AML 2019 Loan Charge

[Newbee0418]

Who told you this? An independent tax advisor or someone associated with your loan provider?

This was advised by the loan provider for the loan I had.

[cojak]

Hi,

This has probably been already answered previously but thought to ask the question; I am being told that the 2019 LC doesn't affect me because I was paid via a loan but not from a trust - is this correct?

Thanks,
Newbee

Who told you this? An independent tax advisor or someone associated with your loan provider?

[Newbee0418]

Paid via loan but not by Trust...

Hi,

This has probably been already answered previously but thought to ask the question; I am being told that the 2019 LC doesn't affect me because I was paid via a loan but not from a trust - is this correct?

Thanks,
Newbee

[Jonmh]

I was offshore on around £430 a day. Yes I do count myself as being very lucky as I could easily have stayed on that job for a lot longer. I left for a longer term PAYE role.

[BankingContract0r]

£3,400 for just 4 weeks??? You must have had a high daily rate. You must be one of the luckier ones in all this

Would be around £450 a day - would have thought it's inline with lots of people who used these schemes.

[kentishlad]

I got a letter yesterday. I'm currently paying back £3,400 tax on a monthly basis over a year (i was only with AML for 4 weeks thank God). I simply rang them and after tapping my payment plan reference into the computer they told me to disregard yesterday's letter. As long as I stick to the agreement I will be exempt from the Loan Charge.

£3,400 for just 4 weeks??? You must have had a high daily rate. You must be one of the luckier ones in all this

[Jonmh]

I got a letter yesterday. I'm currently paying back £3,400 tax on a monthly basis over a year (i was only with AML for 4 weeks thank God). I simply rang them and after tapping my payment plan reference into the computer they told me to disregard yesterday's letter. As long as I stick to the agreement I will be exempt from the Loan Charge.

[Sreh]

Phil please PM me as well

I can verify Phil's approach. He's helping me and has been incredibly helpful, candid and honest about all options.

Certainly give him a call if you're wanting an informal chat. That's where I started and I'm really pleased I did.

An all round good egg...

Phil Please contact me as well

[Incandescent]

Settled already?

Hi All

What an unholy mess.

Back in Feb 2016 I had this issue raised via a letter from HMRC telling me I owed them £26k. Given that I was n the AML PBT scheme for about 8 months and only earnt about that, clearly this was a made up figure. A call to HMRC confirmed that they didn't have any real data which frankly does make it Mafia-esque - sending letters to people saying they owe you a random amount of money, pay up or else is more Cosa Nostra than HMRC.

I disclosed my earnings for the period, made a calculation on the tax that would be owed were it normal remuneration and sent them a cheque, which they duly cashed. I have returned to PAYE and whilst they initially withheld my tax rebate for 16-17 as i was 'under investigation' I pointed out that I had settled and they concurred, releasing the funds.

Yesterday I got a new letter from HMRC about Disguised Remuneration and loan charges even though I have settled.

Do you lovely people think this is just admin error? That's what I shall be telling HMRC. As far as I'm concerned I promptly co-operated and paid. Case closed?

Be grateful of any advice here. Good luck to you all.

[THISISWRONG]

HMRCs can nduct on tax inquiries

I have just been made aware of this:
https://www.parliament.uk/business/c...isputes-17-19/

Everybody impacted by this should send a letter. HMRC should be going after the promoters of these scheme and not apply retrospective tax, and then using ‘mafia’ style coercion to the people impacted. The stress is too much and HMRC are exploiting the little people.

Here is the info:
HMRC is responsible for the collection and management of taxes, duties and national insurance contributions. In its code of governance for resolving tax disputes, HMRC outlines internal governance processes that are intended to ensure that it deals with all tax disputes fairly and in an even-handed manner.
The Treasury Sub-Committee will examine whether HMRC’s approach to conducting tax enquiries, resolving tax disputes and determining the amount of tax to be paid meets those standards.
The Treasury Sub-Committee invites written submissions addressing any of the following questions:
How do HMRC governance and settlement processes affect its ability to resolve tax disputes in a proportionate and fair way?
Does HMRC’s litigation and settlement strategy provide a rational and sound framework for resolving tax disputes?
Do HMRC’s collection and management powers set out in the Commissioners for Revenue and Customs Act 2005 provide HMRC with sufficient flexibility to achieve cost-effective and fair results?
Does HMRC’s approach to enforcing compliance with tax law, including its approach to penalties and other sanctions, result in disproportionate or unjust outcomes? If so, how can the situation be remedied?
Is there sufficient governance over the whole of HMRC’s enquiry process to ensure that HMRC’s interventions are well-targeted and that taxpayers are treated fairly and professionally throughout?
Do HMRC’s governance processes provide sufficient scrutiny and assurance for clearances and approvals given to taxpayers outside the formal enquiry process.