AML 2019 Loan Charge

[ric_77]

Can you please guide how did you approach HMRC for settlement? I would like to sign up for settlement by 31 May but I am not sure how to do it - myself or via a tax advisor?

this has all of the info

https://www.gov.uk/guidance/disguise...ur-tax-affairs

[infossa]

Loan charge settle via Pension contribution

Hi Seniors,

Would you please give some headsup about the idea on how to settle the additional income( Loan) charges of 2013 via pension contributions. Do HMRC accepts if i am planning to include 2013 loans as income for 2018-19 income ?

Thanks and much appreciated for your help..

[CockneyRed]

Large settlement due - how on earth do we repay

Hi everyone,
I have been reading these posts for a long time now on CUK without registering/posting, as ex-AML contractor I thought AML had my back, along with going with them in the first place and the dormant behaviour what a complete fool it turns out I have been. I am in for a large sum of money due to HMRC of this complete BS of a back tax, simply which I cannot afford off my own steam.

I am lucky enough to have equity in my house but I read somewhere that re-mortgaging can't be used to pay off debts, really? I have looked around and I can't seem to get a loan past 50k (which means I will need 2 and that will prove difficult) and the interest rates are far higher than a mortgage term.

WTF do HMRC expect us to do? Will I be forced to sell my house? I have 4 children and this will certainly be the final straw that breaks my marriage I would think. The stress of this alone is enough and I still cannot get rid of the sick feeling/permanent butterflies. Is anyone else thinking along the same lines re: mortgage?

Thanks.

[piebaps]

https://forums.contractoruk.com/hmrc...gate-lc19.html

This thread had slipped down the forum a little after AML dropped their e-bomb. See if it helps.

[jrock]

Hi everyone,
I have been reading these posts for a long time now on CUK without registering/posting, as ex-AML contractor I thought AML had my back, along with going with them in the first place and the dormant behaviour what a complete fool it turns out I have been. I am in for a large sum of money due to HMRC of this complete BS of a back tax, simply which I cannot afford off my own steam.

I am lucky enough to have equity in my house but I read somewhere that re-mortgaging can't be used to pay off debts, really? I have looked around and I can't seem to get a loan past 50k (which means I will need 2 and that will prove difficult) and the interest rates are far higher than a mortgage term.

WTF do HMRC expect us to do? Will I be forced to sell my house? I have 4 children and this will certainly be the final straw that breaks my marriage I would think. The stress of this alone is enough and I still cannot get rid of the sick feeling/permanent butterflies. Is anyone else thinking along the same lines re: mortgage?

Thanks.

Hi mate, I feel your pain.

I would suggest getting a good mortgage broker who should be able to help you with remortgaging.

Maybe the best way is to get a chunk to pay upfront once a settlement has been established (contact Phil on this forum). The remaining amount I imagine can be arranged with TTP with HMRC.

[webberg]

Hi everyone,
I have been reading these posts for a long time now on CUK without registering/posting, as ex-AML contractor I thought AML had my back, along with going with them in the first place and the dormant behaviour what a complete fool it turns out I have been. I am in for a large sum of money due to HMRC of this complete BS of a back tax, simply which I cannot afford off my own steam.

I am lucky enough to have equity in my house but I read somewhere that re-mortgaging can't be used to pay off debts, really? I have looked around and I can't seem to get a loan past 50k (which means I will need 2 and that will prove difficult) and the interest rates are far higher than a mortgage term.

WTF do HMRC expect us to do? Will I be forced to sell my house? I have 4 children and this will certainly be the final straw that breaks my marriage I would think. The stress of this alone is enough and I still cannot get rid of the sick feeling/permanent butterflies. Is anyone else thinking along the same lines re: mortgage?

Thanks.

First, nobody can force you to sell a house you share with a wife and children.

Second, you need to share this with your wife because I'm sure she will be able to help you.

Remortgaging is an option but you need to be careful about what you put in the application. It was suggested elsewhere that you could take a loan and then consolidate it later into a remortgage. I'm not a financial adviser and cannot advise you, but if you go to the StepChange charity they will be able to help you.

