AML 2019 Loan Charge

[WTFH]

I'm told that I only need loan amounts to April 16, I joined the scheme in July 15 so I'm hoping it won't be too much (I had a daily rate of around £300 at that time).

Sorry, I know a lot of this has been covered but I'm really struggling and the deadline is approaching.

If you were in a loan scheme after April 2016, you still need the more recent loan amounts.

You also need to speak to a professional tax advisor based in the UK, not ones based in the IOM.

Try Webberg or phil@dswtres, both are above board, both post on here a lot and have helped many.

[TerrifiedContractor]

Help?

Hi
I'm really confused.
Have spoken to PTS and feel their charges are expensive and the chap I spoke to wasn't very professional.
Vanquish just seems like another scam?

I know I can email HMRC and register to settle, but I'm not confident I then know what to do.
I asked SPM to send me all the loan amounts and they said no, even if I can get all this information from SPM/Carnegie Knox before September I don't know how to calculate what I owe and arrange payment terms (I have no cash but have put my house up for sale!), so I guess I'd still need to pay an accountant to do the calculations for me?

I'm told that I only need loan amounts to April 16, I joined the scheme in July 15 so I'm hoping it won't be too much (I had a daily rate of around £300 at that time).

Sorry, I know a lot of this has been covered but I'm really struggling and the deadline is approaching.

[Runster]

Thanks MLeggsy.

I have contacted Knox house for my Aml and SP figures but nothing back yet.

Heard back from Aml and more info will be released on the LC after 31st May.

I got mine back after about 10 days.

[MLeggsy]

Applied to each tax year.

How did they work out what your settlement figures were?

Hi Chimpmaster,

They applied the loans as income in the original (individual) years in which they were taken. In my circumstances I was in the scheme across 4 tax years. I received a new calculation for each of those years.

MLeggsy

[MLeggsy]

How much time do HMRC give you to agree once you receive the figures?

Hi mr_786,

I had a 4 week deadline.

I have "ignored" that date, as I had questions and wanted more time to consider my options. I am confident that if/when I agree to settle, as long as that is agreed with HMRC before the loan charge next year, then HMRC will have no problem in accepting my money.

MLeggsy

[Newbee0418]

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

Thanks MLeggsy.

I have contacted Knox house for my Aml and SP figures but nothing back yet.

Heard back from Aml and more info will be released on the LC after 31st May.

[ChimpMaster]

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

How did they work out what your settlement figures were?

[mr_786]

Sure mr_786,

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.
MLeggsy

How much time do HMRC give you to agree once you receive the figures?

[Newbee0418]

Worked for me.. I got an email back pretty much straight away.
My 12 year relationship has ended due to this fiasco and am no longer in any permanent residence... god knows where they will send my details!!

Great thank you!

I am really sorry to hear about your relationship. It is a major stress and is in our minds 24/7. Trying to keep focused as much as I can at work. Initially I didn't speak to my wife about it as I knew it would stress her out but I came clean and she has been really supportive, checking up on everything and helping me. This site is a godsend and we must stick together on this. I have contacted my MP and have encouraged others to do this also.

Thanks again, keep strong and focussed!

[mr_786]

MLeggsy

Thanks for the reply