AML 2019 Loan Charge

[webberg]

how many do you have for APS/MW/Buckingham ?

We have some but we're counting in dozens rather than hundreds.

It depends how you measure. We tend to group schemes into families and then bring those families into basically 4 scheme types.

APSE is type C for us and that group has a lot of members.

[ric_77]

having just spoken with PTS and asked them who exactly is responsible for NIC payments on these loans.

They say that it lands on myself as i was self employed but i had no limited co setup and the few historical payslips that i have access to cleary say employee so somewhat confused by this.

Anybody else in the same position?

[mayfire]

Has anybody successfully had their AML loan written off?
And am I correct in thinking that if we settle, interest cannot be charged on loans on the 2013/14 year and before?


(Just a big thank you to everybody who is giving advice and support on this forum, I have spent days reading through everything and it has been a great wealth of knowledge in the information blackout currently happening)

[CockneyRed]

having just spoken with PTS and asked them who exactly is responsible for NIC payments on these loans.

They say that it lands on myself as i was self employed but i had no limited co setup and the few historical payslips that i have access to cleary say employee so somewhat confused by this.

Anybody else in the same position?

We were all paying NIC 2 for self employed workers weren't we? Plus NIC 4 in self assessment return - Doesn't that cover it?

[GUD]

having just spoken with PTS and asked them who exactly is responsible for NIC payments on these loans.

They say that it lands on myself as i was self employed but i had no limited co setup and the few historical payslips that i have access to cleary say employee so somewhat confused by this.

Anybody else in the same position?

How can you be self employed without a limited company in place? I don't get this!

[Loan Ranger]

How can you be self employed without a limited company in place? I don't get this!

Actually, it's the other way round. How can you be self-employed if you have a ltd co (incorporated).

Self-employed means being a sole trader (unincorporated).

https://www.gov.uk/set-up-sole-trader

That's why the AML setup (ltd co + self-employed) is a bit dubious.

[CockneyRed]

Before the LTD co option we were classified self employed. In what category does that put us then? Sole Traders? We were paying class2 NICS weekly which was the then done thing.

[Loan Ranger]

Before the LTD co option we were classified self employed. In what category does that put us then? Sole Traders? We were paying class2 NICS weekly which was the then done thing.

Yes, it's only self-employed sole traders who pay class 2 (and class 4).

[GUD]

Actually, it's the other way round. How can you be self-employed if you have a ltd co (incorporated).

Self-employed means being a sole trader (unincorporated).

https://www.gov.uk/set-up-sole-trader

That's why the AML setup (ltd co + self-employed) is a bit dubious.

Our tax returns were filed as self employed (retainer shown as profit from business + dividends drawn). We paid NIC 2 and 4. Does that mean in limited company scheme, the returns should be filed as employed? What about profits then?

[GUD]

Actually, it's the other way round. How can you be self-employed if you have a ltd co (incorporated).

Self-employed means being a sole trader (unincorporated).

https://www.gov.uk/set-up-sole-trader

That's why the AML setup (ltd co + self-employed) is a bit dubious.

Hi, thanks for sharing the link. Let me put this way - I had a limited company and although I was a sole director, I was not employed by my limited company. In fact, SP was providing services to my company and thereby raising the invoice. I was hired by SP as a "consultant (self employed)" and was paid a retainer net of tax & NIC 2/4 and remaining as loan from the trust. Therefore, my returns were filed as self employed I guess.