AML 2019 Loan Charge

[BankingContract0r]

I've been reading this thread for hours!! Thank you all for the useful information and taking the time to contribute.

I started a scheme with IQ in the second quarter of 2012 and finished in the first quarter of 2015.

The discovery I have received sites 2013/14 year. Am I right in understanding that under a settlement I would need to pay tax from 2012-2015? i.e. Every year I used the scheme despite an element of it being over 4 years old?

The tax planning company that advised me to use IQ are still going today and claim that I am one of the only people they know of using that scheme who have received a discovery notice. I find that hard to believe but would been keen to hear from anyone else who used the scheme in the past.

[Jonmh]

Hi. I’m new on here and some of the cases on here and those facing ex colleagues are truly devastating. My situation is I foolishly joined the AML loan scheme in 2015 but thankfully only for a matter of weeks. I have agreed settlement with HMRC and I’m paying the tax owed (approx £3400) on a monthly basis over a year. Perhaps rather naively I hadn’t given thought to the loan being called in by Knox trust at some future date. Does anyone on here have any advice on how to go about getting the loan written off? My dealings with HMRC have been direct and not through an adviser.
Many thanks for any help.

[webberg]

Mr MLeggsy is unfortunately correct.

Our view of the situation is that by having a company you control in the chain of payments is not helpful.

I'm working on a note which will explain a bit more without giving away IP that belongs to my clients.

[MLeggsy]

Speak to an expert

What???

Hey Kentishlad,

I didn't mean to alarm, as I said this is only my interpretation on reading the forum...

Please speak to an expert, PM one of the advisors that frequent these boards - Webberg or phil@dswtres are both experts!

MLeggsy

[kentishlad]

Hello GUD,

I was on the AML PBT, self employed with NO Limited Company. I am no expert, but I understand from reading the forums that the introduction of a Limited Company into the mix causes a world of pain!

MLeggsy

What???

[MLeggsy]

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"My company does work for company X through agency Y, my company invoices agency Y, agency Y pays my company, I send AML/SPM my timesheet, AML/SPM send my company bill, my company pays AML/SPM bill, AML/SPM pay me retainer (as self-employed) and loan, job done."

Hello GUD,

I was on the AML PBT, self employed with NO Limited Company. I am no expert, but I understand from reading the forums that the introduction of a Limited Company into the mix causes a world of pain!

MLeggsy

[webberg]

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"My company does work for company X through agency Y, my company invoices agency Y, agency Y pays my company, I send AML/SPM my timesheet, AML/SPM send my company bill, my company pays AML/SPM bill, AML/SPM pay me retainer (as self-employed) and loan, job done."

I would caution against putting up a full description of any scheme in public.

You do though need to be clear about whether you were an employee of your own company and/or SPM or self employed. It's very hard to be both.

The scenario above is what we would call a double limited.

Ask yourself. Why did your company pay anything to APM?

[GUD]

Thanks - does anyone know why PTS are saying this is only up to April 16? I just phoned to double check.

I'm still with SPM now, can anyone recommend me a good (legal) company to change to (I have already changed 3 times prior to SPM due to mistakes on their part etc.)

Also can anyone confirm that I'm not tied to PTS (and their charges of £250 and £500) by sending the letter of authority back to get my loan numbers?

Thanks

You are not tied to PTS just by signing the letter of authority. The letter is to allow PTS to get loan figures from SP.

[TerrifiedContractor]

Thanks - does anyone know why PTS are saying this is only up to April 16? I just phoned to double check.

I'm still with SPM now, can anyone recommend me a good (legal) company to change to (I have already changed 3 times prior to SPM due to mistakes on their part etc.)

Also can anyone confirm that I'm not tied to PTS (and their charges of £250 and £500) by sending the letter of authority back to get my loan numbers?

Thanks

[GUD]

Sure mr_786,

1 - Employer's No! Employees Yes! I was in a self employed scheme.
2 - Interest is only charged on OPEN years, But the settlement figures does NOT include this value - It will be ADDED once you agree to settle.
3 - The loan amounts were what I received into my bank account (Therefore not including the promoters fees etc).

Hope this helps.

MLeggsy

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"My company does work for company X through agency Y, my company invoices agency Y, agency Y pays my company, I send AML/SPM my timesheet, AML/SPM send my company bill, my company pays AML/SPM bill, AML/SPM pay me retainer (as self-employed) and loan, job done."