AML 2019 Loan Charge

[phil@pmtc]

The only chance of having the legislation removed completely is if those with the ability and power do so are convinced that to carry on would be politically embarrassing, damaging to their re-election prospects or bad enough for the economy to leave no alternative.
.

Absolutely agree with this, which also aligns perfectly with the actions that the Loan charge action group do.

[webberg]

Apologies!! much appreciated. I have contacted WTT yesterday but still waiting for reply

PM me and I'll call this afternoon.

[AMLFOOL]

First, you will find more kindred souls in the AML threads. Big Group is not recommending settlement and although my firm does handle this for some clients, it's not part of the BG strategy. I suggest therefore that you will get more responses on threads dealing with AML and/or settlement.

Second, it's your choice whether to use an adviser or not. The calculations that HMRC send you will be non negotiable and no adviser is going to be able to secure a reduction unless there have been procedural errors or perhaps a limited range of other factors. These are all personal factors.

(That said I have seen a proposal from an adviser who claims that they will charge a percentage of the "saving". This turns out to the a percentage of the difference between the settlement value and the loan charge in 2019. Imaginative if nothing else!).

As I say though, wrong thread if you want more.

Apologies!! much appreciated. I have contacted WTT yesterday but still waiting for reply

[webberg]

-So following on from this email, I did indeed call back to HMRC. They asked for detail of all contributions and also advised its not necessary for to me to consult with a TAX Advisor as it quite straight forward the calculations. (shock horror)

I have asked them send me their current calculations.

any suggestions / advice? :-(

First, you will find more kindred souls in the AML threads. Big Group is not recommending settlement and although my firm does handle this for some clients, it's not part of the BG strategy. I suggest therefore that you will get more responses on threads dealing with AML and/or settlement.

Second, it's your choice whether to use an adviser or not. The calculations that HMRC send you will be non negotiable and no adviser is going to be able to secure a reduction unless there have been procedural errors or perhaps a limited range of other factors. These are all personal factors.

(That said I have seen a proposal from an adviser who claims that they will charge a percentage of the "saving". This turns out to the a percentage of the difference between the settlement value and the loan charge in 2019. Imaginative if nothing else!).

As I say though, wrong thread if you want more.

[AMLFOOL]

following on from this thread

Above explains HMRC have no information and they want you to supply all the details to they can squeeze you down..

When I rang HMRC I was told you were with AML/SmartPay till 2017 , infact I had left AML/SmartPay in mid. 2015 , they told me you'll need to show a proof that you left AML/Smartpay in 2015.

Once I was told you can mess around with Police as they'll forgive you but HMRC will never forgive you, and thats what scares me...

-So following on from this email, I did indeed call back to HMRC. They asked for detail of all contributions and also advised its not necessary for to me to consult with a TAX Advisor as it quite straight forward the calculations. (shock horror)

I have asked them send me their current calculations.

any suggestions / advice? :-(

[WTFH]

Above explains HMRC have no information and they want you to supply all the details to they can squeeze you down..

When I rang HMRC I was told you were with AML/SmartPay till 2017 , infact I had left AML/SmartPay in mid. 2015 , they told me you'll need to show a proof that you left AML/Smartpay in 2015.

Once I was told you can mess around with Police as they'll forgive you but HMRC will never forgive you, and thats what scares me...

So are you using an advisor, or still pursuing this on your own?

[Dharmin]

Guys

Have received the below letter from HMRC:

Dear Mr X

Further to your email 29/5/2018, I acknowledge your notification of interest in settling. Perhaps you could phone me?

