AML 2019 Loan Charge

[stressed]

Hi,

How do I contact Phil@dws, I have no options available?

Thank you

------------------------

I found this on internet while searching for Phil, hope this helps!

Dow Schofield Watts Tax Resolution
Phone: 01928 378 024
Mobile: 07986 984 089
Email: phil@dswtres.com
7400 Daresbury Park, Daresbury, Warrington, WA4 4BS
Website: www.dswcapital.com

[cojak]

Hi,

How do I contact Phil@dws, I have no options available?

Thank you

I have request PM rights for you from Admin.

[THISISWRONG]

Does anybody know if the settlement you pay is declared on your self assessment p11d?
Can you actually have a negative income?

[stressed]

stressed newbie!

Thanks all, specially WTT and Phil for their valuable advice. I must admit this forum has been very valuable for me in making a decision to inform HMRC.

I received emails via AML and Knox couple of weeks ago and took it lightly, was bit naive as AML appealed for me for 2 years and the recovery was suspended but now after reading this thread I am really taking it seriously to contact HMRC.

Will share my experiences as I hear from them, also will be speaking to WTT and Phil for an independent advice.

Thanks Catanonia for your experience and many others. Very vey helpful.

Thanks

Really stressed out!!!!!

[catanonia]

HMRC are in a bit of a mess.

I settled with them on 26th April for my 18 months, paid in full.
I got no receipt of the 33k I sent them and today 1 month later I got the 2019 LC letter and oh, 13 days to reply.

Called them up, yes I had paid and yes they did receive the money, but they don't send out any confirmations and the 2019 LC charge is an automated letter and they apparently can't control it.
Stupid thing is this was sent a nearly a month after settlement.

grrrrrr, at least it is all clear now and had it confirmed.

And why the ^&%$ can't they print the UTR number alongside your NI number on EVERY single letter and not just "some" random letters. It seems it is a hidden code they don't want you to know, but insist you supply.
Out of all the correspondence I have with HMRC, my UTR appears on 1 out of 20 letters and that was a self assessment letter, nothing to do with my cases.

[Pipjb]

Tax Advisor

Hi,

How do I contact Phil@dws, I have no options available?

Thank you

[Loan Ranger]

Do not take anything the scheme provider says at face value.

At the end of the day, it will be YOU who ends up in the shít if they're wrong.

[GreenMirror]

4 weeks since notification from KHT. Apart from the. 2-3 hours sleep each day I get - this is on my mind the remainder of the day. At least it’s good for the weight as now 2st lighter. Not sure what the future holds - but serious question - would the tax burden pass onto my spouse?

I hope you have reached out to a tax adviser? Phil@dws is handling mine - a huge weight off my mind.

If you need further help feel free to PM me.

[Fred Bloggs]

I have to say, without pouring fuel on the fire it seems Pipjb is in a pretty lousy situation. I hope he/she manages to sort the mess out somehow. I get the impression he/she is still in the scheme. Oh dear.

[Iliketax]

So, that gives me a question;

OK. You are going to hate me for this...

You really should take your own independent professional tax advice. The focus being on independent.

Obviously, I am in the same boat as most posting on here,

Based on what you say, I think you may be in a substantially worse position than many.

Just to clarify my pay structure is: 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.

Just to be clear:

1. On the basis that you are an employee/director of your company then, as you've described it, the payments by AML/SPM to you are within the employee disguised remuneration rules that have been around since December 2010. The fluff around self-employment does not come into it. Your company has an obligation to operate PAYE/NIC. When you take your independent tax advice you should make sure that it covers the GAAR (general anti-abuse rule) and its specific penalty regime. https://www.rossmartin.co.uk/penalti...gaar-penalties. GAAR penalties are up to 60% of the tax. Oh, there would also be employee's and employer's NIC.

2. If you have a genuine self-employed business (and from what little you have said, it doesn't sound like you have) then from 6 April 2017 the self-employed DR rules will apply to the payment you received. Conditions A to D have all been satisfied (the payment by your company to AML/SPM would be a qualifying third-party payment if you really do have a self-employed trade). Condition E is that there is a tax advantage and it sounds like it has been sold to you on the basis that there was one (as otherwise why on earth would you do this). Again take independent tax advice (did I say "independent"). as GAAR would be relevant and so may the "requirement to correct" rules (where the 100% penalty is the minimum penalty - https://www.gov.uk/guidance/requirem...ffshore-assets). I've mentioned RTC as I'm assuming that there is an offshore aspect to all of this. Just for completeness, the April 2019 loan charge would apply to any pre-April 2017 loans. But you should not pay tax under both employee/self-employed rules.

How the hell can HMRC say that because we have no intention of paying back the loan then it is a DR and subject to the LC!!!

From what you have described, the payments to you are caught by DR so that the April 2019 loan charge doesn't really change anything. The key bit is to make sure that you get independent professional advice on the wider GAAR/RTC issues. RTC has a 30 September 2018 deadline. But to answer your question, that's because Parliament has said that.

One extra bit, the vast majority of tax advisers will not have come across GAAR, RTC or the self-employed DR rules. So choose your adviser well. And make sure that they have absolutely nothing to do with the people who sold/promoted/ran your scheme.

This is also worth reading: https://forums.contractoruk.com/hmrc...t-options.html