AML 2019 Loan Charge

[Scotslaw]

hi,

I moved to Ireland in 2013 (South). I recently got a letter from hmrc re 2019 loan change.

Tempted to settle and tempted to do nothing - fed up with the uncertainty. I have some assets in the UK.

Can HMRC come after me in South of Ireland? If they cant and if the cant take my assets in the UK then why would i settle?

Is anyone in this board based in the south of Ireland or in another EU country? I would be really interested to hear from you.

Kind Regards
Tony

The Loan Charge legislation will take your tax avoidance (trustee loan) and turn it into tax evasion. In April, you will incur a tax event on your outstanding loan and you will be required to declare it to HMRC by law, presumably through a self assessment.
Your physical location in the world won't change the tax event.
If you haven't filed a return declaring the loan amount by their deadline (31/01/2020), you will have become a tax evader.
Living in ROI won't protect you, nor will living in any country with whom the UK has an extradition agreement.
The question will be how much will you owe and how far will HMRC and the law enforcement authorities go to enforce tax evasion laws.
You may decide to chance it, but possibly may not have peace of mind, not knowing what's going to happen in the future.
The consistent advice on the forum and elsewhere is to not ignore the charge. You should discuss your options with a specialist advisor or with a lawyer.

https://www.taxation.co.uk/Articles/...and-punishment

[WTFH]

WTFH or DIY? It would seem ALOT of money for someone else to submit an email to HRMC and then to deal with them

Have a look at this EXCELLENT DIY post of someone who has been through this.

https://forums.contractoruk.com/hmrc...letter-66.html

Didn’t cost nearly ££K to submit some emails to HMRC...

Thanks for your very informative post. It’s the second one tonight where you just point to the start of a thread which began in 2012 and has been going on for some time.

Why use an accountant to try to do your accounts?
And no, it’s not just submit one email. As for it being a lot of money, compared to the amounts some people on here owe, it’s very little.
But to have an accountant who knows what to do and how best to present the figures saves busy contractors a lot of time and effort, and possibly money.

[Gusman1859]

Living in ROI since 2013

hi,

I moved to Ireland in 2013 (South). I recently got a letter from hmrc re 2019 loan change.

Tempted to settle and tempted to do nothing - fed up with the uncertainty. I have some assets in the UK.

Can HMRC come after me in South of Ireland? If they cant and if the cant take my assets in the UK then why would i settle?

Is anyone in this board based in the south of Ireland or in another EU country? I would be really interested to hear from you.

Kind Regards
Tony

[Dharmin]

WTFH or DIY? It would seem ALOT of money for someone else to submit an email to HRMC and then to deal with them

Have a look at this EXCELLENT DIY post of someone who has been through this.

https://forums.contractoruk.com/hmrc...letter-66.html

Didn’t cost nearly ££K to submit some emails to HMRC...

https://www.accountingweb.co.uk/tax/...tractors-loans

[uppoocreek]

WTFH or DIY? It would seem ALOT of money for someone else to submit an email to HRMC and then to deal with them

Have a look at this EXCELLENT DIY post of someone who has been through this.

https://forums.contractoruk.com/hmrc...letter-66.html

Didn’t cost nearly ££K to submit some emails to HMRC...

[Dharmin]

I guess the difference is the same as the difference between doing your accounts yourself or getting a professional accountant to do them.

Do you do your own company accounts?

Thanks.... but still not clear..

I do have my own co. accountant, who does my ltd co. accounts.

[WTFH]

I have no issue in paying but want to know whats the difference if I settle with HMRC thru a tax accountant ( WTT or Phil ) or going directly.

If the settlement is official then do you really need a tax accountant ?? or unless if a tax accountant can get a good discount (££) from hmrc on settlement then 100% worth.

I am not clear to how a tax account be helpful/useful when comes to settlement.

I guess the difference is the same as the difference between doing your accounts yourself or getting a professional accountant to do them.

Do you do your own company accounts?

[Dharmin]

Have you actually engaged with WTT or Phil (and paid for their services)? Or are you trying to do this yourself?

I have no issue in paying but want to know whats the difference if I settle with HMRC thru a tax accountant ( WTT or Phil ) or going directly.

If the settlement is official then do you really need a tax accountant ?? or unless if a tax accountant can get a good discount (££) from hmrc on settlement then 100% worth.

I am not clear to how a tax account be helpful/useful when comes to settlement.

If I was going to fight with HMRC then 100% I would have gone with the BIG GROUP.

Regards
D

[WTFH]

Hi

I was with AML , Is there a process on how someone can settle directly with HMRC.

Do we need to provide to hmrc on how much loan we received from AML or will hmrc have all our loan details. If we have to provide the loan amount to hmrc then how will hmrc know if the loan amount is correct or not.

I can see lots of postings on twitter related to 2019 Loan Charges , do you think its worth settling with hmrc or wait till 5th April 2019.

Regards
D

Have you actually engaged with WTT or Phil (and paid for their services)? Or are you trying to do this yourself?

[Dharmin]

Settling with HMRC

Hi

I was with AML , Is there a process on how someone can settle directly with HMRC.

Do we need to provide to hmrc on how much loan we received from AML or will hmrc have all our loan details. If we have to provide the loan amount to hmrc then how will hmrc know if the loan amount is correct or not.

I can see lots of postings on twitter related to 2019 Loan Charges , do you think its worth settling with hmrc or wait till 5th April 2019.

Regards
D