AML 2019 Loan Charge

[Newbee0418]

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

Thanks MLeggsy.

I have contacted Knox house for my Aml and SP figures but nothing back yet.

Heard back from Aml and more info will be released on the LC after 31st May.

[MLeggsy]

How much time do HMRC give you to agree once you receive the figures?

Hi mr_786,

I had a 4 week deadline.

I have "ignored" that date, as I had questions and wanted more time to consider my options. I am confident that if/when I agree to settle, as long as that is agreed with HMRC before the loan charge next year, then HMRC will have no problem in accepting my money.

MLeggsy

[MLeggsy]

Applied to each tax year.

How did they work out what your settlement figures were?

Hi Chimpmaster,

They applied the loans as income in the original (individual) years in which they were taken. In my circumstances I was in the scheme across 4 tax years. I received a new calculation for each of those years.

MLeggsy

[Runster]

Thanks MLeggsy.

I have contacted Knox house for my Aml and SP figures but nothing back yet.

Heard back from Aml and more info will be released on the LC after 31st May.

I got mine back after about 10 days.

[TerrifiedContractor]

Help?

Hi
I'm really confused.
Have spoken to PTS and feel their charges are expensive and the chap I spoke to wasn't very professional.
Vanquish just seems like another scam?

I know I can email HMRC and register to settle, but I'm not confident I then know what to do.
I asked SPM to send me all the loan amounts and they said no, even if I can get all this information from SPM/Carnegie Knox before September I don't know how to calculate what I owe and arrange payment terms (I have no cash but have put my house up for sale!), so I guess I'd still need to pay an accountant to do the calculations for me?

I'm told that I only need loan amounts to April 16, I joined the scheme in July 15 so I'm hoping it won't be too much (I had a daily rate of around £300 at that time).

Sorry, I know a lot of this has been covered but I'm really struggling and the deadline is approaching.

[WTFH]

I'm told that I only need loan amounts to April 16, I joined the scheme in July 15 so I'm hoping it won't be too much (I had a daily rate of around £300 at that time).

Sorry, I know a lot of this has been covered but I'm really struggling and the deadline is approaching.

If you were in a loan scheme after April 2016, you still need the more recent loan amounts.

You also need to speak to a professional tax advisor based in the UK, not ones based in the IOM.

Try Webberg or phil@dswtres, both are above board, both post on here a lot and have helped many.

[GUD]

Sure mr_786,

1 - Employer's No! Employees Yes! I was in a self employed scheme.
2 - Interest is only charged on OPEN years, But the settlement figures does NOT include this value - It will be ADDED once you agree to settle.
3 - The loan amounts were what I received into my bank account (Therefore not including the promoters fees etc).

Hope this helps.

MLeggsy

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"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."

[TerrifiedContractor]

Thanks - does anyone know why PTS are saying this is only up to April 16? I just phoned to double check.

I'm still with SPM now, can anyone recommend me a good (legal) company to change to (I have already changed 3 times prior to SPM due to mistakes on their part etc.)

Also can anyone confirm that I'm not tied to PTS (and their charges of £250 and £500) by sending the letter of authority back to get my loan numbers?

Thanks

[GUD]

Thanks - does anyone know why PTS are saying this is only up to April 16? I just phoned to double check.

I'm still with SPM now, can anyone recommend me a good (legal) company to change to (I have already changed 3 times prior to SPM due to mistakes on their part etc.)

Also can anyone confirm that I'm not tied to PTS (and their charges of £250 and £500) by sending the letter of authority back to get my loan numbers?

Thanks

You are not tied to PTS just by signing the letter of authority. The letter is to allow PTS to get loan figures from SP.

[webberg]

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"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."

I would caution against putting up a full description of any scheme in public.

You do though need to be clear about whether you were an employee of your own company and/or SPM or self employed. It's very hard to be both.

The scenario above is what we would call a double limited.

Ask yourself. Why did your company pay anything to APM?