AML 2019 Loan Charge

[webberg]

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

https://services.gov.im/ded/services....iom?Id=340108

[WTFH]

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

If you want the right info, look at your personal bank statements.
If you want good advice on what you should do, or help in trying to get the problem properly resolved, I'd suggest using some of the tax advisors on this thread (such as Phil)

[kentishlad]

If you want the right info, look at your personal bank statements.
If you want good advice on what you should do, or help in trying to get the problem properly resolved, I'd suggest using some of the tax advisors on this thread (such as Phil)

many thanks... I think this also lies in what the position was with regards to the SP Malta element. As another poster has alluded to he was advised that this was not covered in the same way and therefore not caught by such legislation (hmm).
I know the exact amount from bank statements and if an approximate figure is given as to what is paid as part of such agreement I can supply that...

[kentishlad]

https://services.gov.im/ded/services....iom?Id=340108

So there is no such company as 'old SP Management' it seems all horse ****

[THISISWRONG]

Hi all
I had a meeting with my MP last week, who had no ideq about this. I presented what information i could, mostly info on AML and Knox and how they are gettig away with murder and the government havent helped by stitching up the individuals who are an easy target.
I would like to provide his some hard evidence of the hardship this is causing. I have read comments on here about people contemplating suicide and heart attacks - sadly i feqr if may take a death to get MPs to listen.
Does anybody have any evidence, a report, anything usefulni can send him to give him a solid background?

Is anybody holding out hope that HMRC may get a legal challenge to stop april 2019 charge?

Can anybody help with this?
thanks!

[kentishlad]

Can anybody help with this?
thanks!

Ive noticed anothe rpost similar to this thats raised an EDM.
I still thought it was against the constitution? to introduce any kind of retrospective law..
If the government were allowed to do this, would that also allow the collection of speeding tickets for those caught on camera doing 40 miles an hour and then retrospectively changing the speed limit to 30 and fining everyone for doing nothing wrong at the time! lol

[WTFH]

I know the exact amount from bank statements and if an approximate figure is given as to what is paid as part of such agreement I can supply that...

What you need to do is get your bank statements then look at all the credits into your account. What a tax advisor will want to do is not just look at the amount of the loans coming from Knox House Trust, but also the amount of the payments from AML/SPM/SPML/etc and any interest or dividends as well - whether from your company, or shares etc.
Basically, they need to recalculate your tax return for every financial year that you received a payment from these guys.

[Where did it all go wrong]

Registering interest to settle

Hi All

does anyone have a link to where to register their interest to settle on HMRC website? I don't trust the IOM companies to do this on my behalf.
Do you know if you have to register each year you had a loan or just in general? Has anyone else registered their intent to settle directly with HMRC and can you advise the best way to do this?

Thank you so much!

[FCKAML]

AML loan

Hi all
Newbie here, thank you for all the posts in this thread. I believe I have read every one avidly over the last week. I have two loans from AML.

2015/16 - 33,000
2016/17 - 51,200

The money trail was : Agency --> LTD company (I am director) --> AML --> My personal bank account

I have not received any letters from HMRC yet but i am considering settlement to get over it and leave this behind. I have some money in the LTD company account and thinking of taking director's loan to settle with HMRC.

I have a question, can i contribute towards Pension (for year 15/16 & 16/17) when settling with HMRC or pension option is only for LC19? My view is if i am using pension for settlement then i am infact using the money for my future compared to paying tax(effectively throwing away the money).

Any advice will be welcome

[jazzyg]

Hi All

does anyone have a link to where to register their interest to settle on HMRC website? I don't trust the IOM companies to do this on my behalf.
Do you know if you have to register each year you had a loan or just in general? Has anyone else registered their intent to settle directly with HMRC and can you advise the best way to do this?

Thank you so much!

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

Register your interest
If you’re already speaking to someone in HMRC about your use of a disguised remuneration scheme, or if you have a customer relationship manager, you should register your interest with them.

If you’re not already speaking to someone at HMRC, register your interest by emailing:

cl.resolution@hmrc.gsi.gov.uk for contractor loan schemes
ca.admin@hmrc.gsi.gov.uk for all other disguised remuneration schemes
Information you must send to HMRC
So that we can settle your tax affairs before the loan charge arises on 5 April 2019, you or your agent must send us all of the required information by 30 September 2018. If possible, you should also send us your tax calculation for each year.

If you’re a contractor, or employee settling separately to your employer, you must tell us:

your unique taxpayer reference (UTR)
your National Insurance number
the amount of contractor loans or contributions made in each tax year
whether you want to claim a benefit in kind offset - if so, how much and for which years
the name of your employer
If you’re an employer, you must tell us:

your company name and company reference number
your PAYE reference number
the amounts and dates of funds paid into the scheme
details of any Corporation Tax relief you claimed on the contributions to the scheme
whether you want to claim a benefit in kind offset - if so, the relevant employees’ details, how much and for which years
For contractors, employees and employers, if known you must also tell us:

the date any trust, sub-trust or other entity was created
the amount of the contribution paid into it
assets held in that trust, other than cash or the loan agreements
You must tell us the correct amounts paid through disguised remuneration schemes. If we later find you’ve given us incorrect information, we can reopen your case and take other actions, like charging penalties.

Pay what you owe