AML 2019 Loan Charge

[DOT COM]

Got to the login page but cant remember my password so asked for reset link to be sent to my email adress. Reset doesn't send new link. I don't think its being managed anymore.

Try Chrome. Works fine.

I also worked via Smartpay but I was under the impression that they dealt only with the drawings, in my case 10.5K PA, and not with the loan payment, not sure.

Regardless of who dealt it, the numbers reflected on your portal will be final.

Anybody know what WTT are charging? I'm reticent at this point about giving AMfaiL more of my money, or any IoM business in general where I'm lining further the diamond encrusted pockets of the elite - while I consider how I keep this roof over my families head.

[ozzyo99]

Are you now simply invoicing, being paid, and doing self-assessment on tax yourself? i.e. is there any third party involved...? Trying to figure out what I do from here on in... :S

Well, I've been permanent on PAYE for some time now, right now I'm recoiling, talking to family, tax advisors independent of AML and clarifying what my plans are.

For the years gone by, I need to revisit them all with help from an expert to clarify my total exposure.

Trying not to think about it all and have it consume me as it makes me feel physically sick...

Not sure really which way is up! And AML baiting now VERY vulnerable people with 'helpful' services to line their own pockets is frankly deplorable.

[Runster]

I’m in the same boat exposure of 6yrs with AML. I have young kids and live a simple life. Everything is on course to be messed up!

You say you have registered did you do this yourself directly with HMRC or via PTS?

jrock. I haven't gone over this with the wife yet - have you? Can we private message here, jrock, I could do with a chat with you.

[Runster]

Well, I've been permanent on PAYE for some time now, right now I'm recoiling, talking to family, tax advisors independent of AML and clarifying what my plans are.

For the years gone by, I need to revisit them all with help from an expert to clarify my total exposure.

Trying not to think about it all and have it consume me as it makes me feel physically sick...

Not sure really which way is up! And AML baiting now VERY vulnerable people with 'helpful' services to line their own pockets is frankly deplorable.

ozzy - you keep saying what I feel, perfectly! I keep fantasising that there'll be a snap election, Tories will be out and a new govt will remove the retrospective element of this legislation. Dreading telling my wife. I did discuss it at the time with her, and we agreed to take the risk together, but that will not make her any happier. Looks like I'll have to take out all the equity in my house. There goes the pension.

[Runster]

Well, I've been permanent on PAYE for some time now, right now I'm recoiling, talking to family, tax advisors independent of AML and clarifying what my plans are.

For the years gone by, I need to revisit them all with help from an expert to clarify my total exposure.

Trying not to think about it all and have it consume me as it makes me feel physically sick...

Not sure really which way is up! And AML baiting now VERY vulnerable people with 'helpful' services to line their own pockets is frankly deplorable.

I'm considering getting a tax advisor. Could you keep me posted about whether you think this is worthwhile?

[ozzyo99]

ozzy - you keep saying what I feel, perfectly! I keep fantasising that there'll be a snap election, Tories will be out and a new govt will remove the retrospective element of this legislation. Dreading telling my wife. I did discuss it at the time with her, and we agreed to take the risk together, but that will not make her any happier. Looks like I'll have to take out all the equity in my house. There goes the pension.

Mate, talk to her. You need to for both of your benefits, I cannot tell you how much support she gave me when I opened my heart yesterday.

We decided to go down this route together also.

All i hope for is a reasonable settlement, but whilst losing my house is the thing that frightens me most, we can downsize or rent it out and live elsewhere while we rebuild, at least this is how I am rationalising things. I'm off on holiday on Saturday, probably the last holiday I take for 3 years.

I'm a new user, but more than happy to talk on the phone with anybody or via email.

I'm also going to give the national debt helpline a call and see what may be recommended.

[MLeggsy]

Get advice

I'm considering getting a tax advisor. Could you keep me posted about whether you think this is worthwhile?

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

[Runster]

I feel for you guys too. We were all hoodwinked it would seem and whilst I thought at the time it was too good, I never expected such retrospective action. I'm just glad I wasn't earning more at the time!


Does anybody know to what level HMRC are prepared to settle with by way of percentage ranges?

I understand why they are making it retrospective. If I was paye all this time, I would be furious with people like me who 'avoided' tax and expect it all back. But I feel they need to give us adequate time to pay it back. If it's two years, I've had it - I will have to sell my house.

[Runster]

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

thanks Leggsy - appreciate that.

[Runster]

Mate, talk to her. You need to for both of your benefits, I cannot tell you how much support she gave me when I opened my heart yesterday.

We decided to go down this route together also.

All i hope for is a reasonable settlement, but whilst losing my house is the thing that frightens me most, we can downsize or rent it out and live elsewhere while we rebuild, at least this is how I am rationalising things. I'm off on holiday on Saturday, probably the last holiday I take for 3 years.

I'm a new user, but more than happy to talk on the phone with anybody or via email.

I'm also going to give the national debt helpline a call and see what may be recommended.

I've requested a loan statement from PTS - say it will take about 24 hrs. Once I know that figure and the rough settlement figure, I will do it then.