AML 2019 Loan Charge

[Instrumental]

Good luck getting that information. There's no way of contacting AML now. Well there is but they like to be called PTS these days.

I spoke with PTS this morning who said they could provide me with a total loan amount which is of no use to me as I used AML in 4 different tax years. However, if I engage PTS (£750 plus 15% of any savings they can make on my settlement figure) then they can get more detailed information from AML/themselves.

Thanks LOL17, this is what I suspected. I can trawl through bank statements to determine individual years but will contact PTS to confirm the total.

[THISISWRONG]

1. Challenging the law is via a Judicial Review. Possible but a high hurdle. There is a sub group within Big Group called the Loan Charge Action Group who I see are active in these threads and I suggest you call/contact them. You do not need to join Big Group to do that.

2. You need to calculate the position year by year. Just add the loans to the other income and deduct any tax already paid. Interest runs at 3% a year but only if you have had an enquiry opened by HMRC.

3. No. The settlement terms are fixed and HMRC is usually very reluctant to change them. Such requests usually result in a take it or leave it. There is no benchmarking against what you might have paid if you had used a different means. Any tax adviser promising a reduction should be asked to risk all of their fee on achieving that reduction.

4. Proving a "lie", legally, is difficult. You should beware making such statements in public.

5. They don't have to. It is your legal obligation to report the details as part of your tax return.

6. No. HMRC claim that all disguised remuneration schemes are avoidance and they will enquire into them all. How successful that will be of course is debatable.

The details of WTT Consulting can be found via any Google search. I'm sure other advisers are just as accessible.

Thanks for the reply.
I did the planning in 2012 and have all the figures.
I don’t think I have any option to settle but I was hoping that the figure could be negotiated down below what I have been given as an estimate of nearly 70% for the one year.

I have my own limited company and paid myself from the company without CT relief. So I understand the company will be liable to make the payment which (for example) if it was £100k - the company will have to pay nearly £70k to settle.

Is that correct?

I have always been risk averse and it was my accountant and AML that advised me to take the funds this was and not via a dividend payment, which is how I did all my previous payments and therefore I am really disappointed to be in this situation and are questioning the advise and if it was wrongly given.

Is this something that WTT can help with?

[surreypanic]

WTT

Sorry folks.. being really brain dead here but what/who are WTT?

[ConfusedEasily]

Sorry folks.. being really brain dead here but what/who are WTT?

https://www.wttconsulting.co.uk/

give them a ring.

[chavvy]

Got my settlement letter today. £33k for 18months at £400 a day with AML.

Can you tell us what the total loans where that resulted in 33k? I have about £160k loans over about 3 years - luckily employment was sketchy.

[THISISWRONG]

Can you tell us what the total loans where that resulted in 33k? I have about £160k loans over about 3 years - luckily employment was sketchy.

I would like to know this too. I have been quoted a minimum figure of 45% if I pay personally.
Or the option of a minimum of 70%, up to nearer 100%, if I pay it from my LTD company as this will include, PAYE, NI, BIC - basically nearer 100%!!!!!

I really cant pay 100%, or 70%, but could live with £33k on the basis that at £400/day over 18 months is circa £144k loan.

Thanks

[surreypanic]

Thank You !!!

https://www.wttconsulting.co.uk/

give them a ring.

Thank you so much !!

[luxCon]

You need to get in touch with the Trustees, not AML

Quote Originally Posted by LOL17 View Post
Good luck getting that information. There's no way of contacting AML now. Well there is but they like to be called PTS these days.

Thanks LOL17, this is what I suspected. I can trawl through bank statements to determine individual years but will contact PTS to confirm the total.

Sorry but all these talk of AML are gone and I don't know my loan amounts creates unnecessary confusion for others. Please do some basic research, and read some of the older threads.

The loans are from the Trustees, not AML.

You must get in touch with the Trustees, not AML

You have the details of the Trustees on your loan agreement or other correspondence from them. Like every month they sent you a payment.

For AML, the trustees are either Knox Trust, or Boston in IOM.

Use Google

[catanonia]

Can you tell us what the total loans where that resulted in 33k? I have about £160k loans over about 3 years - luckily employment was sketchy.

I don't have that information.

Remember this was 2012/13/14 so AML may have changed what they did.

HMRC went through all the records with my accountant and came up with a number around the 38K or more.
My accountant got the figure down to 33k by agreeing to remove mileage for the period resulting in 33k.
NIC was included.

I was on £400 a day, 5 days a week for 18 months, the accountant got my payments from AML and worked with HMRC figures to settle it all.

I have never seen the original actual loan figures, this was all started by HMRC saying I was in a loan agreement (details supplied by AML) and I owed this amount for these 18 months.

[webberg]

Thanks for the reply.
I did the planning in 2012 and have all the figures.
I don’t think I have any option to settle but I was hoping that the figure could be negotiated down below what I have been given as an estimate of nearly 70% for the one year.

I have my own limited company and paid myself from the company without CT relief. So I understand the company will be liable to make the payment which (for example) if it was £100k - the company will have to pay nearly £70k to settle.

Is that correct?

I have always been risk averse and it was my accountant and AML that advised me to take the funds this was and not via a dividend payment, which is how I did all my previous payments and therefore I am really disappointed to be in this situation and are questioning the advise and if it was wrongly given.

Is this something that WTT can help with?

PM me.