AML 2019 Loan Charge

[WTFH]

Above explains HMRC have no information and they want you to supply all the details to they can squeeze you down..

When I rang HMRC I was told you were with AML/SmartPay till 2017 , infact I had left AML/SmartPay in mid. 2015 , they told me you'll need to show a proof that you left AML/Smartpay in 2015.

Once I was told you can mess around with Police as they'll forgive you but HMRC will never forgive you, and thats what scares me...

So are you using an advisor, or still pursuing this on your own?

[AMLFOOL]

following on from this thread

Above explains HMRC have no information and they want you to supply all the details to they can squeeze you down..

When I rang HMRC I was told you were with AML/SmartPay till 2017 , infact I had left AML/SmartPay in mid. 2015 , they told me you'll need to show a proof that you left AML/Smartpay in 2015.

Once I was told you can mess around with Police as they'll forgive you but HMRC will never forgive you, and thats what scares me...

-So following on from this email, I did indeed call back to HMRC. They asked for detail of all contributions and also advised its not necessary for to me to consult with a TAX Advisor as it quite straight forward the calculations. (shock horror)

I have asked them send me their current calculations.

any suggestions / advice? :-(

[webberg]

-So following on from this email, I did indeed call back to HMRC. They asked for detail of all contributions and also advised its not necessary for to me to consult with a TAX Advisor as it quite straight forward the calculations. (shock horror)

I have asked them send me their current calculations.

any suggestions / advice? :-(

First, you will find more kindred souls in the AML threads. Big Group is not recommending settlement and although my firm does handle this for some clients, it's not part of the BG strategy. I suggest therefore that you will get more responses on threads dealing with AML and/or settlement.

Second, it's your choice whether to use an adviser or not. The calculations that HMRC send you will be non negotiable and no adviser is going to be able to secure a reduction unless there have been procedural errors or perhaps a limited range of other factors. These are all personal factors.

(That said I have seen a proposal from an adviser who claims that they will charge a percentage of the "saving". This turns out to the a percentage of the difference between the settlement value and the loan charge in 2019. Imaginative if nothing else!).

As I say though, wrong thread if you want more.

[AMLFOOL]

First, you will find more kindred souls in the AML threads. Big Group is not recommending settlement and although my firm does handle this for some clients, it's not part of the BG strategy. I suggest therefore that you will get more responses on threads dealing with AML and/or settlement.

Second, it's your choice whether to use an adviser or not. The calculations that HMRC send you will be non negotiable and no adviser is going to be able to secure a reduction unless there have been procedural errors or perhaps a limited range of other factors. These are all personal factors.

(That said I have seen a proposal from an adviser who claims that they will charge a percentage of the "saving". This turns out to the a percentage of the difference between the settlement value and the loan charge in 2019. Imaginative if nothing else!).

As I say though, wrong thread if you want more.

Apologies!! much appreciated. I have contacted WTT yesterday but still waiting for reply

[webberg]

Apologies!! much appreciated. I have contacted WTT yesterday but still waiting for reply

PM me and I'll call this afternoon.

[phil@pmtc]

The only chance of having the legislation removed completely is if those with the ability and power do so are convinced that to carry on would be politically embarrassing, damaging to their re-election prospects or bad enough for the economy to leave no alternative.
.

Absolutely agree with this, which also aligns perfectly with the actions that the Loan charge action group do.

[cojak]

Moved posts to correct thread

[ashukumarsingh]

Let's be clear.

If you take HMRC's settlement there is no negotiation. It's take it or leave it and no adviser gets better rates than another.

PM me if you wish.

Appreciate that this is a shock to many but there are some hard facts here.

First, the HMRC settlement offer was made in November 2017 and is the second time one has been made.

Second, the DR Charge in 2019 is real, in law (FA 2017 et seq) and unless it is reversed by Parliament, will happen.

Third, HMRC settlement is a take it or leave it approach. I note the post above about including some expenses, but it looks to me as though that was done outside the formal terms. Well done to you.

Fourth, if you choose to use a tax avoidance scheme to mitigate a tax avoidance scheme, expect enquiry which may lead to increased taxes (or of course, none). If tempted get guarantees and sight of a fighting fund.

Last, an independent adviser is more likely to be honest with you. There are plenty of us here and whilst fees may be your primary driver, quality is more important.

Think over the weekend, research, call a few advisers and then decide.

Hi webberg, like most of people here I have been also hit hard by the loan charge and really very confused as to which direction to take. I have been following this thread and see you have been guiding the people quite a lot. I am new to this forum so don't have access to PM you. Is there a possibility I can have a call with you to understand as to what my options are and if you can help me deal with it.

[Gusman1859]

p11d and loan repayment letter from AML

Hi

did anyone receive a letter from AML to confirm that part of their loan had been repaid? If yes did HMRC get advised (by AML) and did HMRC take this into consideration?


Did anyone who was with AML not have their P11D/P60 submitted by AML for one or more years? (When they assumed AML had done this as they were doing their returns!)

Regards
Gus

[Dharmin]

Hi

did anyone receive a letter from AML to confirm that part of their loan had been repaid? If yes did HMRC get advised (by AML) and did HMRC take this into consideration?


Did anyone who was with AML not have their P11D/P60 submitted by AML for one or more years? (When they assumed AML had done this as they were doing their returns!)

Regards
Gus

I have not received any paperwork from AML related to ".. part of their loan had been repaid"

I don't remember receiving P11 or P60 from AML , while I was with AML, as AML did my returns.