 Settlement on open years

              Originally posted by webberg View Post
              Interest is around 3% pa, simple, from early 2009. It varied before then.
              Has WTT or anyone else managed to agree a settlement under CLSO2? And ifnso, for open years has it been possible to negotiate no interest?

              Comment


                Originally posted by luxCon View Post
                Has WTT or anyone else managed to agree a settlement under CLSO2? And ifnso, for open years has it been possible to negotiate no interest?
                Only possible where there’s been an error on the admin side by HMRC making the enquiry invalid.

                Comment


                  Originally posted by luxCon View Post
                  Has WTT or anyone else managed to agree a settlement under CLSO2? And ifnso, for open years has it been possible to negotiate no interest?
                  Interest for a year under enquiry is non negotiable.
                  Best Forum Adviser & Forum Personality of the Year 2018.

                  (No, me neither).

                  Comment


                    Hi All

                    I'm in the same boat and I'm really concern. I used AML for only 6 months between 2011/12 before setting up a limited company after seeing so my much bad publicity on this scheme.
                    At the time I has started my first contract and was on a day rate of £120pd.

                    Today I contacted this PTS company who said that they can negotiate a settlement on my behalf to the HMRC.
                    I was ready to let them represent me. However after reading everyone feedback on the forum I'm glad i didn't

                    I would still like some guidance or a name of a recommeded tax dvisor who can talk me through this. I really want to settle and as my loans wasn't extremely high and I've some savings.

                    Any help will be appreciated. Thanks

                    Comment


                      Originally posted by holograms View Post
                      Hi All

                      I'm in the same boat and I'm really concern. I used AML for only 6 months between 2011/12 before setting up a limited company after seeing so my much bad publicity on this scheme.
                      At the time I has started my first contract and was on a day rate of £120pd.

                      Today I contacted this PTS company who said that they can negotiate a settlement on my behalf to the HMRC.
                      I was ready to let them represent me. However after reading everyone feedback on the forum I'm glad i didn't

                      I would still like some guidance or a name of a recommeded tax dvisor who can talk me through this. I really want to settle and as my loans wasn't extremely high and I've some savings.

                      Any help will be appreciated. Thanks
                      Let's be clear.

                      If you take HMRC's settlement there is no negotiation. It's take it or leave it and no adviser gets better rates than another.

                      PM me if you wish.
                      Last edited by cojak; 20 April 2018, 08:07. Reason: Highlighted the important bit.
                      Best Forum Adviser & Forum Personality of the Year 2018.

                      (No, me neither).

                      Comment

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