AML 2019 Loan Charge

[vips]

Amount to pay

Bear in mind that the lender will be obliged to report to HMRC the value of loans for the purposes of the DR Charge and will therefore have that data and in theory at least, no reason why they should not share it with you.

After all if they eventually want to collect on the loan they will have to tell you how much you owe?

Whether you pay or not is of course an entirely different question.

Dear Mr.Webberg, I was with AML for 4 years 2012-2016 and I think I got around 430370 as Loans .. Can you give me a rough Idea how much I have to pay as tax and NI and penalty and interest? I am stressed beyong imagination .. Please help me if you can.

[cojak]

Dear Mr.Webberg, I was with AML for 4 years 2012-2016 and I think I got around 430370 as Loans .. Can you give me a rough Idea how much I have to pay as tax and NI and penalty and interest? I am stressed beyong imagination .. Please help me if you can.

Read and use this https://forums.contractoruk.com/hmrc...alculator.html

[webberg]

Dear Mr.Webberg, I was with AML for 4 years 2012-2016 and I think I got around 430370 as Loans .. Can you give me a rough Idea how much I have to pay as tax and NI and penalty and interest? I am stressed beyong imagination .. Please help me if you can.

As Cojak says, there is a calculator available that will give you a good indication of the value of the proposed HMRC settlement.

After that you have a choice about how you want to go about settlement (or otherwise).

I can help you. Other advisers here can help you. Google has a long list of advisers.

I would say find one who is not connected to any of the schemes and who has some experience.

[Runster]

Dear Mr.Webberg, I was with AML for 4 years 2012-2016 and I think I got around 430370 as Loans .. Can you give me a rough Idea how much I have to pay as tax and NI and penalty and interest? I am stressed beyong imagination .. Please help me if you can.

VIPs, I’m in the same (worse) boat as you with not much of a paddle. PM me when you are able.

[Worried 72]

Hi,
I've been browsing the comments on this and having also received the emails this morning, I'm feeling pretty anxious to say the least. Foolishly I clicked on the link to request info from PST which I'm now regretting.
I have contacted AML to get a copy of the loan amounts but I suspect that I wont hear back from them. I could potentially go back through bank statements to get all of the loan values, but then what do I do with them? Do I contact HMRC directly? or is it better to go through an independent tax adviser? If I register for CLSO, do I do that directly through HMRC?
Any advise will be hugely appreciated. Like many of you, I have a mortgage, a husband and 2 young children that will be affected by this.
thanks

Phone AML Tax Team on 0845 624 0075 and get them to give you the figures over the phone and also get them to email them to you. I did this and they gave me the figures no problem.

This is the email address they mailed me the figures on: [email protected]

Hope this helps.

P.S. best to have a rough idea of your figures prior to getting in touch as the first girl i spoke to gave me totals that were wildly under what i reckoned they should be....

[Worried 72]

[QUOTE=Loan Ranger;2548155]Use this calculator.

https://www.uktaxcalculators.co.uk

Worked Example

Tax year 2008/9.

You received a salary of £15k. You paid £1,793 in tax on it.

You received loans of £80k. Plugging total £95k into the calculator, gives tax of £28,626.

Settlement would be £28,626 less what you've already paid £1,793. Ie. £26,833

If it's a protected (open) year, interest on top would be approximately 26% ie. £6,976

-------------------------

Tax Year...........Accrued Interest
2001/2....................72%
2002/3....................66%
2003/4....................60%
2004/5....................52%
2005/6....................46%
2006/7....................38%
2007/8....................30%
2008/9....................26%
2009/10...................23%
2010/11...................20%
2011/12...................17%
2012/13...................14%
2013/14...................11%

Is there interest rates available for 14/15 & 15/16?

[Loan Ranger]

Is there interest rates available for 14/15 & 15/16?

It will be about 8% and 5%.

[Runster]

How are you settling? Are you going direct to HMRC with the loan amounts? I've also ended up in this hell hole and not sure what to do! Thanks

Lizzardk - I can't seem to private message you - are you new to the forum?

[Worried 72]

It will be about 8% and 5%.

Thanks, that's a great help.

[surreypanic]

Is it possible to confirm whether anyone who is CURRENTLY still using AML / SmartPay / SP Management etc. has received the emails regarding the 2019 Loan Charge Legislation / CLSO ?

From what I have read from previous posts on this thread it appears that only those who were previously with AML / SmartPay / SP Management etc. but no longer with them, have received the emails.

A friend of mine who is currently still using AML's solution (and has consistently used AML since 2011) has NOT received any emails from AML and Knox House Trust (or associated companies) re: 2019 Loan Charge Legislation / CLSO. Personally, I have not used them since Sept. 2016 and I have received the emails.

My trust of AML / SmartPay / SP Management etc. has gone so can't help being suspicious.
Are they throwing their previous clients (i.e. us) under the bus?

Can anyone comment on this please?

Yes I am still currently with Sp as I wait to migrate to a more robust solution and have received the same emails.


It’s not just for previous subscribers to the services