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AML 2019 Loan Charge

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  • WTFH
    replied
    Originally posted by Delendog View Post
    I thought you had to register an interest by 31st May and provide all information by 30th September. Looks to me as if HMRC are trying to nudge you to provide all the information in May rather than September.
    Nope. The settlement pack that I suspect GUD has been sent is explaining how to register an interest. HMRC are not trying to nudge people to send all their data at the same time as registering.

    But the best advice is to get a professional to do the work for you!

    Leave a comment:


  • Delendog
    replied
    Originally posted by webberg View Post
    As I have already responded on a different thread, if HMRC has asked you to complete and return something, I recommend that you do.

    I thought you had to register an interest by 31st May and provide all information by 30th September. Looks to me as if HMRC are trying to nudge you to provide all the information in May rather than September.

    Leave a comment:


  • webberg
    replied
    Originally posted by GUD View Post
    HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018 to register my interest for settlement. My questions are (a) Without any reference number how can I ensure that I have been registered for settlement? (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018? The pack contains loan information, type of scheme and UTR number etc.
    As I have already responded on a different thread, if HMRC has asked you to complete and return something, I recommend that you do.

    Leave a comment:


  • WTFH
    replied
    First question:
    Originally posted by GUD View Post
    (a) Without any reference number how can I ensure that I have been registered for settlement?
    First answer:
    Originally posted by GUD View Post
    HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018.
    You aren't registered for settlement until you send the information back, which needs to be done by 31/05/18


    Second question:
    Originally posted by GUD View Post
    (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018?
    Second answer:
    Originally posted by GUD View Post
    HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018

    Leave a comment:


  • GUD
    replied
    settlement registration

    HMRC have sent a settlement pack by email and asked me to return it by 31 May 2018 to register my interest for settlement. My questions are (a) Without any reference number how can I ensure that I have been registered for settlement? (b) Do we need to send the settlement pack by 31 May or 30 Sep 2018? The pack contains loan information, type of scheme and UTR number etc.

    Leave a comment:


  • infossa
    replied
    Originally posted by Loan Ranger View Post
    For 2014/15, HMRC have 12 months after filing tax return to open an enquiry. They've missed this window.
    However, they then have 4 years after the end of the tax year (5/4/15) to raise a discovery assessment ie. they've got until 5/4/19.

    So, even if HMRC haven't investigated any of your years yet, they still have time to protect them.

    For the LC, you have to declare your loans between 6/4/19 and 30/9/19. If HMRC still haven't investigated by the time you declare, they would be out of time to protect 2014/15 but not for 2015/16 and 2016/17.
    Loan Ranger, Thanks for your doc. Just to clarify above dates ? Is it loans between 6/4/19 and 30/9/19 ?

    I was in similar situation where i will be better off if HMRC allows me to show 2013/14 income as of 2018/2019, so that i can contribute to pension and payoff the balance as tax to HMRC. What is your advice here.? shall i keep quiet until Arp 2019 instead of voluntary disclosure.

    Advance thanks..

    Leave a comment:


  • AMLvictimHC
    replied
    AML Loan Repayment SCHEME

    Originally posted by WalterWhite View Post
    Would be good if an AML user could get details of the loan repayment solution and let us see what they propose
    So! I called Vanquish. Terrible conversation with a dodgy salesman who told me that their repayment option was via a "third party" who they could not name. Who would REPAY the loan to Knox House, who would in turn wipe the loan off their books as repaid. But where does the money go? It was my salary afterall? Well it's a fake repayment. The earner for them is the 5% of the loan total value that you pay in order to have this fraud committed.

    I cant believe that AML are promoting this as an option to clients (ex clients) already caught up in the previous EBT scheme and penalties! I emailed AML to express the same and they havent yet replied.

    As an aside, I asked AML to send me their records of the income tax sums that I'm under investigation for (since 2009 or whenever it was that HMRC started back taxing the scheme), and their figures dont match HMRCs. I've also asked them to send me the loan amounts and respective tax periods... still waiting on that.
    Its a shambles!!!

    The settlement option via PTS just seems like a tactic to have contractors offer up (declare) what they are liable for, thus removing the effort for HMRC when it comes to applying the loan charge. Suggest people affected join the Loan Charge Action Group, get Tweeting and lobby their MPs. We need everyone impacted to start shouting about this restrospective tax :-(

    Leave a comment:


  • Loan Ranger
    replied
    Originally posted by Iliketax View Post
    The April 2019 loan charge legislation has specific reporting rules and you are right those questions are not in them. But as I have said, I would expect that HMRC to enquire into your 2018/19 tax return if you say you have repaid the loan as (for a contractor) that is an economically strange thing to do. When HMRC enquire into tax returns they can ask whatever questions that are relevant to try to get evidence that the tax return is correct. The ones I wrote down are just a few that I would expect them to want to ask.
    I think you can blummin bank on it.

    Repaying the loan would cost over twice as much as paying the tax, so why on earth would anyone do that unless they had an ulterior motive.

    Leave a comment:


  • WTFH
    replied
    Originally posted by THISISWRONG View Post
    Perhaps this is more related to EBT planning, where the trust and trustees can be transferred like other companies.
    This is what I've been querying you on - how will you convince an IOM trust to transfer their business to some other trust? What incentive is there for them to do that?

    Leave a comment:


  • Iliketax
    replied
    Originally posted by QUODM View Post
    Those DR rules couldn't now apply to an old loan out of scope for an enquiry (pre 2011)? You mean if you have an open investigation they try some other way though? But there is no other way other than an open investigation and they can't open an enquiry here if there is no loan charge can they? How?
    So let's say that the loan was made in 2008 and no enquiry was done and there was no deliberate concealment, etc. So HMRC can't enquire into the original loan.

    You now repay the loan and the trustee earmarks the cash for you (or some linked to you). That is a new thing that has happened, the earmarking. That's what creates the new employment income tax charge, that's what HMRC can look at afresh.

    Getting a bit tax techy, as I mentioned, the relief in s554R would not apply because it is you repaying the loan. But I'm not sure whether you are going a deeper level of techy tax here - if you are you'd also want to look at the transitional rules in para 57 Schedule 2 FA 2011.

    Leave a comment:

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