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AML 2019 Loan Charge

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    Originally posted by Where did it all go wrong View Post
    Hi all
    Thank you for all the posts in this thread. I believe I have read every one avidly over the last week. I have also found some other similar threads in the forum.

    Was receiving loans via PBT and PSC not sure if the liability is the same.

    I have spoken with PTS - although not terribly helpful - and have been reluctant to give me their pricing structure without me receiving an engagement pack. I will at least use their 'free' service to get my loan amount details.


    Has anyone bothered to deal with PTS for anything other than loan amounts?

    I intend to declare intent to settle - not sure if via PTS or direct with HMRC or both.

    I need to do this soon as I will be away from next week.

    I m concerned that if I settle will they still come after me for IHT on the closed down loan?

    Will settling mean they no longer come after me regarding the Dotas letters they sent for tax years 2011-2014?

    I would love to talk to an independent advisor and I see that there are 2 posting on here but I don't have their details. As a newbie it might be a while before I can pm anyone?

    Help gratefully received.
    Hi

    Assuming I'm one of the 2 advisors you mention (when stating you don't have our details), I'm not allowed to advertise on here but google may assist.
    Feel free to give me a call for a chat if so.
    Thanks
    Phil@dswtres

    Comment


      Originally posted by phil@dswtres View Post
      Hi

      Assuming I'm one of the 2 advisors you mention (when stating you don't have our details), I'm not allowed to advertise on here but google may assist.
      Feel free to give me a call for a chat if so.
      Thanks
      Phil@dswtres
      Originally posted by kentishlad View Post
      Hi
      New poster on here and probably as worried and confused as a number of other people here.
      I only used the scheme for around 8 months and have started to go down the route via a company called PTS Limited (as advised in the original letter form Knox and SP Management).
      Apparently I have to give PTS limited my permission to approach SP Management Limited to find out what my figures are. Strangely enough, SP Managment themselves say that this information is held by an 'old SP Management' company (which I cant differentiate from the existing one) which PTS will approach... (why cant SP Management contact SP Management for this?).
      If I recall correctly I was on a certain scheme from October to April when SP Management changed the terms and shifted the arrangement to Malta. As a settlement of tax would this only cover the October to April period? (6 months)
      Knox House provide loan details free of charge up to 5 April 2016. After this period, I was asked to contact PTS who are charging me £250+vat to provide loan details for 6 April 2016 onwards. There is difference between the total figures provided by PTS and my bank statement for Y2017 and they are forcing me to pay money to get information about loan details.

      Comment


        I’m a coward - put off telling Her Indoors again about LC

        I’ve been steeling myself again today to tell the wife about the Loan Charge, but turned to putty yet again. Goddamit!

        Comment


          1st LoaNo AML Knox

          Hi, I have been reading through all the posts and it looks like I need independent advise to settle. I was using my own limited company while with smartpay. Now I have received a table from Knox House listing all my loans or not that I have requested from them. Has anyone receive the same kind of table? What does 1st LoaNo column means when it is Yes and what does it mean when it is a No?
          the table looks like this:
          LOW date Payroll no. First name Surname 1st LoaNo Amount
          16/09/2014 SPM0xxx Holly Ke Yes ********* 1621.46
          16/09/2014 SPM0xxx Holly Ke Yes ********* 1621.46
          22/09/2014 SPM0xxx Holly Ke No ********* 1621.46
          29/09/2014 SPM0xxx Holly Ke No ********* 1254.86
          06/10/2014 SPM0xxx Holly Ke No ******** *1621.46

          Comment


            Originally posted by phil@dswtres View Post
            Hi

            Assuming I'm one of the 2 advisors you mention (when stating you don't have our details), I'm not allowed to advertise on here but google may assist.
            Feel free to give me a call for a chat if so.
            Thanks
            Phil@dswtres
            Hi Phil.

            Thank you for your response. I was having trouble finding you on google, I could find the other advisor. I think I have you now and I'll be in touch! Thank you so much.

            Comment


              Originally posted by Runster View Post
              I’ve been steeling myself again today to tell the wife about the Loan Charge, but turned to putty yet again. Goddamit!
              This is your life partner. She has probably noticed how stressed and worried you are, so maybe you should just explain. This affects both of you and you haven't done anything wrong. You made a bad choice. You're gonna sort it but you need her support. Good luck.

              Comment


                Originally posted by philma View Post
                Hi, I have been reading through all the posts and it looks like I need independent advise to settle. I was using my own limited company while with smartpay. Now I have received a table from Knox House listing all my loans or not that I have requested from them. Has anyone receive the same kind of table? What does 1st LoaNo column means when it is Yes and what does it mean when it is a No?
                That would imply that either their data is wrong or you had two loans with them or the value doesn't really mean much. Do all the lines have the same SPM number against them?

                Probably the best thing you could do is to download all your personal bank transactions over the period that you were using AML/Knox/SPM and then identify the ones which came from each of those companies, plus any that were direct from your own company to you.
                ...and yes, you are probably better to get an independent advisor such as Phil to take a look.
                …Maybe we ain’t that young anymore

                Comment


                  Originally posted by GUD View Post
                  Knox House provide loan details free of charge up to 5 April 2016. After this period, I was asked to contact PTS who are charging me £250+vat to provide loan details for 6 April 2016 onwards. There is difference between the total figures provided by PTS and my bank statement for Y2017 and they are forcing me to pay money to get information about loan details.
                  This is what is really getting on my nerves currently.... SP Managment saying they arent the same company as the 'other' SP Management and therefore cannot supply the amount and state that PTS are the only ones who can get this information... the whole thing is a sham/con to extort as much money as possible from those who used their services.
                  Im at a loss at to why it should cost £250 +VAT to provide a figure that should be obtainable from SP Management direct.
                  I asked for the VAT and Company registration details of the 'Old SP Management' company and they have been unable to provide me with anything different to that of the current company.

                  Comment


                    Originally posted by Runster View Post
                    They told me the same - SP Mgt IoM scheme is caught by the loan charge, but SP Mgt Malta is not. They also told me if I worked through PCL via a Ltd conpany versus via self employment, one is caught, one is not, but the woman at PTS I spoke to was, I think, an opportunistic cleaner rather that a tax consultant so I couldn’t make sense of which was which. I am highly skeptical of all this, needless to say.
                    This is where Im at a loss really... and I think Im in exactly the same boat as you.. Sp Man IOM for 6 months Sp Malt 2 months - self employed through ltd... All I want is the right info (at no cost!!!) to enable me to clear things with HMRC before 31 May. Otherwise I guess Im going to just have to wait for the loan charge to land

                    Comment


                      Register an interest

                      Originally posted by kentishlad View Post
                      This is where Im at a loss really... and I think Im in exactly the same boat as you.. Sp Man IOM for 6 months Sp Malt 2 months - self employed through ltd... All I want is the right info (at no cost!!!) to enable me to clear things with HMRC before 31 May. Otherwise I guess Im going to just have to wait for the loan charge to land
                      Hi Kentishlad,

                      You need to register an interest with HMRC by 31st May - Not supply your loan values. These and any other supporting information must be supplied by September. So you have a little breathing space.

                      MLeggsy

                      Comment

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