AML 2019 Loan Charge

[phil@pmtc]

Thanks for your response, I think I get it. I'll also give Step Change a look.

Stepchange are excellent. For starters they are a charity so costs nothing and also, they really know their stuff. I have no connection to them other that I obv have clients who used their services but everything I’ve heard about them is Top level. I know there’s a lot of people experiencing severe financial difficulty thanks to this retro tax and i can’t recommend stepchange enough. I chatted to them myself so I could gain an understanding of what they offer and I now point all relevant clients in their direction.

[mr_786]

Retrospective aspect of the charge

I have been trying to find exact information about the retrospective nature of the loan charge. What i have read on the internet and it makes sense too..

https://www.taxation.co.uk/Articles/...d-remuneration

Is it true to say that '2019 Loan Charge' may or may not be applied retrospectively? Its not yet fully confirmed by HMRC that it will certainly be applied retrospectively.. Am i wrong?

[Mm11]

dont believe them! PTS , Vanquil.... its still AML

So basically pay 5% (in your case £10k) and all sorted. Must say sounds too good to be true!

I’d be interested to see on here how many ex aml users have chosen the Vanquil or PTS route.

Insolvency is another option but that could lead to having to sell the house.

Hi All,

I am in the same boat. With AML through 2014-16
Received same emails... Don't believe a word they say. They try to make even more money out of us this time via PTS , Vanquil or whatever they call it. There is no way to skip the tax on loans. They will just make it all more complex and use another way to cheat HMRC. Earlier or later HMRC will get to the bottom of it anyway and will be chasing you without giving you any opportunities to settle.
They in the email that they will charge 15% of final settlement savings.... - WHAT SAVINGS? There will be no savings... there will be the amount of tax to pay and that's it. That is exactly their way of pulling money out of us. They will come out with some ''savings'' and ask you to pay them a commission.

My advice is to find an independent accountant who knows the subject and will do the calculations and settle outside of AML business...
- Anyway that is what I am going to do. Currently, I am talking to a few accountants and on Monday will definitely engage with one of them and start the process.

If any of you have gone the independent settlement route and have an accountant already - Please let me know.

[Mm11]

3 schemes with aml

Do we have any people who had used AML but had limited company in place as well.This is what AML sold as Split Planning?

Hey

yes, started as partnership with aml then they moved me to smartpay as employee and then opened LTD via them as well ;/;/ mess

[jrock]

Hey

yes, started as partnership with aml then they moved me to smartpay as employee and then opened LTD via them as well ;/;/ mess

I agree looking back at my various liasons with AML it’s a bloody mess.

From my understanding it doesn’t matter which scheme you were with AML (either EBT, PCC or Split Contracts) all
Involved loans and subject to tax in the same way.

Ive decided to settle as well as it’s the only logical way out of this saga!

[mr_786]

No Letter From HMRC, why should someone contact them now?

If someone hasn't received any letter from HMRC regarding CLSO, does it not make sense to wait until 2019? Does HMRC expect us to keep looking at their website for new legislations? To me, it does not make sense that HMRC will come in April 2019 and slap a tax which will be payable until Jan 2020. I don't think its possible ..

I know someone personally who didn't have a clue about this legislation and i belive there will be many more in this situation. Its not ignorance as its something new ...

[ChimpMaster]

If someone has'nt received any letter from HMRC regarding CLSO, does it not make sense to wait until 2019? Does HMRC expect us to keep looking at their website for new legislations? To me, it does not make any sense (not that it will have any impact on HMRC) that will come in 2019 and slap a tax which will be payable until Jan 2010. I don't think its possible ..

I know someone personally who didn't have a clue about this legislation and i belive there will be many more in this situation. Its not ignorance as its something new ...

Indeed, just like it appears that you have only just learned of the DR charge now too, whereas others on this forum have known about it for several years. So yes, no doubt there are tens of thousands out there that will never hear of their "obligation" to report outstanding loans.

Very likely, many will get away with it, given the poor communications policy that HMRC deliberately adhere to. It is becoming increasingly common knowledge that this is unofficial HMRC policy.

For those that don't get away with it, HMRC will hit them with completely unreasonable penalties. The game has changed. This country is f*cked. And so all taxpayers in it are f*cked.

[Loan Ranger]

This country is f*cked. And so all taxpayers in it are f*cked.

The weather is shíte too.

[lizzardk]

Nervous Newbie

Hi,
I've been browsing the comments on this and having also received the emails this morning, I'm feeling pretty anxious to say the least. Foolishly I clicked on the link to request info from PST which I'm now regretting.
I have contacted AML to get a copy of the loan amounts but I suspect that I wont hear back from them. I could potentially go back through bank statements to get all of the loan values, but then what do I do with them? Do I contact HMRC directly? or is it better to go through an independent tax adviser? If I register for CLSO, do I do that directly through HMRC?
Any advise will be hugely appreciated. Like many of you, I have a mortgage, a husband and 2 young children that will be affected by this.
thanks

[bapudeb]

Recently received the following response from AML:

Please be aware that you do not have to pay your APNs because of the upcoming Loan Charge. The Loan Charge and you APNs are in relation to two completely separate taxes and so paying your APNs will have no effect on the Loan Charge.

The only way to prevent the Loan Charge by paying HMRC is to settle your tax affairs, which is non-refundable. Should you choose to do this, the trust will then be in a position to write off the loan, which will mean there is no outstanding loan amount for the Loan Charge to apply to.

Should you have any other questions, please do not hesitate to contact us.


Now I am even more confused, Loan Charge Vs APN. Do we have to pay both?