AML 2019 Loan Charge

[kentishlad]

Hi. Make sure they give you all the lone figures - they don’t want you to put current loans via SP Management Malta in your submission to HMRC - they say it falls outside of LC19.

Work out all you options. If you decide to settle, look at your spending and outgoings, reduce outgoings and work out what you can afford to pay per year, and ask HMRC for sufficient time to pay so that you don’t cripple yourself.

Is this because they are currently signing people up to this scheme? Or is this actual fact? I know so many people that have been told this although PTS actually said it was covered!!

[Runster]

Has anyone got their loan figures from PTS? They gave me a figure yesterday over the phone. I asked them to email me that figure, but to date, haven't received the email .

Secondly, they are not giving me the breakdown.
Thirdly, the figure does not match to what I worked out through my bank statements.

Has anyone had the same problem? How HMRC would verify the loan figures? Can I prove it via bankstatments?

I must say this LC2019 is killing me now .. can't focus on anything at work, home etc ....

Hi. Make sure they give you all the lone figures - they don’t want you to put current loans via SP Management Malta in your submission to HMRC - they say it falls outside of LC19.

Work out all you options. If you decide to settle, look at your spending and outgoings, reduce outgoings and work out what you can afford to pay per year, and ask HMRC for sufficient time to pay so that you don’t cripple yourself.

[webberg]

I repeat that is anybody is feeling desperate and wants a free chat about the position, call us.

We cannot promise answers or solutions but we can help put this into perspective and perhaps give you some distance in which to make sensible decisions.

I have no knowledge of how PTS/Knox/SP interact and will not speculate on that.

I will say that if you have better information on the loan quantum, perhaps from bank statements, that would be a perfectly acceptable basis upon which to make a declaration to HMRC when the time comes.

In most schemes, there is a ratio between the salary/drawings and the loans. HMRC know this and have used it in the past when issuing APNs. This is prone to error where you were in a scheme for only part of a year, but otherwise is where HMRC is likely to go in the absence of good or conflicting information.

The point here is that it's all too easy to get sucked in to a particular mind set around this issue.

You have time.

Aside from registering an interest for the settlement by the end of this month which you should do, nothing else happens for a while.

Explore other options for loan values. If you have the gross value but not the annual splits, look at bank statements; consider your then day rate and back solve; if necessary make an educated guess.

I'm pretty sure that HMRC will accept any reasonable basis for calculating loans where you can show that more accurate information is unobtainable or obtainable only at a cost.

I repeat, speak to an adviser because you will get a better picture.

[GUD]

Has anyone got their loan figures from PTS? They gave me a figure yesterday over the phone. I asked them to email me that figure, but to date, haven't received the email .

Secondly, they are not giving me the breakdown.
Thirdly, the figure does not match to what I worked out through my bank statements.

Has anyone had the same problem? How HMRC would verify the loan figures? Can I prove it via bankstatments?

I must say this LC2019 is killing me now .. can't focus on anything at work, home etc ....

Hi, PTS will only give you total loan amount. For breakdown of loans, you need to engage with them and pay £250+VAT. I was provided total loan amount twice - two different figures! and that too does not match with my bank statement. I have given up asking them for loan details. You can calculate it from your bank statement. If SP/ PTS advise different figure to the HMRC next year, they wont be able to substantiate it. So, don't worry and go by your bank statement. Just make sure you take only the loan amount and not retainer as the gross retainer would already have been included in your tax returns.

[kentishlad]

Has anyone got their loan figures from PTS? They gave me a figure yesterday over the phone. I asked them to email me that figure, but to date, haven't received the email .

Secondly, they are not giving me the breakdown.
Thirdly, the figure does not match to what I worked out through my bank statements.

Has anyone had the same problem? How HMRC would verify the loan figures? Can I prove it via bankstatments?

I must say this LC2019 is killing me now .. can't focus on anything at work, home etc ....

Ive ended up sending in a Subject Access Request to SP Management/PTS Limited and Knox Trust.
Just so you know PTS are in the building next door to SP Management and also registered to the same address as Carnegie Knox Accountants.. I still keep getting the 'your account details were held with an old SP management company'
I may be one of the luckier ones who was only in this boat for about 8 months. I keep trying to persuade others that life goes on but for one in particular I fear he may be the next local headline

[CockneyRed]

@mr_786 - I too am getting mixed up numbers from Knox/PTS whatever they call themselves. It's a fecking joke. @Kentishlad, I am in same boat with MP not replying - he too is a Tory.. Not sure what else to do to get them to listen/understand. My focus at work is on these threads and past emails from the cnuts at AML- Carnegie etc. Life at home is strained to say the least, Not sure how we'll survive. I am looking at a second job at the moment to help pay for this extortion. Will take me to a 12-13 hour day not including commute for my 'day' job ... thanks HMRC

[QCApproved]

Absorb the shock
look at BG - focus on courses of action

[mr_786]

PTS Loan Figure

Has anyone got their loan figures from PTS? They gave me a figure yesterday over the phone. I asked them to email me that figure, but to date, haven't received the email .

Secondly, they are not giving me the breakdown.
Thirdly, the figure does not match to what I worked out through my bank statements.

Has anyone had the same problem? How HMRC would verify the loan figures? Can I prove it via bankstatments?

I must say this LC2019 is killing me now .. can't focus on anything at work, home etc ....

[kentishlad]

MP Response or lack thereof

I didnt actually outline what has happened to me personally already regarding this, maybes I should have, but Ive had no response from my MP at all from my two emails (whether thats because he a Tory and couldnt care less about this?? or hes just plain busy)
As it stands Ive been in hospital twice now and my relationship of 12 years has come to and end. Due in part to this immoral law. I get all the comments of 'its your own fault' but I entered into what I did under the advisement of an 'professional'. Yes I could have disagreed and just done this the 'right way'. Thing is it wasnt actually the wrong way previously.
Thankfully, my ex and child wont lose their home. I know of many others who will. For HMRC to say that this will have little or no impact on families is tosh. And already I know of one individual who is seriously considering doing the unthinkable. HMRC wouldn't give the steam off their sh*te let alone any consideration for the thousands of people this will impact

[WTFH]

Hi again, from what I have been told I don’t have to convince them. I can simply request it and follow the legal process for transferring a trust to new trustees.

I kind of feel I must be missing something here... there is a company local to me that specialises in trusts and they said they right to the current trustees and arrange the transfer and it’s not uncommon. The trust and trustees are regulated to do this.

I can understand what you are saying in the case of an investment trust, but you have no investment in the trust. You have a loan from that trust. If you choose to repay that loan, then the trust has no further interest in you.

If your local specialists say that they can get one trust to pass a debt to another trust, then that would be a strange business proposition for the new trust. It has then taken on the debt, but you mentioned earlier about the new trust investing the money. They won't have the money, they will have the debt.