Can you advise whether you will be overseeing the settlement discussions or if not you, who

Before I am able to can communicate by email I need you to be aware of HMRC protocols. I am attaching a word document which details HMRC protocols for corresponding by email. Once you have had the opportunity to look at this, can you please respond as appropriate (provide authority as below if acceptable )
“If you don’t want to use email
You may prefer that we don’t respond to your enquiry by email, for example because other people have access to your email account. If so, we are happy to respond by an alternative method. We will agree this with you either by telephone, fax or in writing via post.
If you do want to use email
If you would like me to respond to your query by email, we will need you to confirm in writing by post, email or fax:
that you understand and accept the risks of using email
that you are content for financial information to be sent by email
that attachments can be used”


The HMRC settlement terms can be found here Disguised Remuneration Settlement Terms
HMRC will then provide a set of without prejudice computations for you to review detailing how your circumstances can be settled. In order to provide these we will need some further information from you. Please supply:

Confirmation of the dates and amounts paid into the trust scheme(s) and dates and amounts of any loans/amounts subsequently received from the trustees.
Confirmation of all parties who benefited from such arrangements.
A copy of all the trust deeds & deeds of adherence.

I look forward to receiving your reply by e-mail. Please feel free to contact me by e-mail or telephone if you have any further questions in the interim
Can you please acknowledge receipt of this email


Kind Regards

E De Silva
HM Inspector of Taxes

As anyone received the above? have they initiated discussions?

thanks...

Above explains HMRC have no information and they want you to supply all the details to they can squeeze you down..

When I rang HMRC I was told you were with AML/SmartPay till 2017 , infact I had left AML/SmartPay in mid. 2015 , they told me you'll need to show a proof that you left AML/Smartpay in 2015.

Once I was told you can mess around with Police as they'll forgive you but HMRC will never forgive you, and thats what scares me...

[AMLFOOL]

response from HMRC (Loan Charge)

Guys

Have received the below letter from HMRC:

Dear Mr X

Further to your email 29/5/2018, I acknowledge your notification of interest in settling. Perhaps you could phone me?

Can you advise whether you will be overseeing the settlement discussions or if not you, who

Before I am able to can communicate by email I need you to be aware of HMRC protocols. I am attaching a word document which details HMRC protocols for corresponding by email. Once you have had the opportunity to look at this, can you please respond as appropriate (provide authority as below if acceptable )
“If you don’t want to use email
You may prefer that we don’t respond to your enquiry by email, for example because other people have access to your email account. If so, we are happy to respond by an alternative method. We will agree this with you either by telephone, fax or in writing via post.
If you do want to use email
If you would like me to respond to your query by email, we will need you to confirm in writing by post, email or fax:
that you understand and accept the risks of using email
that you are content for financial information to be sent by email
that attachments can be used”


The HMRC settlement terms can be found here Disguised Remuneration Settlement Terms
HMRC will then provide a set of without prejudice computations for you to review detailing how your circumstances can be settled. In order to provide these we will need some further information from you. Please supply:

Confirmation of the dates and amounts paid into the trust scheme(s) and dates and amounts of any loans/amounts subsequently received from the trustees.
Confirmation of all parties who benefited from such arrangements.
A copy of all the trust deeds & deeds of adherence.

I look forward to receiving your reply by e-mail. Please feel free to contact me by e-mail or telephone if you have any further questions in the interim
Can you please acknowledge receipt of this email


Kind Regards

E De Silva
HM Inspector of Taxes

As anyone received the above? have they initiated discussions?

thanks...

[TonyT]

No Answer

Has anyone managed to get their loan written off by AML once settled with HRMC?

I've been asking AML about this but am getting ignored.

You will never hear back from AML.
They will simply direct you to a tax company who will charge you for settling with HMRC .
In addition they also provide you with the details of "Vanquish" who offer another scheme to write off your loans by using another loan.
Steer well clear of this.
Both these companies are based in Douglas.
Probably share the same offices as AML.

[MayMadness]

Has anyone managed to get their loan written off by AML once settled with HRMC?

I've been asking AML about this but am getting ignored.

We were told that they would (Or would consider, need to find the email and double check) write off the loan after HMRC confirmed that all the tax was paid.