AML 2019 Loan Charge

[howcanigetyoualoan]

The flow of money was Agency - AML - Trustees (in a EBT) - You (as a loan) , you paid no tax on the money from the trustees as it was a loan, if they tried to get you to pay back the loan you would probably win a legal fight , hence why they are willing to write off the loan for 5% of its value.

Where did you hear that (specifically) AML are asking for 5% to write off the loan?

[Albert49]

I've tried reading through all the posts on this thread and there is some great information. But one question that still remains in my mind is, why are my loans considered outstanding?

In my very simple brain, if AML (or the trustee) loaned me £1,000 and then I paid AML (or the trustee) £1,000 via my agency, how do I owe AML £1,000? What did they do with the £1,000 if they didn't use it to pay off my loan? They certainly didn't loan me anymore money than they received via the agency, so how do I have outstanding loans?

I was with AML for around 18 months in 2008/9 and I'm shocked to realise (huge naiveity on my part) that I still have outstanding loans with them and as such am subject to the loan charge.

The flow of money was Agency - AML - Trustees (in a EBT) - You (as a loan) , you paid no tax on the money from the trustees as it was a loan, if they tried to get you to pay back the loan you would probably win a legal fight , hence why they are willing to write off the loan for 5% of its value.

[Boydskeet79]

I've tried reading through all the posts on this thread and there is some great information. But one question that still remains in my mind is, why are my loans considered outstanding?

In my very simple brain, if AML (or the trustee) loaned me £1,000 and then I paid AML (or the trustee) £1,000 via my agency, how do I owe AML £1,000? What did they do with the £1,000 if they didn't use it to pay off my loan? They certainly didn't loan me anymore money than they received via the agency, so how do I have outstanding loans?

I was with AML for around 18 months in 2008/9 and I'm shocked to realise (huge naiveity on my part) that I still have outstanding loans with them and as such am subject to the loan charge.

[WTFH]

Rather than looking for AML, take a look at Perree Limited and Knox Worldwide.

Then the list of offshore companies just grows and grows...
Birdsville
Cascade
Pulse Professional
Contracting Options
Falcon Management
PSC Resourcing
PSC Services
Integra Resourcing
Lion Resourcing
SmartPay (various flavours)
...etc

[porrker]

Will be interesting to see what link AML has with Panama/ Paradise?

Guaranteed links.

Fill your boots

https://offshoreleaks.icij.org

[Gusman1859]

panama paradise

Will be interesting to see what link AML has with Panama/ Paradise?

Guaranteed links.

[Dharmin]

Hi

did anyone receive a letter from AML to confirm that part of their loan had been repaid? If yes did HMRC get advised (by AML) and did HMRC take this into consideration?


Did anyone who was with AML not have their P11D/P60 submitted by AML for one or more years? (When they assumed AML had done this as they were doing their returns!)

Regards
Gus

I have not received any paperwork from AML related to ".. part of their loan had been repaid"

I don't remember receiving P11 or P60 from AML , while I was with AML, as AML did my returns.

[Gusman1859]

p11d and loan repayment letter from AML

Hi

did anyone receive a letter from AML to confirm that part of their loan had been repaid? If yes did HMRC get advised (by AML) and did HMRC take this into consideration?


Did anyone who was with AML not have their P11D/P60 submitted by AML for one or more years? (When they assumed AML had done this as they were doing their returns!)

Regards
Gus

[ashukumarsingh]

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.

Appreciate that this is a shock to many but there are some hard facts here.

First, the HMRC settlement offer was made in November 2017 and is the second time one has been made.

Second, the DR Charge in 2019 is real, in law (FA 2017 et seq) and unless it is reversed by Parliament, will happen.

Third, HMRC settlement is a take it or leave it approach. I note the post above about including some expenses, but it looks to me as though that was done outside the formal terms. Well done to you.

Fourth, if you choose to use a tax avoidance scheme to mitigate a tax avoidance scheme, expect enquiry which may lead to increased taxes (or of course, none). If tempted get guarantees and sight of a fighting fund.

Last, an independent adviser is more likely to be honest with you. There are plenty of us here and whilst fees may be your primary driver, quality is more important.

Think over the weekend, research, call a few advisers and then decide.

Hi webberg, like most of people here I have been also hit hard by the loan charge and really very confused as to which direction to take. I have been following this thread and see you have been guiding the people quite a lot. I am new to this forum so don't have access to PM you. Is there a possibility I can have a call with you to understand as to what my options are and if you can help me deal with it.

[cojak]

Moved posts to correct thread