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AML 2019 Loan Charge

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    Originally posted by mr_786 View Post
    Thanks for clarification.

    WRT LC2019, What I have been told is:

    If you don't settle and loan charge kicks in, then HMRC will open enquiries for all the years in which you have declared the loans.

    Then they will take a long time to get back to you for your liability , but meantime, their tax meter will carry on charging interest for the opened up protected years ...

    Is that right?
    ...you may want to throw fines in with that as well.

    Comment


      Originally posted by JackH1 View Post
      I'm looking at taking this campaign to the next level and start writing to the newspapers to raise awareness. Starting with the Evening Standard then will look at alternatives like the Metro and daily Mirror.

      The full epidemic of this and the effect of this can send shockwaves and the likes of politicians will have to stand up and act. It hasn't been highlighted by parliament that in fact it's the middle/working classes effected by this and indeed has made people vulnerable.

      If it all possible, I could do with a few people to come forward if we get an interview request including the guy who has to cater for his disabled wife. We can go anon or give our real names it upto you. I need good facts. There's another column that says 200,000 people have registered for CLSO 2 weeks before the deadline so we could be looking at far more. You can email me at [email protected]
      I have ready to support you. Have sent you an email.

      Comment


        Anyone seeking additional support or wishing to help, please take a look at the Loan Charge Action Group.

        They have templates for contacting MP's and you will be in an additional online community for support. Every bit of action on an individual and group scale is going to help show those in charge that this situation needs addressing.

        We gain nothing by remaining silent.

        https://www.hmrcloancharge.info/who-we-are

        Comment


          Template for registering interest

          Hi, Is there a template for registering, there is only an enquirey into one year even though the planning has been carried out over numerous years, do I have to quote the years or just the UTR and that wish to register interest in settleing

          Originally posted by MLeggsy View Post
          Runster, Yes!

          I received my first enquiry from HMRC for my dealings with AML in 2014 and have been dealing with the fallout since, some people have been dealing with it for way longer. There are so many questions to ask and I can honestly say the advisors I have spoken to have been incredibly helpful, just assisting in getting your head around what is going on.

          Once you have your figures from AML, register an interest to settle with HMRC (This MUST be submitted by 31st May 2018). HMRC will take a few months to respond with what they believe you owe. At that point you will have something to work with... you are registering an "interest" to settle, you are not "agreeing" to the figures or to settle.

          This will give you some breathing space to read up on this mess (yes it is a mess) and become more informed.

          MLeggsy

          Comment


            Vanquish options

            Originally posted by WTFH View Post
            PTS Limited are based in the Isle Of Man (no website and the domain owner is hidden)

            Vanquish Options have a website, which was registered on 27/03/18 by a design company... based in the Isle of Man.
            Vanquish are offering another so they say 'secret' scheme. Another dodgy tax scheme that is digging a deeper hole. Stay away from it and get some tax advice.

            Comment


              Registering an Interest to Settle

              Originally posted by INeedHelp View Post
              Hi, Is there a template for registering, there is only an enquirey into one year even though the planning has been carried out over numerous years, do I have to quote the years or just the UTR and that wish to register interest in settleing
              Hello INeedHelp,

              For the 31/05/2018 deadline.

              Send an email to [email protected]

              with the text: I wish to register an interest to settle.

              and your National Insurance Number (Nino)

              and your Unique Tax Payer Reference (UTR)


              You should get a generic response from HMRC within 1 working day to acknowledge receipt.

              Details of the Years/Schemes used/loans themselves can be supplied at any time before 30/09/2018 - 4 months time.

              Hope this helps.

              MLeggsy.

              Comment


                Loan Charge - Tax Year

                Which tax year the loan charge will be applied to?

                2018/19 Or 2019/20 ?

                I don't want to take extra dividends out in 2018/19 if loan charge will be applied along side my income from 2018/19

                Comment


                  Originally posted by mr_786 View Post
                  Which tax year the loan charge will be applied to?

