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AML 2019 Loan Charge

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    Originally posted by webberg View Post
    Sorry to add to your burden, but repaying the loan will have no effect on the tax position.

    Your options are:

    1. CLSO 2. Pay tax on the loans, plus interest where the year is under enquiry, perhaps NIC for some years. Perhaps some IHT. Ask AML to write the loans off once you've settled.

    2. Litigate. We know that AML have been promising a Tribunal case for a long time and we may see it in 2018. That is being paid for by AML at the moment. If they win, expect HMRC to appeal. If they lose, an appeal might be made. In either event it's unclear who pays the bills from that point. Whatever the result, you still have to deal with the loans in some way.

    3. Find a resolution that is neither of the above and deal with the HMRC trying to make a DR charge in 2019. Clearly I'm conflicted on this and will say no more.

    Managing and mitigating the effecs of the above are discussed at length in other threads.

    In all of this however, repaying your loan may result in the DR charge not arising - depends on what happens to the money - but will not stop HMRC pursuing the previous years' liability.
    What puzzles me about all this is how to deal with two separate tax issues

    Whilst AML are in litigation I don't know if you can withdraw from that appeal and settle the original bill with HMRC

    If you can then it seems like you'd have to accept their own tax decision and pay tax plus interest on money never received because I think they want to tax the partner for the entire amount paid to AML by the end client and not just the money paid to the partner by AML

    On top of that there is an outstanding loan which will now be taxed. How would you avoid paying additional tax on that unless somehow AML were kind enough to write it off for you before the deadline?

    On the other hand, if the partner somehow managed to find the money to pay off the loan before the deadline then what happens to the money paid by the end client in the first place for work done by the partner?

    If AML were kind enough to pay that back under the PAYE scheme it sounds like the partner would still be doubly taxed unless an agreement could be reached with HMRC to see that additional tax as having been paid as part of the settlement

    Comment


      Originally posted by esemi View Post
      I was wondering how long most people have been with AML and hence built up the tax amount owed?
      I did 18 months with them between 2011 and 2013.
      Has anyone done more than that?
      across 4 tax years for me... more for others.

      Remember, AML is only one of many many promoters of these schemes. Estimates are that 100K people are impacted.

      MLeggsy

      Comment


        Originally posted by MLeggsy View Post
        across 4 tax years for me... more for others.

        Remember, AML is only one of many many promoters of these schemes. Estimates are that 100K people are impacted.

        MLeggsy
        MLeggsy - I've been told that the period from 2016 to date is not captured by the legislation - is there any truth in that? I am in for 6 years or 4 years, depending on that.

        Comment


          Originally posted by esemi View Post
          I was wondering how long most people have been with AML and hence built up the tax amount owed?
          I did 18 months with them between 2011 and 2013.
          Has anyone done more than that?
          See my post further up. 18 months for me too. @ £400 a day they wanted £38k from me.

          Comment


            Originally posted by Runster View Post
            MLeggsy - I've been told that the period from 2016 to date is not captured by the legislation - is there any truth in that? I am in for 6 years or 4 years, depending on that.
            Hey Runster,

            My years are all pre-2016.

            You should speak to an Advisor - an independent one (Not AML).

            MLeggsy

            Comment


              Originally posted by MLeggsy View Post
              Hey Runster,

              My years are all pre-2016.

              You should speak to an Advisor - an independent one (Not AML).

              MLeggsy
              Yes, trying to get a chat with webberg, but he's off line at moment. Are AML and Carnegie Knox the same organisation, do you know?

              Comment


                Originally posted by Runster View Post
                Yes, trying to get a chat with webberg, but he's off line at moment. Are AML and Carnegie Knox the same organisation, do you know?
                Simple rule : Any companies (other than HMRC) that are mentioned by AML / Knox are to be avoided as they are all related.

                Comment


                  Originally posted by esemi View Post
                  I was wondering how long most people have been with AML and hence built up the tax amount owed?
                  I did 18 months with them between 2011 and 2013.
                  Has anyone done more than that?
                  4 tax years impacted, though actual tenure was 3.5 years, 2011-2014.

                  210K Loan

                  Exposure is likely 75-85K I expect.

                  Comment


                    Originally posted by esemi View Post
                    I was wondering how long most people have been with AML and hence built up the tax amount owed?
                    I did 18 months with them between 2011 and 2013.
                    Has anyone done more than that?
                    Many have done longer, unfortunately AML were very subtle and good at keeping people on board.
                    http://www.dotas-scandal.org LCAG Join Us

                    Comment


                      All related

                      Originally posted by Runster View Post
                      Yes, trying to get a chat with webberg, but he's off line at moment. Are AML and Carnegie Knox the same organisation, do you know?
                      Knox, AML, PTS, Vanquish, SP, Smartpay... One big happy family.

                      MLeggsy

                      Comment

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