AML 2019 Loan Charge

[1887wwfc]

Still waiting

3 months is about normal.

Note that HMRC has told Parliament that they will "respond" to all settlement requests before the end of November.

That probably means "thanks for your submission, we'll get back to you".

Well I'm still waiting and the 30th of November is almost upon us. My CLSO2 submission is with WTT (end of July) but heard nothing. Be interested to hear from Graham how many still in same boat

[webberg]

All,

I have submitted my settlement pack to HMRC on 16-Aug-18 and yet to hear back from them. Is this normal or do I need to chase them? I had this arrangement only for a year (2016-17) and it was lumpsum amount so it is straight forward case as such.

Bit anxious as want to get out of this mess at the earliest…

Regards,

3 months is about normal.

Note that HMRC has told Parliament that they will "respond" to all settlement requests before the end of November.

That probably means "thanks for your submission, we'll get back to you".

[patel]

Settlement Pack to actual closure timelines – HMRC delays

All,

I have submitted my settlement pack to HMRC on 16-Aug-18 and yet to hear back from them. Is this normal or do I need to chase them? I had this arrangement only for a year (2016-17) and it was lumpsum amount so it is straight forward case as such.

Bit anxious as want to get out of this mess at the earliest…

Regards,

[webberg]

£50k, likely far greater when any fines and penalties are added as well as compound interest. If I do nothing, I suspect LC19 will hit me for well over £62k before any of the bonus extras.

.

I've extracted some quotes from your post.

If you settle, you will pay interest on open years (i.e. those with an open enquiry). You will not pay interest on any years you settle that are not open. Interest is ALWAYS calculated on a "simple" basis, never compound.

If you settle, a "fine" or "penalty" is not charged.

If you decide to wait for the loan charge, your calculation may be right, but there will be no interest or penalties (if that is what you mean by "bonus extras").

I appreciate that this may all be a shock and am obliged to say (as you have mentioned my name) that seeking information and advice as to the situation is the best way to proceed. Understanding the situation should remove the fear of the unknown. We offer a free initial call and I'm pretty sure Phil does as well. Take advantage of that and call us both. Hopefully we are aligned in terms of what is happening although we do offer different methods to deal with it.

What I would say however, is that posts here and elsewhere which predict doom and gloom based on lack of information do have a tendency to spread false rumours and alarm and panic people which is exactly what HMRC want,

[TheDowntrodden]

Outrageous behaviour

Just a little warning... If you have received an email in your inbox in the last few days from PTS thanking you for your call a couple of days ago and claiming that you only owe for one year, but would you mind paying them £250/300/600, it is a fishing email. They are sending it out to a lot of AML/SmartPay/KHT clients in the hope that some will bite and send them the money.

I’m not an accountant or a lawyer, but if someone stole from your house, then contacted you asking for your bank card PIN number so they could get more out of you, you might think twice before saying “Sure”

Hi all - first post and I am sad to have to introduce myself under such incredibly messy circumstances. I am in the AML/Carnegie Knox/SmartPAY/SP-MGT/PTS/Vanquish maelstrom and can confirm that the latter two entities trying to "solve" your problems are aggressively optimistic about what they can do for you.

I was gullible enough to fall for the simplicity of letting AML/CK/SP handle my renumeration between 2012 and 2018 and to the best of my calculations will be asked by HMRC to settle on a figure not less than £50k, likely far greater when any fines and penalties are added as well as compound interest. If I do nothing, I suspect LC19 will hit me for well over £62k before any of the bonus extras.

What PTS/Vanquish (moreso Vanquish) are doing is an atrocity. AML are being relatively helpful in providing all the information I request, as are SmartPAY, but I imagine this is as far as any help will go. I'll be in contact with phil@dwstres and Webberg to get the opinions of their teams, and to provide any possible new insight or information that may not have come to light to them yet.

[WTFH]

Just a little warning... If you have received an email in your inbox in the last few days from PTS thanking you for your call a couple of days ago and claiming that you only owe for one year, but would you mind paying them £250/300/600, it is a fishing email. They are sending it out to a lot of AML/SmartPay/KHT clients in the hope that some will bite and send them the money.

I’m not an accountant or a lawyer, but if someone stole from your house, then contacted you asking for your bank card PIN number so they could get more out of you, you might think twice before saying “Sure”

[webberg]

How much do you think the settlement will be?
Will be it 35% of £174,000?


If paying the loan charge it'll be more like 45%

Settlement is based on adding the loans to income in the year they were drawn. After personal (and other) allowances, the tax bands for this years determine the tax due.

Therefore "35%" is unlikely to be the value.

Loan charge works by adding the loans impacted to the 18/19 income. Again, personal allowances and tax rate bands apply. Again, 45% on the total is unlikely.

Lots of calculators around to help you on this.

Just be aware that many think the settlement/loan charge is a flat rate charge - it's very definitely not.

[dammit chloe]

How much do you think the settlement will be?
Will be it 35% of £174,000?


If paying the loan charge it'll be more like 45%

Depends on tax allowance/usage distribution over your years.

A bit of work with UK Salary Tax Calculator 2018/2019: Calculate my take home pay and your earnings will help.

[demby]

How much do you think the settlement will be?
Will be it 35% of £174,000?


If paying the loan charge it'll be more like 45%

[kop101]

hi there i too am based in dublin and moved back 3 years agao. i have something like 45k in loans paid to me and am freaking out about what to do. can you advise who you have used or what your latest status is regarding this.