                  2018/19 Or 2019/20 ?

                  I don't want to take extra dividends out in 2018/19 if loan charge will be applied along side my income from 2018/19


                  This year, 2018/19

                  Comment


                    I'm new - and extremely stressed!

                    Hi All.

                    I'm a long time lurker on these forums but have finally registered an account because of this 2019 Loan Charge. As with everyone else, this is stressing me out immensely and looking for any guidance or advice.

                    I wasn't part of the AML scheme. My situation seems to be somewhat different to others I have read on here, but probably ultimately in the same boat. I operated through a LTD company and it setup an EFRBS with the loan being paid to me (directly by my LTD) as a benefit. The scheme was dotas and so obviously declared. The LTD company no longer exists and the only communication from HMRC on the subject has been to say that the LTD co (which no longer exists) owes primary NICs because HMRC see the loan as income. I've not had anything further - no APNs, no open investigation or enquiry.

                    The only way I found out about this potential Loan Charge is from the trustees that issues the loan.

                    So some questions I have for you fine folk:

                    1. Has anybody else come across the LTD/EFRBS arrangement as above?

                    2. Given the communication I've had from HMRC (which was to say the LTD co owed money), am I silly to register an interest before 31st May 2018? Ie. am I unnecessarily putting myself on the radar, or does the fact the scheme was DOTAS mean that I'm inevitably on that radar anyway?

                    3. My first inclincation is to just settle immediately. I can't be handling this stress. There is the question of can I afford to settle and how long I'd have to do so. However, it seems to me HMRC are trying to get people to voluntarily settle well before Apr 2019. Is this perhaps some kind of ruse because they know they won't be able to follow through with this punitive retrospective charge? If so, am I being hasty in settling. Is there anyway to delay settlement to see what happens - but without getting hit with the 2019 LC?

                    I apologise for the long post and appreciate any and all feedback.

                    Thanks.

                    Comment


                      Originally posted by RickG View Post
                      Hi All.

                      I'm a long time lurker on these forums but have finally registered an account because of this 2019 Loan Charge. As with everyone else, this is stressing me out immensely and looking for any guidance or advice.

                      I wasn't part of the AML scheme. My situation seems to be somewhat different to others I have read on here, but probably ultimately in the same boat. I operated through a LTD company and it setup an EFRBS with the loan being paid to me (directly by my LTD) as a benefit. The scheme was dotas and so obviously declared. The LTD company no longer exists and the only communication from HMRC on the subject has been to say that the LTD co (which no longer exists) owes primary NICs because HMRC see the loan as income. I've not had anything further - no APNs, no open investigation or enquiry.

                      The only way I found out about this potential Loan Charge is from the trustees that issues the loan.

                      So some questions I have for you fine folk:

                      1. Has anybody else come across the LTD/EFRBS arrangement as above?

                      2. Given the communication I've had from HMRC (which was to say the LTD co owed money), am I silly to register an interest before 31st May 2018? Ie. am I unnecessarily putting myself on the radar, or does the fact the scheme was DOTAS mean that I'm inevitably on that radar anyway?

                      3. My first inclincation is to just settle immediately. I can't be handling this stress. There is the question of can I afford to settle and how long I'd have to do so. However, it seems to me HMRC are trying to get people to voluntarily settle well before Apr 2019. Is this perhaps some kind of ruse because they know they won't be able to follow through with this punitive retrospective charge? If so, am I being hasty in settling. Is there anyway to delay settlement to see what happens - but without getting hit with the 2019 LC?

                      I apologise for the long post and appreciate any and all feedback.

                      Thanks.
                      If you don't register to settle, they will come after you from Apr 2019 with the new powers the HMRC will have and will cost you more. It's a risk not worth taking.

                      Many of us including myself can't afford to settle either. I can pay half of the expected amount with all my savings and loan from them over many years (if i get it) or contemplate selling my flat. Depressing times...

                      Comment

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