It's also possible that you will not have to find all the money straight away.

A CLSO agreement before the end of the year is unlikely. You may then get 2+ years to pay depending on circumstances.

You need to investigate and understand your position before doing anything rash.

We and the other unbiased advisers on these threads will speak to you free of charge. What have you got to lose?

[jrock]

First, nobody can force you to sell a house you share with a wife and children.

Second, you need to share this with your wife because I'm sure she will be able to help you.

Remortgaging is an option but you need to be careful about what you put in the application. It was suggested elsewhere that you could take a loan and then consolidate it later into a remortgage. I'm not a financial adviser and cannot advise you, but if you go to the StepChange charity they will be able to help you.

It's also possible that you will not have to find all the money straight away.

A CLSO agreement before the end of the year is unlikely. You may then get 2+ years to pay depending on circumstances.

You need to investigate and understand your position before doing anything rash.

We and the other unbiased advisers on these threads will speak to you free of charge. What have you got to lose?

Hi Webberg,

In all fairness yourself and other advisors have been (and still are) very helpful it offering help to this saga, but i must say that i believe the vast majority of us affected will have little option but to use the remortgage route to help settle this burden.

Its may be that HMRC cannot force you to sell your house, but what alternative do we have to raise funds to settle (or part settle + TTP arrangements). We find ourselves in a position where if we waited until April 2019 we will be taxed at such a high rate that we wont be able to pay our mortgage and will subsequently lead to reposession! With Kids involved im not willing to let this happen. Im not sure how any debt charity can sort this out either.

HMRC haven't given much info on the matter that is of any good to those affected, where have they said they cant force you to sell your house because indirectly their actions can lead to this outcome. Most of us want an end to this and move on with our lives, the long litigation route just delays this, i would love to pursue a litigation route but the 31st May deadline \ 2019 Loan charge is backing us into a corner to find any means possible to raise funds and pay up.

And in the meantime scheme providers are washing their hands and trying to squeeze additional funds from us when they get off scot free!

[CockneyRed]

And in the meantime scheme providers are washing their hands and trying to squeeze additional funds from us when they get off scot free!

And that is the kick in the guts knowing that there are billionaires who ran/run the show!! I will be looking at a second job, evenings and weekends most likely, to pay for the increase to my already large mortgage. People with children ( I know having 4 is more than most) just cannot save. All of my money goes into my kids and my house, I don't lead an extravagant lifestyle - I am not a footballer on that kind of wage. It's appalling treatment from HMRC and the GOV.

[DOT COM]

What you actually apply for on further borrowing against a mortgage (i.e home refurb) and what you subsequently then spend that further borrowing money on or use it for is NOT audited by the bank after the funds are granted. Apply for further borrowing as required to extend the property and facilitate a loft conversion.
Remember you've been felt a raw hand and sometimes you have to play the remaining cards wisely in order to come out of the game in a affective position

Hi everyone,
I have been reading these posts for a long time now on CUK without registering/posting, as ex-AML contractor I thought AML had my back, along with going with them in the first place and the dormant behaviour what a complete fool it turns out I have been. I am in for a large sum of money due to HMRC of this complete BS of a back tax, simply which I cannot afford off my own steam.

I am lucky enough to have equity in my house but I read somewhere that re-mortgaging can't be used to pay off debts, really? I have looked around and I can't seem to get a loan past 50k (which means I will need 2 and that will prove difficult) and the interest rates are far higher than a mortgage term.

WTF do HMRC expect us to do? Will I be forced to sell my house? I have 4 children and this will certainly be the final straw that breaks my marriage I would think. The stress of this alone is enough and I still cannot get rid of the sick feeling/permanent butterflies. Is anyone else thinking along the same lines re: mortgage?

Thanks.

[piebaps]

Webberg has already cautioned about mortgages and I think I did in another thread.

This link should help https://www.inbrief.co.uk/property-law/mortgage-fraud/

The bank may not audit however there's a duty to disclose all relevant information. Be careful and don't convert a civil tax debt into a criminal fraud conviction.